Effective Lending Agency, Home Loan Consultants & Mortgage Broker In Blue Ridge, TX

Conventional Rates

4.125 %

4.210 %APR

30 YEAR FIXED

Low Fixed Rates For 30 Years

FHA Rates

3.625 %

3.798 %APR

30 YEAR FIXED

Minimum of 3.5% Down

VA Rates

3.625 %

3.721 %APR

30 YEAR FIXED

100% VA Loan With No Private Mortgage Insurance

USDA Rates

3.875 %

4.101 %APR

30 YEAR FIXED

100% Financing In Rural Areas

"Rates, terms, and fees as of 11/19/2019 and subject to change without notice."

First-Time Home Buyer in Blue Ridge, Texas

For a first time home buyer Blue Ridge offers a wide range of housing choices to fit any pocketbook. Home ownership 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 Blue Ridge offers ways to make it work for you.

Blue Ridge First Time Home Buyer Programs

There are programs in the Blue Ridge area to help first time home buyers. The first to consider is HCDD which is Blue Ridge’s Housing and Community Development Department. This program offers assistance via HAP, the Home-buyer Assistance Program in Blue Ridge. 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 Blue Ridge 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 Blue Ridge area and buying a home that lies within the City of Blue Ridge for tax purposes.

Affordable Housing Corporation of the State of Texas

Also, for a first time home buyer Blue Ridge 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 Blue Ridge home buyers. This is a grant, so the family does not need to pay it back.

Free Homebuyer Education Classes in Blue Ridge

Perhaps the most important thing for a first time home buyer in Blue Ridge is to their homework. An excellent idea is to take advantage of one of the classes for home buyers in the Blue Ridge area. Learn about how large of a mortgage you should take on with your salary. Learn about the various assistance programs that make home ownership 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 Blue Ridge or anywhere.

Best Mortgage Rates in Blue Ridge 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 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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Tips on Prodigy Lending In Blue Ridge, Texas

 

Prodigy Lending is done by professionals in mortgages all over the U.S. The team is committed to serving clients with best and high-quality home loan services that meet their needs. Combined with numerous loan programs and low-interest rates available in their region, the experienced team will work with them to ensure they get mortgage loans that specifically meet their expectations and solve their problems. Whether a client is buying a home for the first time, refinancing a current loan or consolidating debt, the team will help him or she gets a loan program with the best and lowest interest rate.

FHA Loans First time Home Buyers in Blue Ridge

First time home buyer loans allow the buyer to meet their dream easily. However, since you are buying one for the first time does not mean you ought to use a first time home buyer’s loan. Since 1934, United States citizens realized the possibility of buying and owning their own houses with FHA assistance.

Major FHA requirements

Income Requirements: – While applying for an FHA loan, clients income is considered to ensure that he or she is able to service monthly premiums and annual payments.

Debt to income ratio requirement: – Your debt to income considers your salary both monthly and annually. To avoid buyers from getting into a home that they cannot afford, FHA needs them to qualify as per set debt-income ratios which are the total fixed payment to effective income and mortgage payment expense to effective income.

USDA Loans

Getting these loans is not easy since there are few things that must be understood to qualify. It is getting common nowadays as many homebuyers are giving it attention. Unlike FHA which has about 3.5% down payment, it has none. As well, mortgage insurance cheaper and has low rates. On the USDA website, there is an eligibility map for property meaning that where customer plans to live matters and is highly considered. 

VA Loans 

They are offered by major companies to war Veterans and their spouses. They were designed to give them an opportunity to borrow funds at a low rate and get it insured. An amount of about $417,000 can be issued without any down payment and for first-time buyers over a 2% VA fee. 

Conventional Loans

Conventional loans commonly referred to as conforming loans is one that is not backed by the government in any way unlike FHA, VA, and USDA. It strictly follows the guidelines of two agencies that assist to standardize mortgages in Blue Ridge and the United States.

They come in 15, 20, 25 and 30-year terms whereby some lenders can provide a 10-year conforming loan. The shorter your term, the more its monthly payment is.

The main aim is enhancing a long-lasting friendship between clients and lenders unlike other lending companies out there. The client’s details are confidential and highly secured.

To communicate with experienced professionals, clients are advised to make a call and utilize interactive tools provided on the website. 

Please contact us if you have any questions!

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