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Important financial decisions require an experienced professional.
Buying a home is one of the largest financial decisions you’ll make in your lifetime. It can also be one of the most stressful decisions for many buyers, especially first-time buyers. Serving the Greater Houston Area and all of Texas for 16 years, we are here to guide you through the process and find the best option to suit your financial needs. We offer a variety of loan options and work to keep our borrowers educated as they move through the loan process. Top Mortgage can accommodate all your mortgage needs whether you’re purchasing a new home, refinancing, cashing out, or needing second lien options.
We specialize in a variety of loans:
- Conventional Loans: A conventional loan is not guaranteed or insured by any Government agency. The max loan amount in Texas has been INCREASED to $510,400.00. This product will allow a low down payment. You can avoid all Mortgage insurance if the loan does not exceed 80% of the sale price.
- FHA Loans: FHA loans are insured by the Federal Housing Administration. This is a great product for 1st-time homebuyers. The low down payment and competitive interest rates are attractive to even the most seasoned homeowners. The product requires Mortgage Insurance for the life of the loan. Max FHA loan amount in Texas $331,200.00. (note- this can be lower in some Texas counties)
- Jumbo Loans: Loan amounts exceeding $510,400.00 is considered a Jumbo loan. The guidelines for these can be very different and you will need to have your down payment ready. Most lenders want 15-20% down, but there are products available for as little as 5% down. Expect rates to be higher than conventional or FHA financing.
- 2nd Lien Loans: A 2nd Lien Loans- Great tool for qualified borrowers. This allows flexibility with your funds. Waiting on that bonus, but want to purchase now? 2nd lien loan is here. Waiting for your home to sell, but qualify for the new purchase? 2nd lien is the answer. 5-15% down? Wanting to avoid Mortgage insurance, as well as not adding taxes and insurance, to your monthly payments? The 2nd lien is your answer!
- VA Loans: A VA loan is guaranteed by the United States Department of Veteran Affairs. It is offered to our eligible Veterans without requiring a down payment. This loan does not have Mortgage Insurance. Very competitive rates for those qualified.
- Refinance or Cash Out: Divorced? Previous rate too high? Combining 1st and 2nd liens? Refinancing your home loan is the answer. Sending your child to college? High credit card bills? Cash out can help with all of these and more. The loan products for this can vary. Call today to discuss your options.
- Bank Statement Programs: They are back! You must be self-employed, with a minimum of 2 years in that business. Make sure you have your minimum down payment of 10% (most want 20%). This product is a higher interest rate, but allows the deposits from your bank account to be calculated as qualifying income. 12-24 months of statements required.
- Reverse Mortgages: This loan product is insured by the Federal Housing Administration. You must be 62 years or older to obtain this type of loan. It allows you to tap into the equity of your home without the requirement of repayment. This is an excellent tool for retirement planning.
We have many new products available, contact us today to discuss all your mortgage options.
You will be required to provide the following documents:
– Last 2 years tax returns
– Last 2 paycheck stubs
– Last 2 months checking/savings
– Valid Drivers License