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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Fixed Rate Mortgages (FRM)
A fixed-rate mortgage is a mortgage loan with an interest rate that remains the same throughout the loan term. This provides borrowers with a predictable monthly principal and interest payment for the life of the loan.
- Fixed-rate mortgages provide predictable principal and interest payments, which can make long-term budgeting easier.
- The interest rate does not change based on market fluctuations during the loan term.
- A variety of fixed-rate mortgage options may be available depending on the loan program and borrower qualifications.
- Fixed-rate mortgages may be available for a variety of eligible residential property types, including single-family homes, condominiums, and townhomes.
- Rates, terms, qualification requirements, costs, and program availability vary and are subject to change.
Conventional Loan
Conventional loans are a popular mortgage option for qualified homebuyers seeking to finance a home in Houston and throughout Texas. Unlike government-insured mortgage programs, conventional loans are not insured or guaranteed by a federal government agency and are subject to applicable lender and investor guidelines.
- Options may be available for both first-time and repeat homebuyers.
- Down payment requirements vary based on the loan program and borrower qualifications.
- A variety of fixed-rate mortgage options may be available.
- Borrowers with a prior bankruptcy may still be eligible for conventional financing after applicable waiting periods, depending on their circumstances and program guidelines.
Adjustable Rate Mortgages (ARM)
An adjustable-rate mortgage (ARM) is a mortgage loan with an interest rate that may change over time. Many ARMs begin with an initial period during which the interest rate remains unchanged, followed by periodic adjustments based on the loan’s applicable index, margin, and adjustment provisions.
- After the initial rate period, the interest rate and monthly principal and interest payment may increase or decrease over time.
- Rate adjustments are generally based on an applicable market index plus a margin established under the loan terms.
- ARMs typically include limits on how much the interest rate may change at an adjustment and over the life of the loan.
- Borrowers should carefully consider how future rate and payment changes could affect their ability to make mortgage payments.
- ARM structures, adjustment periods, rate caps, qualification requirements, and program availability vary by loan program and borrower qualifications.
FHA Loans
FHA loans are mortgage loans insured by the Federal Housing Administration (FHA). These loans may provide home financing options for eligible borrowers whose financial circumstances or homebuying needs are well suited to FHA guidelines.
- FHA loans may provide an option for first-time and repeat homebuyers, subject to applicable FHA and lender qualification requirements.
- Borrowers must meet applicable requirements related to credit, income, debt obligations, property eligibility, occupancy, and other underwriting criteria.
- Eligible gift funds and approved assistance programs may be used toward certain down payment or closing cost requirements when FHA guidelines are met.
- Most FHA loans require both an upfront mortgage insurance premium (UFMIP) and an annual mortgage insurance premium (MIP) paid in monthly installments. The upfront premium may generally be financed into the mortgage.
- Rates, fees, mortgage insurance requirements, eligibility standards, and program availability vary and are subject to applicable FHA and lender guidelines.
VA Loans
VA loans are mortgage loans backed by the U.S. Department of Veterans Affairs. These loans may provide valuable home financing benefits for eligible Veterans, service members, and certain surviving spouses.
- Eligible borrowers may be able to purchase a home with no down payment, subject to VA and lender requirements.
- VA-backed loans may offer competitive financing terms for qualified borrowers.
- Borrowers must meet applicable VA eligibility requirements as well as lender requirements for credit, income, occupancy, and other qualification standards.
- VA loans may be available for a variety of eligible residential property types.
- Fixed-rate and adjustable-rate options may be available depending on the loan program and borrower qualifications.
- Rates, fees, eligibility requirements, and program availability vary and are subject to applicable VA and lender guidelines.
Refinance
A refinance replaces an existing mortgage with a new mortgage loan. Homeowners may consider refinancing for a variety of reasons, including changing their interest rate or monthly payment, adjusting their loan structure, or accessing available home equity.
- Depending on current market conditions and borrower qualifications, refinancing may provide an opportunity to change the interest rate or monthly payment.
- Borrowers may refinance to select a different loan structure or repayment option that better fits their financial goals.
- Cash-out refinance options may allow eligible homeowners to access a portion of their available home equity for purposes such as home improvements, debt consolidation, or other financial needs.
- Refinancing may involve closing costs, fees, credit qualification, income or asset documentation, and property valuation requirements.
- Refinancing is not appropriate for every borrower. Homeowners should consider the costs, new loan terms, and potential short- and long-term financial impact before proceeding.
- Rates, terms, costs, eligibility requirements, and program availability vary and are subject to change.
Reverse Mortgage
A Home Equity Conversion Mortgage (HECM) is an FHA-insured reverse mortgage designed for eligible homeowners age 62 or older who want to access a portion of the equity in their primary residence. Eligible borrowers may access available home equity without selling their home or making required monthly principal and interest payments.
- Depending on the loan structure, proceeds may be available through options such as a lump-sum payment, monthly disbursements, or a line of credit.
- The homeowner retains title to the home while the reverse mortgage is in place.
- Borrowers must continue to occupy the property as their principal residence, pay applicable property taxes and homeowners insurance, and maintain the home in accordance with program requirements.
- Interest and applicable fees are added to the loan balance over time, so the amount owed generally increases as proceeds are received and interest accrues.
- The loan generally becomes due when the last eligible borrower sells the home, permanently leaves the home as a principal residence, or passes away, subject to applicable program provisions.
- Any remaining equity after the reverse mortgage and applicable costs are repaid generally belongs to the homeowner or the homeowner’s estate.
- Eligibility, available proceeds, costs, payment options, and program requirements vary and are subject to applicable FHA, HUD, and lender guidelines.
Interest Only Mortgages
An interest-only mortgage is a loan option that may allow eligible borrowers to make payments toward interest, rather than principal and interest, during an initial interest-only period. After that period ends, payments generally include both principal and interest in accordance with the loan terms.
- During the interest-only period, regularly scheduled interest-only payments generally do not reduce the outstanding principal balance.
- Interest-only mortgage options may be useful for certain qualified borrowers depending on their financial circumstances and goals.
- When the interest-only period ends, the required monthly payment may increase as principal repayment begins.
- Borrowers should carefully consider their ability to make future payments and understand how the loan balance and payments may change over time.
- Rates, payment structures, qualification requirements, costs, and program availability vary by loan program and borrower qualifications.
Self-Employed and 1099 Earners
Mortgage programs for self-employed borrowers and 1099 earners may provide financing options for individuals whose income documentation differs from that of traditionally employed borrowers.
- Depending on the loan program, borrowers may be able to document income using tax returns, bank statements, profit and loss statements, asset documentation, or other approved methods.
- Income, credit, assets, reserves, and other qualification requirements vary by program and borrower circumstances.
- Some programs may offer alternative methods for evaluating income or assets when traditional documentation does not fully reflect a borrower’s financial profile.
- Available loan options, rates, fees, documentation requirements, and eligibility standards vary by program and are subject to change.
Jumbo Loans
Jumbo loans are mortgage loans that exceed the applicable conforming loan limits established by the Federal Housing Finance Agency (FHFA). These loans may provide financing options for eligible borrowers purchasing higher-priced properties or requiring loan amounts above conforming limits.
- Jumbo loans may be available for eligible borrowers purchasing homes that require financing above the applicable conforming loan limit.
- Qualification requirements vary by lender and loan program and may include additional requirements related to credit, income, assets, reserves, and property type.
- Fixed-rate and adjustable-rate options may be available depending on the program and borrower qualifications.
- Down payment requirements, interest rates, fees, and other loan terms vary based on the loan program, property, and borrower qualifications.
- Conforming loan limits, program requirements, and availability are subject to change.
USDA Loans
USDA loans are government-backed mortgage options guaranteed by the U.S. Department of Agriculture Rural Development. These loans are designed to help eligible borrowers purchase qualifying homes in USDA-designated rural areas.
- Eligible borrowers may be able to purchase a home with no down payment.
- Household income, property location, occupancy, credit history, and repayment ability must meet applicable USDA and lender requirements.
- USDA loans are available for eligible properties that will be used as the borrower’s primary residence.
- Certain eligible closing costs and other approved expenses may be included in the financing when program requirements are met.
- Interest rates, fees, eligibility requirements, and program availability vary and are subject to applicable USDA and lender guidelines.
ITIN Loans
ITIN loan programs may provide mortgage financing options for eligible borrowers who do not have a Social Security number but have an Individual Taxpayer Identification Number (ITIN) issued by the Internal Revenue Service.
- Eligible borrowers may be able to use an ITIN when applying for mortgage financing, subject to applicable program requirements.
- Qualification requirements, down payment requirements, rates, fees, and documentation standards vary by loan program and borrower qualifications.
- Fixed-rate and adjustable-rate options may be available depending on the program.
- Eligible property types may include primary residences and other qualifying residential properties, subject to lender and program guidelines.
- Program availability, terms, and eligibility requirements are subject to change.
Non-QM Loans
Non-Qualified Mortgage (Non-QM) loans are mortgage options that fall outside the Consumer Financial Protection Bureau’s Qualified Mortgage (QM) definition. These programs may provide financing alternatives for borrowers whose income, assets, or financial circumstances do not fit traditional mortgage guidelines.
- Depending on the program, alternative documentation such as bank statements or asset statements may be considered when evaluating a borrower’s qualifications.
- Non-QM loans may be an option for self-employed borrowers, real estate investors, and other borrowers with nontraditional income or financial circumstances.Non-QM loans may be an option for self-employed borrowers, real estate investors, and other borrowers with nontraditional income or financial circumstances.
- Eligible property types and occupancy requirements vary by program and may include primary residences, second homes, and investment properties.
- Fixed-rate and adjustable-rate options may be available depending on the loan program and borrower qualifications.
- Rates, fees, eligibility requirements, and program availability vary and are subject to change.
All Cash Offer Program
An All-Cash Offer Program may help eligible homebuyers strengthen their purchase offer in a competitive real estate market by providing access to a cash-backed homebuying option. The program may allow qualified homebuyers to submit an offer that is not contingent on traditional mortgage financing at closing.
- Cash-offer options are subject to program availability, property eligibility, borrower qualifications, and other applicable requirements.
- Eligible buyers may benefit from a more streamlined purchase process and the ability to compete more effectively with other cash offers.
- The process for obtaining permanent mortgage financing after the purchase varies depending on the program and the borrower's qualifications.
- Program terms, costs, eligibility requirements, and availability are subject to change.
Down Payment Assistance
Down Payment Assistance (DPA) programs may help eligible homebuyers with some of the funds needed for a down payment and/or closing costs when purchasing a home.
- Down Payment Assistance programs may provide eligible borrowers with funds to help cover eligible down payment and/or closing costs.
- Assistance may be available through state and local housing agencies, nonprofit organizations, and other approved programs.
- Depending on the program, assistance may be provided as a grant or as subordinate financing that may be forgivable, deferred, or repayable.
- Eligibility requirements and available benefits vary by program and may be based on factors such as income, homebuyer status, property location, purchase price, loan program, and borrower qualifications.
- Program availability, terms, and requirements are subject to change.
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