Texas One Mortgage can help you with your purchase loan for a 1 to 4 unit property in Texas for your primary residence, a second home or an investment property.

• Submit your online loan application. If you have a contract and closing date, call us to lock in your interest rate. (Interest rates subject to change until locked in.)
• Review, sign and return your loan papers and documentation to us.
• Shop for homeowners insurance.
• Go to the title company to close your loan.

Below is a general list of the more common types of purchase loans available based on purchasing a primary residence, a second home or an investment property and brief details for each.  Additional information can be found on our Loan Programs webpage. If you don't find the information you are looking for, please email us us your questions for further help.

For purchasing a 1 to 4 unit home you intend to live in. This category also includes second homes you will be occupying for at least two weeks of the year and will not be rented.

These are conventional loans with at least a 5% down payment and loan amounts equal to or less than the conforming loan limits listed to the right. These are the most common purchase loans. They have the best rates and are available as fixed rate loans, interest only loans or ARM loans.

Generally speaking you have three categories of conforming loans. Zero down loans, loans with 5% down to less than 20% down and loans with 20% or more down.  Additional information can be found on our Loan Programs webpage.

Zero Down Loans - Our most popular conventional zero down loan program, the Fannie Mae Flex 100, allows the borrower to purchase a home with a zero down payment and a minimum of $500 of their own funds in the purchase for closing costs. These funds can be from an acceptable gift. The seller can pay up to 3% of the sales price towards the borrowers closing costs and prepaids. This program uses DO automated underwriting. We are seeing ratios up to 65% for this program, depending on how good your credit scores are. Mortgage insurance is required. Interest rates are usually about 0.375 to 0.5% higher than loans with 5% or more down.

An optional program using the Flex 100 is an 80/20 loan program or a 75/25 loan program. This is an 80%/75% 1st lien combined with a 20%/25% 2nd lien. The biggest advantage is mortgage insurance is not required so your payment is usually much lower than a 100% loan with MI. This will reduce your monthly payment and the interest on the 2nd lien is tax deductible - mortgage insurance may not be tax deductible..

Loans with 5% down to less than 20% down - The most commonly used loan for purchasing. These loans will get you the best rates, but mortgage insurance is required. Whenever possible, we use 80/15/5 and 80/10/10 loan programs that utilize 2nd liens to avoid mortgage insurance and to lower your monthly payment.

Loans with 20% or more down - The best advantage here is no mortgage insurance is required and you have the option of paying your own taxes and insurance instead of escrowing with the lender each month for these items.

Loans with a loan amount that exceeds the Conforming Loan Limits , known as jumbo loans, or loans that do not meet standard Fannie Mae/Freddie Mac guidelines. A few examples, other than jumbo loans, are - stated income loans, no ratio loans, or any other type of loan that does not conform to standard Fannie Mae/Freddie Mac guidelines. The more risk associated with the type of loan, the higher the rate.

More information on Jumbo Loans, Stated Income Loans, No Ratio Loans and others are available on our Loan Programs webpage.

Available to eligible veterans and active duty military personnel. Most common is the zero down VA loan which allows for a loan amount up to the current conforming loan limit. Veterans can actually move in for $0. This and other information is available on our VA webpage.

Available to eligible Texas veterans. The veterans housing assistance program has low base rates, plus, special rate discounts for Disabled Vets and qualified Service Era vets. These loans have very low rates. Visit our Texas Vet webpage for more details.

This is a home that you will live in at least two weeks of the year and that will not be rented. It could be a home at the lake or a condo at the beach or just a home in another city that you regularly travel to and want a more permanent place to stay while you are there. In any case, it must make sense that it is a second home for your own personal use.

Second homes will usually get the same interest rates as your primary residence, but require 5% or more down payments. They are available for both conforming and non-conforming loan amounts.

You are only allowed to own one primary residence and one second home at a time.

For purchasing a 1 to 4 unit investment property.

These are loans with a loan amount that do not exceed the Conforming Loan Limits. Interest rates are higher than when purchasing a primary residence or second home and appraisals on investment properties are more expensive since rental comps and an operating income statement are required. Maximum loan to value is 90%. Loans over 80% of the value require mortgage insurance. Rent lose insurance is required. Additional information can be found on our Loan Programs webpage.

At this time, Non-Conforming loans are not eligible for Investment Properties...

These are any loan that does not meet Fannie Mae/Freddie Mac guidelines for investment properties. This would include loans with a loan to value between 90.01% to 95%, stated income and no ratio loans. These loans will have much higher interest rates than conforming investment loans depending on the type of loan program, credit scores, etc. Many of these programs do not require mortgage insurance, but rates are even higher. Check our Loan Programs webpage for additional information.

Get started with your loan approval today. Submit your loan application online. It's easy and secure with our fully encrypted applications.

Please email or call our office for additional information.