ValueBank Texas offers a variety of loan programs to meet your needs. Please call your loan represenative for further information.
Conventional Loan Product
The Conventional loan program is the standard product used for residential lending.
Mortgage Loan Limits and Loan to Value (LTV) Limits:
- Maximum Loan Limit $417,000.
- Minimum Loan Amount $50,000.
- Down payment as little as 5% of Sales Price.
- Loan Terms 10,15, 20, 25, 30, 40 years.
- Option Arms, Interest Only products available. <?xml:namespace prefix = o />
- LTV over 80% requires Mortgage Insurance.
Other Highlights:
- Primary Residency (owner occupied), Secondary/Vacation Residence, or Non Owner Occupied/Investment Property.
- Cash Out Refinance up to 80% LTV.
FHA Loan Program
The FHA loan program was created to help increase homeownership. The FHA program makes buying a home easier and less expensive than other types of real estate mortgage home loan programs.
Minimal Down Payment and Closing Costs:
- Down payment as low as 3.5% of Sales Price
- Gift for down payment and closing costs allowed.
- Limited borrower paid closing costs.
Easier Credit Qualifying Guidelines such as:
- Minimum FICO score 620
- FHA will allow a home purchase two years after a Bankruptcy.
- FHA will allow a home purchase three years after a Foreclosure.
Easier Debt Ratio & Job Requirement Guidelines such as:
- Higher Debt Ratio’s than other home loan programs.
- Less than two years on the job is allowed.
- Self-Employed individuals o.k.
VA Loan Program
The VA loan program was created under the Defense Housing Act of 1951 as a benefit for veterans.
Loan Requirements:
- Borrower must be an Eligible Veteran or Unmarried Surviving Spouse of an Eligible Veteran.
- Must be Primary Residence or Owner Occupied.
- Terms: 30, 15 year fixed or 1 YR 3/1 and 5/1 Arm
- Max DTI 41%
- No Minimum FICO score
Minimal Down Payment and Closing Costs:
- No Down payment required (100% financing of sales price)
- Seller can pay all closing cost.
- Gift for down payment and closing costs allowed.