Highly-Experienced Mortgage Lending Company, Home Loan Agency & First Time Home Buyer Assistance In Allen, TX

Conventional Rates

4.125 %

4.210 %APR


Low Fixed Rates For 30 Years

FHA Rates

3.625 %

3.798 %APR


Minimum of 3.5% Down

VA Rates

3.625 %

3.721 %APR


100% VA Loan With No Private Mortgage Insurance

USDA Rates

3.875 %

4.101 %APR


100% Financing In Rural Areas

"Rates, terms, and fees as of 08/04/2020 and subject to change without notice."

First-Time Home Buyer in Allen, Texas

For a first time home buyer, Allen offers a wide range of housing choices to fit any pocketbook. Homeownership is the American dream but finding the right home in the right neighborhood at the right price can be a challenge. And then, you need to get financing with a mortgage rate that does not eat up all of your paychecks. Luckily, if you are worried about the down payment as a first time home buyer Allen offers ways to make it work for you.

Allen First Time Home Buyer Programs

There are programs in the Allen area to help first time home buyers. The first to consider is HCDD which is Allen’s Housing and Community Development Department. This program offers assistance via HAP, the Home-buyer Assistance Program in Allen. It helps families in the low and middle-income range. For those who qualify, monies can be used for the down payment, buy-down on principal, or closing costs.

Housing and Community Development Department of Allen HAP Program

For US citizens and permanent US residents, the HAP program can help if you are a first time home buyer or have not been a homeowner for at least three years. Also, to qualify the family must not have more than $15,000 in total assets. Only fixed-rate mortgages qualify for this program. Folks can get as much as $30,000 from this program if they meet the qualifications such as falling below the 80% level of median income in the Allen area and buying a home that lies within the City of Allen for tax purposes.

Affordable Housing Corporation of the State of Texas

Also, for the first time home buyer, Allen has a non-profit organization that can help out. It is TASHA or the Texas State Affordable Housing Corporation. These folks have the mission of serving low-income families and individuals by helping them get into affordable and decent housing. They commonly come into the picture when other agencies cannot help.

Using private donations, TSAHC provides help with down payments, mortgage loans, and mortgage credit certificates. Their Homes for Texas Heroes Loan Program is especially for veterans, EMS workers, teachers, firefighters, correctional workers, and police. And, their Homes Sweet Texas Home Loan Program provides a 30 year fixed rate loan for eligible Allen home buyers. This is a grant, so the family does not need to pay it back.

Free Homebuyer Education Classes in Allen

Perhaps the most important thing for a first time home buyer in Allen is to their homework. An excellent idea is to take advantage of one of the classes for homebuyers in the Allen area. Learn about how large of a mortgage you should take on with your salary. Learn about the various assistance programs that make homeownership possible for those who otherwise could not afford their own home. Do your homework first. Look into financing before even looking at property. That is a good route to take for a first time home buyer in Allen or anywhere.

Best Mortgage Rates in Allen Texas

Stop dealing with multiple lenders. We have the best Texas Mortgage Loan Rates here. We have loan specialists and loan processors that streamline the lending process. It is as easy as 1, 2, 3!
  • 1st – Preliminary Assessment – Let’s see how much you qualify for.
  • 2nd – Appraisal Report – Let’s find out the value.
  • 3rd – Approval and Closing – We can close your file in 30 days or less!

How much can you qualify for?
Right here and now you can find out how much you qualify for in 10 minutes or less!
  • See exactly how much you can qualify for instantly!
  • Work with our award-winning team of local Loan Specialists.
  • Let us help you close your loan in 30 days or less.
“I was worried about the loan process time and approvals, but everything was explained to me with professionalism and ease.” – Ericka L. – 2015
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“I just wanted to say thank you for your help walking me through the process of purchasing my home. I closed today and everything was great. I really appreciate your work and effort in informing me about the process and helping me become a first-time homeowner.” – Will W. Client – 2015
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The Professional Prodigy Lending Company In Allen, Texas


Crucial Ideas on Prodigy Lending

Prodigy Lending is done by a team of mortgage experts in the United State and its territories. This team is determined and highly committed to meet set objectives of providing quality service to all its customers. Low mortgage rates and numerous loan programs available in your state, the experienced professionals will work with you to make sure you qualify for a loan designed to specifically meet all your requirements. Whether buying a new home in Allen, repaying a debt or refinancing an existing loan, it will help you find the best loan program at a low-interest rate.

Find the best program for first time home buyer Allen in 2019 below

Allen First time home buyers loan programs can help you buy a home in West Texas / Allen. Teachers, Police Officers, firefighters, veterans, etc. benefit from fixed-rate mortgage financing provided by TSAHC. These programs are available and open to first time home buyers as well as existing homeowners. They include:

FHA Home Mortgages:  FHA loan qualifications guidelines are best and most lenient since they don’t use FICO scores when assessing your risks. It makes the decision on whether to grant you a mortgage depending on your total credit profile. It looks at your billing profile that goes for the past two years to determine whether you are qualified. 

FHA assess your monthly income and payback status with other lenders. Additional, it will carefully check on debt to income ratio thus giving a chance to refinancing or buying your home.

Lastly, it considers non-traditional credit references to proof of how your money management ability.

USDA Loan Programs:  These loans are provided through the USDA Rural Development Guaranteed Housing Loan Program established by the United States Department of Agriculture. It guarantees 100% mortgage financing for low and moderate-income earners living in rural and suburban areas. 

Normally, guarantee fee availed can be rolled into the loan but closing costs cannot.

USDA loans have the following benefits:

  1. 100% (Percent) financing
  2. Low Mortgage Insurance Premiums (MIPs)
  3. Ability to roll closing cost to your loan
  4. Easier to qualify than conventional mortgages
  5. A credit score of only about 640
  6. 15 years and 30 years fixed rate is available

Conventional First Time Home Buyer Program AllenThis program is most recommended if you are looking to buy a new home as a primary residence, investment property or a second residence. Below are a few items which are considered by the lender when financing:

  • Past employment record
  • Your credit score minimum ranging about 620 and 640
  • Amount of money you spend monthly
  • Current assets such as savings etc.

VA Loans Programs:  If you are interested in this loan, you are not required to reach any kind of income threshold. However, you are supposed to have a reliable and stable income that service all your expenses not excluding new mortgage payment.

When applying, a mortgage specialist will pull out your credit score from three leading credit agencies. Lastly, a keen examination of your debt to income ratio will be done.

After Understanding the tips provided, you are advised to call a prodigy leading the team for reliable advice and guidance on the home buying process.

Please contact us if you have any questions!

We also service the following zip codes and surrounding areas:
75001, 75002, 75013, 75023, 75024, 75025, 75026, 75030, 75034, 75035, 75040, 75041, 75042, 75044, 75045, 75046, 75047, 75048, 75049, 75069, 75070, 75071, 75074, 75075, 75078, 75080, 75081, 75082, 75083, 75085, 75086, 75087, 75088, 75089, 75093, 75094, 75098, 75121, 75132, 75166, 75173, 75229, 75230, 75234, 75240, 75243, 75244, 75248, 75251, 75252, 75287, 75407, 75454, Allen TX, Plano TX, Richardson TX, Mc Kinney TX, Wylie TX, Princeton TX, Sachse TX, Garland TX, Frisco TX, Dallas TX, Lavon TX, Copeville TX, Nevada TX, Rowlett TX, Melissa TX, Prosper TX, Rockwall TX, Addison TX, Fate TX

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Mortgage Lenders In Plano Texas Catering To FHA Loans And First Time Home Buyer Programs