Loan Programs

  • Conforming Loans

    Conforming loans are conventional loans that meet bank-funding criteria set by Fannie Mae and Freddie Mac. Both of these stock-holding companies buy mortgage loans from lending institutions and secure them for resale to the investment community. Every year, from October to October, Fannie Mae and Freddie Mac establish limits on what constitutes a conforming loan based on the changes in the median home price. Anything that exceeds the lending limit set forth is considered a Jumbo Loan. Buying back mortgage loans allow these agencies to provide a continuous flow of affordable funding to banks that reinvest their money back into more mortgage loans. Fannie Mae and Freddie Mac only buy loans that are conforming, to repackage into the secondary market – effectively decreasing the demand for non-conforming loans. For more information about Conforming Loans and limits, contact our Home Loan Specialists at (866) 772-3802 or use the tools on this site.
  • Conventional Loans Austin

    Conventional loans are mortgage loans offered by non-government sponsored lenders. Any loan that is not guaranteed or insured by the Federal government is a conventional loan. These loan types include:Fixed Rate Loans; Balloon Mortgages and Pledge Asset Loans; Jumbo / Construction Loans; Reverse Mortgage. Conventional loans are a type of home mortgage in which the underlying terms and conditions meet the funding criteria of Fannie Mae and Freddie Mac. They were the very first traditional mortgage loans offered by local banks and lenders. About 35-50% of mortgages, depending on market conditions and consumer trends, are conventional mortgages. In other words, Fannie Mae and Freddie Mac guarantee or purchase 35-50% of all mortgages. Conventional mortgages may be fixed-rate or adjustable rate mortgages. For additional information about conventional loans, contact our Home Loan Specialists at (866) 772-3802 or use any of the tools on this website.
  • Construction-to-Permanent Loans Austin

    Are you looking at building a home? If the idea of building your own home excites you, the first thing you need to do is familiarize yourself with the types of construction loans available in today’s market. Learning the basics of a construction loan will prepare you when it’s time to decide to build your own home. A Conventional Construction-to-Permanent mortgage is mainly used to finance the building of the borrower’s home and permanent mortgage all into one individual transaction with a single closing. The borrower is going to be approved for a standard Construction-to-Permanent mortgage if the borrower is already qualified for a long-term permanent conventional mortgage. Upon conclusion of construction, the borrower is going to be expected to convert from the interim construction loan right into a permanent standard fixed-rate loan. For more information about the conventional-conforming one-time close construction loan, with a 95% loan-to-value (LTV), call us at (866) 772-3802.
  • Texas Cash Out Refinance

    When someone talks about cash-out refinance loans, they are referring to a home mortgage where the borrower receives cash back at closing after paying off the first mortgage, any liens, and any closing costs. In Texas, the maximum loan amount of any owner-occupied cash-out refi loan cannot exceed 80% of the property value or loan-to-value (LTV). People take advantage of cash out loans for several reasons like consolidating their debt, home improvements, funding a college education, taking a vacation, or even just to have extra cash on hand. When a homeowner refinances their existing mortgage and gets cash back at closing, the mortgage will be considered a Cash Out Refi Loan. The old rule on a cash-out refi, “once a cash-out, always a cash-out” is just that, an old rule. It was always treated as a cash out for the rest of the loan term. For additional information, contact our Home Loan Specialist at (866) 772-3802

FHA Loans Austin

  • FHA Loans Austin

    FHA loans are issued by federally qualified lenders and insured by the Federal Housing Administration, a division of the U.S. Department of Housing and Urban Development also known as HUD. We are one of Texas FHA lenders classified as a “Full Eagle” lender. Texas FHA loans are an attractive option, especially for first-time homeowners due to: Generally easier to qualify than conventional loans;Lower down payment requirements, 3.5% compared to 5% for conventional loans;Lower credit score requirement;Loan limits specific to the county. The Federal Housing Administration, generally known as “FHA”, provides mortgage insurance on loans originated by approved Texas lenders. FHA insures the mortgage of single family and one-to-four family dwellings, multifamily homes including manufactured homes. For more information about FHA loans, their features and benefits and how it may apply to you, please contact our FHA Loan Specialists at (866) 772-3802 or use any of the tools on this website.
  • FHA Construction Loan

    What is the FHA Construction One-Time Close Program? How Does it Work? A Construction-to-Permanent (C2P) single-close program includes a short-term interim or temporary construction period and a long-term permanent mortgage. A borrower using the FHA construction one-time close program must qualify for a long-term mortgage to utilize the construction-to-permanent program. Upon final completion of the construction, the borrower’s closed loan will require a modification of the short-term interim construction period into a permanent fixed-rate loan. FHA offers construction loans anywhere in Texas to qualified borrowers. They are the one-time close instead of the customary two-time close on conventional loans. It is precisely a 203b loan, all guidelines still apply, contrary to what people think. If you qualify for an FHA 203b loan, you are eligible for an FHA construction loan. Additional information or detail is available by contacting our FHA Home Loan Consultants at (866) 772-3802.
  • Conventional vs FHA Loans

    The old argument about which is better, a Conventional loan or an FHA loan? This comparison has been around since time immemorial and still holds its grain today. The only right answer to this question is: it depends on the borrower’s situation as far as credit, income, and assets when buying a home. Here are some determining factors involve: Interest Rate, Credit Qualification, Mortgage Insurance, Down Payment Requirment, Seller's Concession. Conventional vs. FHA loans, which one suits your needs the best right now? For more information and a confidential analysis of your situation, contact our Home Loan Specialists at (866) 772-3802 .
  • Texas FHA Loan Limits
  • Austin FHA 203k Loans

    The United States’ Federal Housing Administration (FHA) is a government agency that was created in 1934, following the Great Depression. Today, it falls under the authority of the Department of Housing and Urban Development (HUD). It is the only government agency that generates its own operating budget. It is credited with helping make the people of the United States one of the best-housed populations in the world. The purpose of the FHA is to oversee a variety of insurance programs for single-family mortgages. Loans are provided by HUD-approved lending institutions and insured by the FHA. Buyers must have a satisfactory credit rating and also provide a down payment. While the FHA 203k Loans are essentially intended as home improvement loans, they are also a fundamental tool for local neighborhood and community revitalization efforts across the country. For additional information about FHA Section 203(k) loans, contact our Home Loan Specialists at (866) 772-3802.

Jumbo Mortgage Loans Austin

  • Austin Jumbo Mortgage Loans

    Jumbo Mortgage Loans or Jumbo Loans exceed the maximum loan amounts established by Fannie Mae and Freddie Mac conventional loan limits. Rates on jumbo loans are typically higher than conforming loans. Jumbo Mortgage Loans are typically used to buy more expensive homes and high-end custom construction homes. They also require a higher down payment than traditional loans. Effective January 1, 2018, the conforming loan limits will increase. Anything above the conforming loan limit is classified as Jumbo mortgage. People typically ask, “What is a Jumbo Loan?” “What is the limit on a Jumbo Mortgage loan?” Generally speaking, loans fall into three (3) categories: Conforming Loans – Loan amounts up to $453,100 for the most of US. Loan limit for Hawaii and Alaska is $679,650; Conforming Jumbo – Loans that are also called Agency Jumbo, Mini Jumbo, High Balance Conforming Loans; Super Conforming – Loan amounts for these type of loans are above the conforming level of $453,100 and up to $679,65.
  • Jumbo Purchase Loans

    Jumbo mortgage loans are non-conforming loans that exceed the maximum amount set as conventional loan limit. The government-sponsored enterprises (GSE), Fannie Mae and Freddie Mac, set the limits on the maximum loan amount for any “conforming” loan. To date, the maximum loan amount for conforming is $453,100. Any loan that exceeds this amount is considered a Non-conforming jumbo loan. The Texas Mortgage Pros offers jumbo purchase loans with attractive rates at a low cost to the borrower. Our jumbo purchase loans in Texas is very competitive and easier to qualify for compared to big banks. While other lenders are falling short on jumbo loans, we open our door to lending jumbo loans. For additional information about Non-conforming Jumbo loans, please contact our Home Loan Specialists at (866) 772-3802.
  • Jumbo Refinance Loans

    A non-conforming refinance loan or jumbo refinance loan does not meet the conventional loan guideline requirements set by government-sponsored enterprises, Fannie Mae and Freddie Mac. Jumbo Refinance loans exceed the maximum loan amount allowed and are harder to obtain in today’s market. Areas of consideration:Interest rates are usually higher on jumbo refinance loans compared to conforming loans. They are usually available in a variety of form: fixed rate and adjustable rate loan options. There’s also the interest-only loans or temporary buy-downs.With interest-only option loans, a borrower cannot build equity through the monthly interest-only payments. In order to build equity, a borrower has to make voluntary principal payments during the interest-only period when making payments.The line of credit has a variable interest rate which may increase or decrease the monthly payment as interest rates fluctuate.

Location Efficient Mortgage (LEM)

  • Location Efficient Mortgage (LEM)

    Location Efficient Mortgage (LEM) are available to individuals purchasing more expensive homes in areas where with efficient public transportation systems. These loans take into account monies saved on the expenses related to owning or leasing automobiles. The concept was developed by the Center for Neighborhood Technology and the Natural Resources Defense Council and is backed by Fannie Mae. While LEM loans will allow a purchaser to buy a house that is more expensive than they would qualify for using a traditional mortgage, it does not lower the monthly payment. LEM loans are only available in certain markets: Chicago, IL, Los Angeles, CA, San Francisco, CA, Seattle, WA. With traditional mortgages, there is a limit on how much money is available based on the purchaser’s income. The cost of housing must not exceed 35% of the household’s income (Housing to Income Ratio), and the household’s total debt cost must not exceed 45% of the household’s income (Total Debt to Income Ratio).

Non Qualified Mortgage Loans

  • Non Qualified Mortgage Loans

    A Non-Qualified Mortgage mortgage is any home loan that doesn’t comply with the Consumer Financial Protection Bureau’s (CFPB) existing rules on Qualified Mortgage. A Qualified Mortgage (QM) is a home mortgage loan that meets the standards set forth by the Federal government. The CFPB defined Qualified Mortgage Rule and designed to create safe loans by prohibiting or limiting certain high-risk products and features. Dodd-Frank Wall Street Reform and Consumer Protection Act outlined the features of a QM as follows: No Excessive Upfront Points and Fees – Points and Fees charged by a Lender to the Borrower must not exceed 3% of the total amount borrowed; No Toxic Loan Features – (a) No Interest-Only Loans, (b) No Negative Amortization Loans, (c) No terms beyond 30 years, and (d) No Balloon Loans; Limits on Debt-to-Income Ratios – General rule for Qualified Mortgage is 43%.

Reverse Mortgage | HECM

  • Austin Reverse Mortgage

    “Reverse Mortgage” is a type of mortgage in which a homeowner can borrow money against the value of the property. The mortgage loan does not require repayment until the borrower dies or the home is sold. It is called reverse because the lender pays the homeowner. Advantage:seniors using reverse mortgage in Houston, Texas Reverse mortgage provides additional income for people in their retirement; Credit is not relevant and often unchecked; No income requirement; No monthly payments for as long as you continue to live in the home; Property serves as a collateral; You will never owe more than the value of your home if you sell to repay the loan; You continue to live and own the house and cannot be forced to leave as long as you continue paying your property taxes, insurance and maintain the home. HECM Costs include (a) Mortgage Insurance Premium, (b) Third Party Charges, (c) Origination Fee, and (d) Servicing Fee. For details, please contact one of our HECM Specialists now.

USDA Loans Austin

  • Austin USDA Loans

    Texas USDA loans – RHS loans are programs that provide 100% financing option for qualified borrowers and properties. The U.S. Department of Agriculture (USDA) offers residential home loan programs in Texas to help low to moderate-income individuals living in small towns or rural areas achieve homeownership. The United States Department of Agriculture guarantees the loan. The Rural Housing Service (RHS) helps qualifying applicants, who cannot receive credit from other sources, purchase modestly priced homes as their primary residence. The Texas Mortgage Pros is one of the approved USDA Lenders in Texas. We are a USDA Guarantee Lender in the area that can provide any information you need to secure a USDA loan. A borrower must meet the 3 basic requirements to qualify for USDA financing: (a) credit, (b) income, and (c) asset, respectively. For additional information about the restrictions and eligibility requirements, contact our USDA Home Loan Specialists at (866) 772-3802 to get started.

VA Loans Austin

  • VA Loans Austin

    A VA Loan is designed to offer long-term financing to American veterans. VA mortgage loans are issued by federally qualified lenders and are guaranteed by the U.S. Department of Veterans Affairs. The VA determines eligibility and issues a certificate of eligibility (COE) to qualifying applicants to submit to their mortgage lender of choice. For servicemen and women, it is generally easier to qualify for a VA loan than conventional loans. If you are an active duty military personnel, a current National Guard or Reserve member, discharged member of selected reserve or retired veteran, the VA home loan program is for you. VA Loan: A mortgage loan program established by the United States Department of Veterans Affairs to help veterans and their families obtain home financing. The Department of Veterans Affairs does not directly originate VA loans; instead, they establish the rules for those who may qualify, dictate the terms of the mortgage offered and guarantee the loans against default.
  • Texas VA Loan Limits by County
  • How to Qualify for a VA Loan

    One of the great benefits every US veteran should enjoy is being a homeowner without a down payment. Thanks to the VA loan program, a vet can qualify for a VA loan to help him purchase a home guaranteed by the US Department of Veterans Affairs. The VA home loan program offers a full 100 percent financing to eligible servicemen and women, along with their eligible spouses. Not only that, VA home loans offer the lowest interest rates available today. If you’re wondering how you can qualify for a VA loan, here are a few things that should be included in your checklist to help you acquire the home you deserve. VA Eligibility Guidelines US veterans, members of the regular military, reservists and National Guard are eligible for a VA home loan application. The spouses of military members who died while on duty or as a result of a service-related disability can apply as well. Also, it might be helpful to get in touch with a trusted VA lender to know your VA eligibility.

Best Mortgage Rates in Austin TX

The Texas Mortgage Pros team consists of mortgage professionals all over Texas. We are committed to providing our clients with the highest quality service for your mortgage needs. Combined with the lowest rate and multiple loan programs available in your area – SpringDallasFort Worth, San Antonio, Tomball, The Woodlands, Austin and Houston, Austin, Midland, and El Paso, Texas. Our outstanding mortgage professionals with years of experience will work with you one-on-one to ensure that you get the home loan that is tailored specifically to meet your situation and expectation. Whether you are purchasing your dream home, first home, refinancing an existing loan, or consolidating debt, our highly experienced team of loan officers can help you find the right loan program at the lowest rate possible.

Our ultimate goal is to create a lasting relationship with each of our clients that we may continue to provide excellent service for many years to come. Unlike many of the larger nationwide mortgage companies that are out there, all your information will be kept secure and private. Our name is trusted throughout the lending community.

To speak directly with an experienced mortgage professional, simply give us a call anytime or feel free to utilize any of the interactive tools offered throughout the site. We look forward to working with you.

If you are looking for a mortgage lender that cares about you, and getting you into your dream home, we promise to exceed your expectations. We find that the majority of loan officers, and brokers don't try to help their clients.  We go above and beyond to make sure you get approved. 

The Texas Mortgage Pros caters to the following types of loans:
and so much more........

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201 W 5th St #1800
Austin, TX 78701
United States

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