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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.
How to Proceed with your Purchase 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.
Primary Residence
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.
Conforming Loans
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 - Only allowed on VA and USDA Rural Housing loans.. 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.. Loans with 20% or more down - The best advantage here is no mortgage insurance is required and you have the option to waive escrows(pay your own taxes and insurance instead of escrowing with the lender each month for these items).
Non-Conforming Loans
Loans with a loan amount that exceeds the
Conforming Loan Limits
VA Loans
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.
Texas Vet (VHAP)
Available to
eligible
Second Home (Vacation Home)
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,. 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.
Investment Property - Non-Owner Occupied (Rental)
For purchasing a 1 to 4 unit investment property.
Conforming Loans
These are loans with a loan amount that do not exceed the
Conforming Loan Limits
Non-Conforming Loans
Non-Conforming or jumbo loans for investment properties are available, but are very limited.
Apply Online Today
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