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Texas Mortgage Rates

Comparing Texas Mortgage Rates with National Rates

In order to help you see how Texas mortgage rates compare with National rates, check out the following rate table from the industry website mortgagenewsdaily.com. These rates represent national averages and are based on specific loan assumptions. 

Shopping for Best Mortgage Rates in Texas

It is important to shop around for the best terms. Make sure that you compare rates, lender fees and learn about third party fees. When comparing mortgage offers check out the term (length), interest rate (fixed vs. variable), and if applicable the cost of mortgage insurance. Get more information about mortgage rates and mortgage fees.  Also, FHA loans, which always require mortgage insurance, differ from conventional loans, which require Private Mortgage Insurance (PMI) if your loan to value ratio (LTV) is over 80%.  Make sure that you use all of your costs when comparing loans.

Qualifying for a Mortgage in Texas

In order to qualify for the best mortgage rates in Texas it is important to have an excellent credit score. Also, you want to make sure that your debt to income ratio (DTI) and your downpayment or equity position , your loan to value ratio (LTV) are sufficient to qualify. Read this Bills.com article about qualifying for a mortgage.

 Mortgage Resources for Texas

Here are some outside resources that can help you understand the Texas mortgage environment:

  1. FHA loan amounts in texas: (note:set the table to Texas) There are 256 counties in the state of Texas of which 85% of the single family units meet the Standard loan limit, currently at $275,665.
  2. FHFA Conventional Loan Amounts: Check the pdf from FHFA for all states and search for your state and county or check out the FHFA conforming limit map
  3. Texas First Home Buyer Programs: The Texas Department of Housing and Community Affairs (“TDHCA”) offers various homeowner buying programs. including down payment and closing cost assistance, tax credits, and homeowner education courses. These programs have limitations so be sure to read the fine print. For example the My First Texas Home program requires a minimum FICO score of 620, It also has income requirements, property price restrictions, and funds available are about 3-5% of the loan amount.

Mortgage Trends and Statistics for Texas

Mortgage rates, loan amounts, LTV, (etc) vary based on areas. The FHFA provides a useful insight into differences in conventional loans. based on Metropolitan Areas.

Source of Data: FHFA Historical Table  - (TERMS ON CONVENTIONAL HOME MORTGAGES) Table V - Averages for Major Metropolitan Areas: Loans Closed

Check out some differences in two areas in Texas :

  • Mortgage Rates for Conventional Loans in Three MSAs in Texas
  • Loan Amount in Texas for Three MSAs
  • Mortgage Fees in Three MSAs in Texas
  • LTV over 90% in Three MSAs in Texas

 

 

Mortgage Rates for Conventional Loans in Three MSAs in Texas"

 

Mortgage Fees in Three MSAs in Texas

Loan Amount in Texas for Three MSAs

 LTV over 90% in Three MSAs in Texas

 

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