TYPE OF LOANS (Part II)

Jumbo Loans: Tailored for the purchase of luxury properties, these loans surpass the standard lending limits established by Fannie Mae and Freddie Mac. Applicants typically need an impressive credit history and must make a more significant down payment.

Texas Veterans Land Board (VLB) Loans: Designed expressly for veterans in Texas, VLB loans provide beneficial terms and may encompass loans for land purchases as well as home renovations.

First-Time Homebuyer Programs: A range of programs and grants are available in Texas to support first-time homebuyers, including initiatives like the My First Texas Home Program. The specific conditions and eligibility requirements can differ among programs.

Home Equity Loans: For existing homeowners, home equity loans provide a means to access the equity in their home. These funds are frequently used for home upgrades or to consolidate existing debts.

Interest-Only Mortgages: With this option, borrowers are only required to pay the interest for a predetermined period, after which payments on both the principal and interest begin. This arrangement may be appealing to those anticipating a higher income in the future.

Bridge Loans: Serving as temporary financial support, bridge loans fill the financial gap between the sale price of a new home and a homebuyer's forthcoming mortgage, especially if the current residence hasn't been sold yet.

203(k) Loans: This specialized FHA loan offers additional funding to cover renovation costs for a property, making it a versatile option for those looking to remodel or repair their new home.

DISCLAIMER  I AM NOT A MORTGAGE LENDER, FOR MORE IN-DEPTH QUESTIONS PLEASE CONTACT YOUR LENDER. 

Got questions? Fantastic! Don't hesitate to reach out - I'm thrilled and ready to lend a hand!

Shantel | Realtor 832.221.6971

If you don't have a lender I can provide you with my preferred lender list.