Frequently Asked Questions

Generally speaking, you can purchase a home with a value of two or three times your annual household income. However, the amount that you can borrow will also depend upon your employment history, credit history, current savings and debts, and the amount of down payment you are willing to make. You may also be able to take advantage of special loan programs for first time buyers to purchase a home with a higher value. We can help you determine exactly how much you can afford.

When you are ready to buy a home you must consider that the monthly mortgage cost is not the only cost you will face. Maintenance costs such as appliances needing repair and utility bills will also come out of your pocket. You should also consider homeowner's insurance as well as association or condo dues depending on your location. Lastly, be sure to remember to allow for property taxes which may be rolled into your monthly payment.

With a fixed-rate mortgage, the interest rate stays the same during the life of the loan. With an adjustable-rate mortgage (ARM), the interest changes periodically, typically in relation to an index. While the monthly payments that you make with a fixed-rate mortgage are relatively stable, payments on an ARM will likely change. There are advantages and disadvantages to each type of mortgage. The best way to select a loan product is by talking to us.

Knowing that the house is yours brings you satisfaction in itself. You can enjoy the savings that can come when you deduct your property taxes and mortgage loan interest on your federal income taxes and in most cases your state income taxes too. Because interest will make up a large portion of your monthly mortgage, for many years you will easily see how home ownership can save you on your taxes. With every payment, you build more equity in your house. This equity is like a savings account which you can cash in when you sell your home or use it to borrow against.

There is no simple formula to determine the type of mortgage that is best for you. This choice depends on a number of factors, including your current financial picture and how long you intend to keep your house. We can help you evaluate your choices and help you make the most appropriate decision.

At closing, you, your agent, the seller, the sellers agent (in most cases), and the settlement agent, will sit down to go over the legal documents regarding your new home. A good settlement agent will explain what each document means. You should make sure you understand what you are signing and ask questions if you don't. After all the paperwork is signed, you will pay closing cost money and down payment to the settlement agent.

The typical turn time to close a loan is about 30 days. However, turn times may vary depending on what is needed to close the file and how long it takes to get all supporting documents back. For example, if a survey is needed but the surveyor cannot return the survey within the 30 day time frame then it will delay your closing until the survey is in hand and has been reviewed. Speak to your Originator about a time frame that may be more accurate according to your individual loan needs.

Typically you will need at least 12 consecutive months of W2 income wages with no job gaps if you have had more than one employer during that 12 month period. Some programs require more. There are other factors that may affect this time frame, such as newly entering into the workforce straight from college graduation. You can apply at anytime but make sure you put in accurate dates of employment and job gaps or periods of unemployment when you are applying for loan. This will help the Originator know what programs, if any, you may qualify for.

We offer Conventional, Conventional first time home buyer, FHA, VA, and USDA loans.

We also offer land only loans, mobile homes that are already set up on land for refinanced loans , and mobile home only loans. For mobile home only purchase loans, the mobile home has to be new and being purchased directly from the dealer.

Be prepared to submit the most recent two years complete tax returns for your business and personal income tax. The Originator will need this to figure an income analysis.

Texar Federal Credit Union

Texar Federal Credit Union