Texas Mortgage Programs
There are a lot of different loan program we offer. Let us help you figure out what is best for you and your goals.
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Loan Programs
We’re committed to exceeding your mortgage needs by providing transparent communication making you aware of all your options. Having The Lyons Group on your side will ensure a smooth and on-time closing.
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Conventional Loan
Conventional loans are a popular mortgage option for qualified borrowers seeking to finance their Houston dream home. Unlike government-backed loans, conventional loans are offered by private lenders and adhere to their own qualifying standards.
- Down payments as low as 3% for first time home buyers
- Down payments as low as 5% for non-first time home buyers
- Offered in a variety of fixed rate terms such as 10, 15, 20, 25, and 30 years
- Minimum waiting periods for bankruptcy discharge as low as 2 years
FHA Loans
FHA home loans are mortgages which are insured by the Federal Housing Administration (FHA), allowing borrowers to get low mortgage rates with a minimal down payment. These loans are designed to make homeownership more affordable for low- and moderate-income borrowers who may not qualify for traditional mortgages.
- FHA loans often require lower down payments and credit scores than traditional mortgages, making them a good choice for first-time homebuyers and those with lower incomes.
- FHA loans have more lenient qualification requirements than traditional mortgages, such as higher debt-to-income ratios and lower credit scores.
- FHA loans offer flexible qualification guidelines, allowing borrowers to use gifted funds or grants for their down payment or closing costs.
- FHA loans require borrowers to pay mortgage insurance premiums (MIP), which protect the lender in case of default. The MIP can be paid upfront or added to the monthly mortgage payment.
VA Loans
VA loans are mortgages guaranteed by the Department of Veteran Affairs. These loans offer military veterans exceptional benefits, including low interest rates and no down payment requirement. This program was designed to help military veterans realize the American dream of home ownership.
- VA loans often require no down payment, making them a good choice for eligible borrowers who want to purchase a home with little or no money down.
- VA loans typically offer lower interest rates than traditional mortgages, which can result in lower monthly payments and savings over the life of the loan.
- VA loans have more lenient qualification requirements than traditional mortgages, such as higher debt-to-income ratios and lower credit scores.
- VA loans offer fixed and adjustable rate options, with loan terms of up to 30 years.
Refinance
A Refinance is a type of mortgage loan that replaces an existing mortgage with a new one, typically with more favorable terms. The primary goal of a refinance is to save money by lowering the interest rate or monthly payment, changing the loan term, or accessing equity in the home.
- Refinancing can help borrowers save money by lowering their interest rate, monthly payment, or both. This can be advantageous for borrowers who want to reduce their overall mortgage costs or improve their cash flow.
- Refinancing can also allow borrowers to change the loan term, such as from a 30-year to a 15-year term, which can help them pay off their mortgage faster and save money on interest.
- Borrowers may also choose to refinance to access the equity in their home, which can be used to pay off debt, make home improvements, or invest in other opportunities.
- Refinancing typically requires a new appraisal, income verification, and credit check, and may involve closing costs and fees. Borrowers should consider these costs and compare them to the potential savings before deciding to refinance.
Interest Only Mortgages
An Interest Only Mortgage is a type of loan that allows borrowers to pay only the interest on the loan for a specific period, typically between 5 and 10 years. After the interest-only period ends, the borrower must begin making principal and interest payments for the remaining term of the loan.
- Interest Only Mortgages allow borrowers to make lower monthly payments during the interest-only period, which can be an advantage for those who want to maximize their cash flow or have irregular income.
- This loan is suitable for borrowers who are confident that they will have the ability to make the higher principal and interest payments when the interest-only period ends.
- Interest Only Mortgages typically offer adjustable rate and fixed rate options, with loan terms of up to 30 years.
- Borrowers should be aware that they will pay more interest over the life of the loan with an Interest Only Mortgage than they would with a traditional mortgage, and that their monthly payments will increase significantly after the interest-only period ends.
Self-Employed and 1099 Earners
Mortgage programs for Self-Employed and 1099 Earners are designed to help individuals who work for themselves to obtain financing for a home purchase or refinance. These programs take into account the unique income and tax situations of self-employed borrowers.
- Mortgage programs for Self-Employed and 1099 Earners offer flexible income documentation options, such as bank statements or profit and loss statements, which can be advantageous for borrowers who have a fluctuating income or irregular income streams.
- These programs typically require a higher credit score and larger down payment than traditional mortgage programs, due to the increased risk associated with self-employed income.
- Mortgage programs for Self-Employed and 1099 Earners may also offer alternative underwriting methods that allow the borrower to qualify based on their assets or reserves.
- Borrowers should be aware that mortgage programs for Self-Employed and 1099 Earners may have higher interest rates and fees than traditional mortgage programs, due to the increased risk associated with self-employed income.
Jumbo Loans
Jumbo loans are mortgages that exceed the loan limit set by Fannie Mac and Freddie Mae. These loans are designed to help borrowers purchase high-value properties that require larger loan amounts.
- Jumbo loans can help eligible borrowers purchase high-value homes or properties that exceed the conforming loan limit set by FHFA.
- Jumbo loans offer flexible qualification requirements, allowing borrowers to have lower credit scores and higher debt-to-income ratios than traditional mortgages.
- Jumbo loans offer fixed and adjustable rate options, with loan terms of up to 30 years.
- Jumbo loans require a larger down payment and may have higher interest rates and fees than traditional mortgages.
USDA Loans
USDA loans are a type of government-backed mortgage that is insured by the U.S. Department of Agriculture. These loans are designed to help eligible borrowers purchase homes in rural and suburban areas.
- USDA loans often require no down payment, making them a good choice for eligible borrowers who want to purchase a home with little or no money down.
- USDA loans offer low interest rates and flexible qualification requirements, making them a good choice for low- to moderate-income borrowers.
- USDA loans have more lenient qualification requirements than traditional mortgages, such as higher debt-to-income ratios and lower credit scores.
- USDA loans offer additional benefits, such as the ability to finance closing costs and the availability of funding fee exemptions for eligible borrowers.
ITIN Loans
ITIN loans are a type of mortgage that is designed for borrowers who do not have a Social Security number but have an Individual Taxpayer Identification Number (ITIN) issued by the Internal Revenue Service (IRS). These loans are designed to help eligible borrowers purchase homes in the United States.
- ITIN loans offer flexible qualification requirements, allowing borrowers to use their ITIN instead of a Social Security number to apply for a mortgage.
- ITIN loans require a larger down payment and may have higher interest rates and fees than traditional mortgages.
- ITIN loans offer fixed and adjustable rate options, with loan terms of up to 30 years.
- ITIN loans can be used to purchase a variety of property types, including single-family homes, townhouses, and condominiums, as long as they meet the lender's qualification requirements.
Non-QM Loans
Non-QM loans are a type of mortgage that do not meet the Qualified Mortgage (QM) standards set by the Consumer Financial Protection Bureau (CFPB). These loans are designed to help borrowers who may not qualify for a traditional mortgage due to reasons such as self-employment income, high net worth, or unique property types.
- Non-QM loans offer flexible qualification requirements, allowing borrowers to use alternative documentation, such as bank statements or asset statements, to demonstrate their ability to repay the loan.
- Non-QM loans may have higher interest rates and fees than traditional mortgages due to their increased risk.
- Non-QM loans can be used for a variety of property types, including single-family homes, multifamily properties (up to four units), and investment properties.
- Non-QM loans offer fixed and adjustable rate options, with loan terms of up to 30 years.
All Cash Offer Program
An All-Cash Offer Program is a financing option that allows home buyers to make cash offers on homes without having to liquidate their assets or use their own cash. This program is designed to help eligible borrowers compete with all-cash buyers in a competitive real estate market.
- An All-Cash Offer Program allows homebuyers to make cash offers on homes without having to liquidate their assets or use their own cash.
- This program allows eligible borrowers to close on a home quickly, typically within 10 to 14 days, which can be an advantage in a competitive real estate market.
- An All-Cash Offer Program is available for eligible homebuyers who have strong financial standing and meet the program's qualification requirements.
- This program offers flexible repayment options, allowing borrowers to refinance the all-cash offer into a traditional mortgage or pay off the loan in full within a short period.
Down Payment Assistance
Down Payment Assistance (DPA) is a program that helps eligible borrowers with their down payment and/or closing costs on a home purchase. These programs are designed to help home buyers who may not have enough money saved for a down payment, but have the ability to make mortgage payments.
- Down Payment Assistance programs provide eligible borrowers with funds to help cover their down payment and/or closing costs.
- These programs are available through federal, state, and local government agencies, as well as some non-profit organizations and private companies.
- Down Payment Assistance programs typically offer forgivable loans or grants, which do not need to be repaid as long as the borrower meets the program's requirements.
- Eligibility requirements and program benefits may vary depending on the program, but typically require the borrower to have a certain credit score, income level, and/or purchase price.
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