American Mortgage® Corporation
The Reason We Get Recommended is…. We try our hardest to get you approved. No matter what your situation is, we can help.
Mortgage Lenders in Austin
With areas that extend into Hays and Williamson counties, Austin serves as the biggest city in Travis County and is the capital city of Texas. It is dubbed as the Live Music Capital of the World because of the variety and richness of its music, which includes theater, rock, and country music. The city’s population is more than 950,000, making it the 11th-largest in the United States and the 4th-largest in the state of Texas. In 2010, the GDP of the Greater Austin metropolitan statistical region was $86 billion. The city of Austin, Texas, is well-known as a hotbed of high-tech innovation. In addition to highlighting Austin’s quirkiness and variety, the slogan “Keep Austin Weird” is utilized to assist local small companies. The city had gained attention as a result of this, and people began to flock there for various reasons, primarily for commerce. Several mortgage lenders assist interested homebuyers who want to buy a property in this modern metropolis.
The option of Austin, Texas mortgage lenders who can help you find the most beautiful place to live in the city while still being cost-effective includes Conventional Fixed-Rate Mortgages, Conventional Adjustable-Rate Mortgages, Federal Housing Administration (FHA) Loans, First-Time Home Buyer Mortgages, Veterans Affairs (VA) Loans, and USDA Loans.
- Conventional Fixed-Rate Mortgage: A credit score of 620 is usually required, as is a debt-to-income ratio (DTI) of no more than 45 percent to be eligible for a Conventional Mortgage. You’ll have to pay Private Mortgage Insurance (PMI) if your down payment is less than 20%.
- Conventional Adjustable-Rate Mortgages (ARMs): These types of mortgages require a FICO score of 740 or higher to qualify. At a minimum, they will generally require a down payment of at least 5% (and ideally 20% or more).
- FHA Loans: A credit score of 600 is required for a maximum of 96.5% financing on FHA loans in Austin, Texas. Credit reports and ratings from Equifax, Experian, and TransUnion are requested as part of lenders’ FHA loan application process.
- VA Loans: There is no need for a down payment or Private Mortgage Insurance (PMI) on VA Loans in Austin, Texas, but there is a financing charge, which generally runs from 2.3%to 3.6% of the cost.
- USDA Loans: A credit score of at least 640 is required to be eligible for a USDA Loan. If your household’s income is more than 115% of the median for your region, you will not qualify for the loan. As long as the transaction price does not exceed the assessed value, there is no requirement for a down payment.
Buying a Home in Austin
Some of the Single-Family Residences and Condominiums in Austin, Texas, may be bought for less than $100,000, while others can cost up to $29.5 million. Floor layouts may range from one to seven bedrooms and two to eleven bathrooms in most houses and condos. Austin does have a wide variety of homes that provide enough space, and some of them can be as vast as 15,266 sq. ft.
Please feel free to reach out to our team if you would like to clarify any mortgage-related concerns. We will gladly guide you to everything you will need to determine what would be an excellent mortgage option applicable to you.
The Best Mortgage Lenders in Austin, TX
- We offer Direct Lending Services for various loan types with competitive rates and low fees.
- Find a Loan that Matches Your Needs. From Conventional Loans, VA Loans, FHA Loans, to USDA Loans, American Mortgage has you covered.
- Find out How Much you can get from your Mortgage with our No-Commitment Loan Estimate.
- Responsive Customer Service with Extensive Experience in the Texas Lending Market.
- Timely Service. Get Approved Fast and have your needs funded As Soon As Possible.
Our Popular Home Loan Programs
Buying a New Home?
- Relatively easy to acquire
- Become the legal owner of your home
- Mortgage rates are lower than a personal loan
- Flexible repayment schedules
- Helps improve your credit score
Advantages of FHA Mortgages
- Easier application process
- A more lenient loan option for those with low to mid credit scores
- Lower down payments starting at 3%
- Option of adding a co-borrower on the loan
Advantages of VA Loans
- Excellent rates for qualified veterans
- No downpayment required
- Government guarantee with no insurance premiums needed
- Lower overall closing costs for the buyer
Advantages of Conventional Loans
- Perfect for those who can't make a large upfront downpayment
- Competitive rates as low as 3%
- Usually preferred loan type by sellers looking at competing offers
- Less stringent appraisal process
Advantages of Adjustable-Rate Mortgage Loans
- Less risky than loans with higher rates
- Perfect if you plan to refinance or move out of the home in the future
- Lower payments in the early term
- Allows you to get more expensive loans than what you can get normally
Advantages of Balloon Mortgage Loans
- Lower interest rates than most other loan types
- Lower monthly mortgage payments
- Lets you qualify for larger loan amounts
- Perfect if you lack capital for your initial payments
Advantages of Construction Financing Loans
- Loan type perfect for subcontractors of hired for large building projects
- Allows builders to get funds for resources needed to build homes
- Perfect for property owners planning big renovations
- Lower interest rates and longer repayment periods
Advantages of Fixed Mortgage Loans
- A secure loan type perfect for buyers who want to avoid significant changes in their rates and repayments
- Easy to plan for your monthly repayments
- Perfect for buyers looking for a long-term home
- Lower overall lifetime payments
Advantages of Foreign National & ITIN Loans
- Ideal loan option for foreign nationals
- Relatively easy application process
- Allows you to build up your credit score
- 30-year home loan options provide long-term payment plans for non-American homebuyers
Advantages of Hard Money Loans
- Easy to process loans that are quicker than traditional bank loans
- Flexible rates and fees allowing buyers to adjust as needed
- Perfect for home flippers looking to get funding for their project
Advantages of Interest-only Mortgage Loans
- Low repayments during the interest-only term
- Gives you access to larger loan amounts and better home purchases
- Gives you the option to pay for the equity once you're financially ready
Advantages of Self-Employed Loans
- New loan type perfect for freelancers and self-employed individuals
- Provides business owners easy access to capital without having to sell shares
- Easier to process than traditional business loans
Advantages of Reverse Mortgage Loans
- Ideal for retirees planning to finance their home
- Quickly liquidate the equity you have on your property to cash
- Provides ample options for your heirs
- You're protected if your loan balance exceeds the value of your home
Advantages of Jumbo Loans
- Ideal loan type for buyers that need to go over traditional FHA loan limits
- Perfect for buyers targeting large plots of land or luxury homes
- Also great for investors looking to purchase a multi-family rental property
- Consolidated loan structure
Advantages of USDA Loans
- Allows you to finance the entire amount of your home purchase
- Perfect loan type for low to moderate income buyers
- Provides low mortgage rates and insurance premiums
- Possible financial assistance on closing costs
Getting a Home Mortgage in Texas
Mortgages are loans designed to allow buyers to borrow money to purchase a home. In Texas, mortgages or a deed of trust is a legal agreement between you and a lender giving them the right to take your property if you fail to repay the money you borrowed, including interest to purchase a property.
Loan Agreements in Texas are typically comprised of two documents. The first is a promissory note that details the repayment terms that the buyer agrees to pay out for a certain period of time. The second document is a collateral agreement that provides authority for the lender to take ownership of the property should the buyer breach its terms. Terms that you should consider when signing these documents include the terms of repayment, the marital status of the borrower, the collateral stated in the agreement, any exemptions statuses, and filing requirements of the security.
The American Mortgage Corporation is here to help you with all of your loan application and processing needs. Should you have questions regarding filing a home mortgage in Texas, please don’t hesitate to reach out to us. We’ll be glad to answer all of your questions and help get you your dream home today!
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