Effective Mortgage Lender, Home Loan Consultant & Lending Company In Rockwall, 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 Rockwall, Texas

For a first time home buyer Rockwall 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 Rockwall offers ways to make it work for you.

Rockwall First Time Home Buyer Programs

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

Affordable Housing Corporation of the State of Texas

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

Free Homebuyer Education Classes in Rockwall

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

Best Mortgage Rates in Rockwall 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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Prodigy Lenders Offering Reliable Rockwall First Time Home Buyers Program

 

Prodigy lenders are one of the best private mortgage lenders in the United States. They guarantee first time home buyer assistance in Rocwall by providing specific mortgage option which is best for you. It has been awarded as top workplaces for the last eight years for their commitment to excel in the workplace. 

Additionally, it consists of a team with mortgage experts across all states who are focused to giving clients highest and quality service. This team has the ambition to work with you one on one to ensure that you get a mortgage loan tailored specifically to meet you specific desires and expectations. If you are either buying you first time home buyer in Rockwall or refinancing an existing loan, the experienced team is aimed to aid you find the best loan program at the lowest rate available.

The following are crucial tips to help Rockwall First Time Home Buyers choose the right mortgage program:

USDA Home Loan

For you to be eligible for it, your mortgage principal, interest, insurance taxes, and property taxes should meet a specific percentage of your monthly income ratio of about 29%. As well, a credit score of at least 620 FICO is required for its approval. You are also advised to have enough income to pay for your housing cost as well as the monthly debt of about 41%. Normally, this ratio may increase depending on compensating factors.

Last but not least, USDA loans have no set maximum loan amount because it is dictated by your debt to income ratios. It gets to about 102% of the appraised value for the home you are purchasing. 

VA Home Loans

Veteran mortgages were designed to aid military officers as well as ex-military men to purchase a home for their families. These loans are usually backed by the government thus most recommended for you. 

Below are some of the key reasons to make you apply for VA loans:

  • By just being a military officer, you are eligible and qualified.
  • Since they are backed by the U.S government, 100% financing is assured to most applicants.
  • They have a favorable low closing cost.
  • Most officer prefers them for they have friendly mortgage rates. 

FHA Mortgages

You can qualify for an FHA home loan with a mortgage with a middle score of about 580. With a down payment of about 3.5% of appraised value is required. You can get 6% of the sales value of the house in closing cost help. 

To qualify for the loan, you have to meet the minimum requirement which makes it a preference to many members of the public.

Conventional Loan

This loan program is as well recommendable for the following reasons:

  • Lenders ask for no fee for approval.
  • Have relatively low mortgage rates 
  • Its terms are quite flexible i.e. 15, 20, 30-year mortgages
  • A very low deposit/down payment of about 3.5%

For quality service, you are recommending to contact Prodigy mortgage, lending professionals.

Please contact us if you have any questions!

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