Competitive Mortgage Broker, First Time Home Buyer Assistance & Home Loan Consultants In Plano, 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 Plano, Texas

For a first time home buyer Plano 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 are worried about the down payment as a first time home buyer Plano offers ways to make it work for you.

Plano First Time Home Buyer Programs

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

Affordable Housing Corporation of the State of Texas

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

Free Homebuyer Education Classes in Plano

Perhaps the most important thing for a first time home buyer in Plano is to their homework. An excellent idea is to take advantage of one of the classes for home buyers in the Plano 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 Plano or anywhere.

Best Mortgage Rates in Plano 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
husband and wife using Spring Texas Mortgage Lender to buy a house

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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 Plano, Texas

     

    About Prodigy Lending 

    Are you desiring to purchase a new house or refinance it to a lower home loan? If yes, Prodigy Lending is recommended for you. It is proud to have been awarded best workplaces in the last eight years. Besides, it consists of a team with mortgages professionals/experts who have the ambition of providing the highest quality service to you and other people in the United States. This experienced team focuses on working hand in hand with you to make sure you benefit from a loan that is tailored to satisfy you. Whether you are buying your dream house or refinancing an existing loan as well as consolidating debt our highly experienced team of loan officers can aid you to get the right loan program at the lowest rate possible.

    They have the most recent mortgages and lowest rates whereby their home loan center provides different low-cost home loans for buying and refinancing.

    Find the Most Competitive Rates on Your Mortgage Plan

    In previous years, only three types of Mortgage loans existed for many home buyers. They include:

    • Conventional loans had fixed rates.
    • Federal Housing Authority (FHA) loans.
    • Veteran Affairs (VA) Mortgage Loans  

Conforming/Conventional LoansFixed-rate home loan could be 10, 15, 20, 30, 40, 50 years fixed-rate mortgages. As well, they are fully amortized. 

When a loan meets the criteria used by GSEs, it is referred to as a conforming loan. Conforming loan limits are the maximum lending amount allowed. 

If you are looking for a low down payment mortgage that is not backed by FHA, there are two options existing which include HomeReady Mortgage and Conventional 97.

HomeReady is found in regions with high minority concentrations as well as applies to low-income census tracts.

Conventional 97 programs is designed to assist you if you are qualified for the loan but lack resources or wishing to pay five percent of down payment.

USDA Loans With 100% financing: the USDA program benefits people living in rural areas and helps you own a home. It is not a government loan but is guaranteed by the U.S government. 

The home you opt to purchase has to be located in USDA eligible rural area. The good news is you can fully finance it i.e. 100% of appraised value.

Interest rates are historically low whereby you may not afford about 20% down payment as asked by conforming loans or about 3.5% needed for FHA loans but still afford USDA mortgage loans.

VA Loans:  For almost the past seven decades, VA loans have been helpful to veterans in the United States. It is a government-insured loan that provides no down payment. As well as no Private Mortgage Insurance (PMI).

FHA Loans:  They offer to insure your lender to provide terms perhaps by making sure you get a lower interest rate of allowing a down payment which is as low as about 3.5%.

Additionally, they have very few qualification requirements and as illustrated above the interest rate is quite favoring

Conclusion

The team is focused on its main aim which is enhancing a long-lasting customer lender relationship promoting provision of quality service for many years.

Please contact us if you have any questions!

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