Whether You’re a First Time Home Buyer or Wanting To Refinance,
The Tuttle Group Is Here To Help.
Congratulations on your decision to buy your first home or if you are considering refinancing. For first time home buyers finding a home you love may be easy, but understanding mortgage options can be complicated. There are many types of Dallas home loans and loan partners are available. The Tuttle Group will be able to help you figure out which one is best for you. But, understanding the various options before you meet will help you make decisions as an informed consumer.
The two most important factors in selecting a mortgage type are downpayment and FICO score. Your downpayment is the initial money you put towards the purchase of your home. Some loans have a minimum amount you must use as a down payment.
FICO (Fair Isaac Corporation) is the best known, largest company that calculates a person’s credit score. Having a larger down payment and/or having a higher credit score will earn you a lower interest rate on your mortgage. Having more money to put down may balance a lower FICO score. Having a great FICO score may balance having a smaller down payment.
Some DFW home loans have a floor or ceiling to how much you can finance. Some mortgages allow buyers to put less than 20% down by requiring mortgage insurance (also known as PMI), which insures the lender in case you default on your loan.
The chart below will give you a broad overview of the kinds of mortgage loans available in Texas. Click on each of the loan types for additional information.
TYPE OF LOAN | MAX LOAN AMOUNT | MIN DOWN PAYMENT | MIN FICO SCORE | MAXIMUM SELLER CONCESSIONS | MORTGAGE INSURANCE? |
---|---|---|---|---|---|
FHA/HUD Loans | Up to $571,550 in Texas, varies by region | 3.5% | 580 | 6% | For the life of loan |
Conventional Loans | $766,550 | 5% | 620 | 3%-9% | Depends on down payment |
VA Loans | $766,550* | 0% | 580 | 4% | None |
Jumbo Loans | $766,551 + (minimum loan amount) | 10% | 680 | 3% | May be waived at 15% for qualified borrowers |
*Conventional loan minimum down payment for first-time homebuyers is only 3%
*VA also offers Jumbo loan products. for loan amounts higher than $766,550
Updated 9/18/2024
Dallas Home Loan Types
FHA/HUD Loans
FHA/HUD loans are one of the easiest mortgage loans to qualify for, making them popular for both first-time home buyers and repeat buyers.
Conventional Loans
Conventional loans are often the best option for home buyers with a good credit score and the ability to make larger down payments.
VA Loans
VA loans are available to eligible U.S. military veterans, active duty service members, National Guard, Reservists, and surviving spouses.
Jumbo Loans
Jumbo loans are used for mortgage loans over $766,551. A strong FICO score, generally 680 or better, is required to qualify for a jumbo loan.
Out of the Box Home Loans
Don’t believe a conventional home loan is right for you? We understand! This often applies to business owners, doctors and those who are self-employed. An inexperienced mortgage banker would qualify you for far less home than you can afford.
Not so at The Tuttle Group. We’re experienced in working with people who have unique loan situations. We often see this with Veterans and active Military members, as well as public servants – teachers, police officers and firefighters.
Interested in Working with a Great Team?
We’re always looking for talented team members. If you’re a loan officer or have experience in the home mortgage industry and are interested in joining The Tuttle Group, contact us today.