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We Provide Soft Credit Check
A soft credit check (or soft inquiry) is a review of your credit report that does not affect your credit score. It’s often done by lenders, employers, or individuals checking their own credit. Soft checks are used for purposes like pre-approvals for loans or credit cards, background checks, or monitoring your credit history. These inquiries are visible only to you, not to potential lenders.
Ron Moyal
Realtor - Mortgage Broker - Branch Manager - Preapprovals.com© - Spirit Real Estate Group
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Loan Programs
There are several types of loan programs available for homebuyers, each with its own features, benefits, and eligibility requirements. Here are some of the most common loan programs:
Conventional (Fannie Mae & Freddie Mac) Loans
- As Low as 3% Down Payment
- Down Payment Assistance Available (Restrictions Apply)
- 620 Minimum Credit Score
- Loan Terms from 10 to 30 Years
- Down Payment Can be Gifted
- Monthly Mortgage Insurance
- Not Required with 20% or More Down Payment
- Automatically Cancels at 78% LTV (Loan-to-Value)
- $726,200 Maximum Loan Amount
FHA (Federal Housing Administration) Loans
- 3.50% Down Payment
- Down Payment Assistance Available (Restrictions Apply)
- 580 Minimum Credit Score
- Loan Terms from 10 to 30 Years
- Down Payment Can be Gifted
- 1.75% Upfront Mortgage Insurance Premium
- Financed into Loan Amount
- 0.55% Monthly Mortgage Insurance
- Remains for Life of Loan (if Down Payment is < 10%)
- $472,030 Maximum Loan Amount
FHA 203k (Home Renovation) Loans
- 3.50% Down Payment
- Streamline 203k Loan
- Use for Cosmetic and Common Repairs up to $35,000
- Standard 203k Loan
- Use for Extensive Repairs Over $5,000
- 620 Minimum Credit Score
- Down Payment Can be Gifted
- 1.75% Upfront Mortgage Insurance Premium
- Financed into Loan Amount
- 0.55% Monthly Mortgage Insurance
- Remains for Life of Loan (if Down Payment is < 10%)
- $472,030 Maximum Loan Amount
VA (Veterans Affairs) Loans
- Zero Down Payment – 100% Financing
- 580 Minimum Credit Score
- Loan Terms from 10 to 30 Years
- 2.30% Upfront Mortgage Insurance Premium (First-Time Use)
- Financed into Loan Amount
- Will Vary Depending on Down Payment and Subsequent Use
- No Mortgage Insurance
- No Maximum Loan Amount
First-Time Homebuyer Loans
- Down Payment Requirements
- Conventional – 3% (Can be Gifted)
- FHA - 3.50% (Can be Gifted)
- VA - 0% (Zero Down Payment)
- USDA – 0% (Zero Down Payment)
- Down Payment Assistance
- Conventional – Up to 3% (Restrictions Apply)
- FHA – Up to 3.50% (Restrictions Apply)
- Credit Score Requirements
- Conventional – 620+
- FHA – 580+
- VA – 580+
- USDA – 640+
Investment Property Loans
- 20% Down Payment
- 620 Minimum Credit Score
- DSCR (Debt Service Coverage Mortgage)
- Qualify Based on Rental Income
Each loan program has its own unique features and requirements, so it's important for homebuyers to research and compare their options carefully to find the loan that best suits their financial needs and goals.
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See If you qualify for a low down payment option
See how much you qualify for with our quick qualifier! Just enter your zip code to get started. We will tell you how much you qualify and send a pre-qualification letter on completion.
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Get The Right Loan For You!
Whether you are looking to refinance to save on your monthly payments with today's historic low rates, or looking to get pre-qualified to compete with cash offers, we can help!
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Fund Your Loan Today
With today's historically low rates, now is a great time to get financing. Complete our quick secure application, and we will get you a custom quote with different options and review which one best fits your needs!
VA Loan Program with Zero Down!
We are thankful for our veterans service and we would like to help get you into a new home with zero down!
Fill out this quick form and if you are active duty, veteran or spouse of a veteran and were honorably discharged we will do our best to help you get funded with the VA Loan Program.
In addition to zero down, the VA loan limits closing costs and requires no private mortgage insurance (PMI) or early payoff penalties.
Monthly Payment Mortgage Calculator*
Use this calculator to see monthly payments for different loan amounts.
* Please note: this calculator is for illustration payments and actual payments may vary.
Loan Options at the Real Estate Center of Flower Mound, Texas
At the Real Estate Center of Flower Mound, Texas, we provide a comprehensive range of mortgage products to meet every buyer’s unique needs. Whether you are purchasing your first home, refinancing, or seeking a specialized loan, our team of mortgage experts is here to guide you through the process. We offer competitive rates, a variety of loan options, and personalized service to help you secure the best financing for your home.
Our Mortgage Services
1. Conventional Loans
Conventional loans are a popular choice for many homebuyers and homeowners looking to refinance. These loans typically offer lower interest rates and more flexible terms for borrowers with good credit. With conventional loans, you can choose between fixed or adjustable-rate mortgages (ARMs) depending on your financial goals.
- Benefits:
- Fixed or adjustable rates
- No mortgage insurance (with 20% down payment)
- Loan terms up to 30 years
2. Conforming Loans
Conforming loans follow the guidelines set by Fannie Mae and Freddie Mac, ensuring they meet specific standards for eligibility. These loans are ideal for those seeking stable and affordable financing options.
- Benefits:
- Competitive interest rates
- Access to a broad range of lenders
- Higher loan limits depending on location
3. FHA Loans
FHA loans are backed by the Federal Housing Administration and are designed for first-time homebuyers and those with less-than-perfect credit. With lower down payments and more lenient credit score requirements, FHA loans are a great option for individuals looking to buy their first home.
- Benefits:
- Lower down payment requirements (as low as 3.5%)
- Lower credit score requirements
- Ideal for first-time buyers and individuals with a smaller budget
4. VA Loans
VA loans are available to current and former military service members and their families. These loans are backed by the Department of Veterans Affairs, providing special benefits like no down payment, lower interest rates, and no mortgage insurance.
- Benefits:
- No down payment required
- No private mortgage insurance (PMI)
- Competitive interest rates
5. Jumbo Loans
For buyers purchasing luxury homes or homes above the conforming loan limits, jumbo loans provide a way to secure financing for high-value properties. These loans offer flexibility in terms but typically have higher interest rates compared to conforming loans.
- Benefits:
- Financing for high-value homes
- Flexible terms and options
- Higher loan limits than conforming loans
6. Refinancing Options
Refinancing your existing mortgage can help you take advantage of better rates, shorten your loan term, or access cash for other needs. Whether you want to reduce your monthly payments or pay off your mortgage faster, refinancing with the Real Estate Center of Flower Mound can help you meet your financial goals.
- Benefits:
- Lower interest rates
- Shorter loan terms
- Cash-out refinancing to access home equity
7. Cash-Out Refinance
A cash-out refinance allows you to tap into your home’s equity and receive a lump sum of cash, which can be used for home improvements, debt consolidation, or other financial needs.
- Benefits:
- Access to cash for major expenses
- Competitive rates
- Opportunity to consolidate high-interest debt
Why Choose Us for Your Loan?
At the Real Estate Center of Flower Mound, we are committed to providing you with personalized mortgage solutions that match your financial situation. Our team works with you to explore the best loan options available, guiding you through the entire process from application to closing. We strive to make securing a mortgage as simple and stress-free as possible, with:
- Fast and easy pre-approvals
- Competitive rates and terms
- Personalized service tailored to your needs
- Access to a wide range of mortgage products
Start Your Loan Application Today
Whether you’re buying your first home, refinancing, or looking to explore your options, the Real Estate Center of Flower Mound is here to help. Contact us today to discuss the loan options that are right for you and get started on your home financing journey.