After much consideration, you might have come to realize that you want to be surrounded by pastures as opposed to concrete pavement. And after looking long enough, you’ve found the perfect house that appeals to your needs. But, you might not have enough funds to purchase it and you find yourself in need of USDA mortgage loans in Texas. However, it’s becoming difficult to find a quality lender in the state of Texas, where there are numerous USDA home loan Texas lenders who are willing to make you an offer you can’t refuse. And while they’re tempting to accept, it’s vital you realize that not all loan lenders in Texas offer the same set of terms. So if you’re ever burdened with attempting to find the right loan lender, then don’t frustrate yourself by calling the experts at American Bancshares today!

American Bancshares has more than 20 years of experience gained from providing unmatched services that are paired with a deep commitment to empowering communities. And due to this, we are widely known throughout the entire state as one of the best lenders of USDA loans in Texas. If you’re curious to learn more about why you should choose us as well as what a USDA loan is, then continue reading below.

Why You Should Choose American Bancshares For Their USDA Mortgage Loans in Texas

We here at American Bancshares are recognized nation-wide as not only one of the most established Texas mortgage loan lenders, but also as one of the most reliable. With 20+ years of experience, our company has empowered various partners and communities. And thanks to their provided work, our services have extended far across the entire nation.

Our organization’s structure was designed and created by industry professionals who are deeply knowledgeable about today’s home financing market. In contrast to banks, our company offers mortgage products, meaning that all of our lenders of USDA loans in Texas are licensed and even well-versed in mortgage lending. Not only are our employees qualified to provide you with ethical and expert advice, but they’re also devoted to helping you find the right loan with a rate, terms, and cost-effectiveness that’s optimized for your needs.

Here at American Bancshares, we’re deeply committed to serving the community. And this is often due to our core value as an organization which includes commitment, integrity, and transparency. Most of our employees — including our senior management — have held a seat in every chair of the mortgage industry. And due to this, we’re able to gain amazing insight from countless perspectives. Additionally, this deep perspective paired with deep knowledge has also allowed us to be effectively and efficiently fluid with industry changes while still being able to provide you with unparalleled service and first-in-class customer service that we’re so widely recognized for.

We possess leveraged technology to provide you with a simple, straightforward, online stress-free mortgage application experience. Through us, you’ll be granted one of our USDA loans in Texas that will help you acquire the property you seek to purchase.

USDA Mortgage Loans in Texas

The USDA loan (also known as the USDA Rural Development Guaranteed Housing Loan Program) is one of the most popular mortgage loans in the state of Texas. Numerous rural property owners are offered this mortgage loan type by the United States Department of Agriculture.

With this loan, you’re given a zero down payment mortgage if you’re eligible for the loan.

How USDA Loans in Texas Work

There are three different types of USDA home loan programs in Texas. They include:

  • Loan Guarantees
      • Much like an FHA loan and VA-backed loans, the USDA guarantees a mortgage issued by a participating local lender (such as American Bancshares) allowing you to get low mortgage interest rates even without a down payment. When you put in little to no money down, you’ll have to pay a mortgage insurance premium, however.
  • Direct Loans
      • Direct mortgage loans issued by the USDA are designed for low and very-low-income applicants. Income thresholds vary by region. With subsidies, interest rates with direct loans can be as low as 1%.
  • Home Improvement Loans & Grants
    • These loan types (or even outright financial awards) permit homeowners to repair or even upgrade their homes. Packages of these loan types combine a loan and a grant, providing up to $27,500 in assistance.

Qualifying For USDA Mortgage Loan in Texas

Income limits in order to qualify for a USDA home loan in Texas vary by location depending on the household size.

Guaranteed USDA loans in Texas can fund only owner-occupied primary residences. Other eligibility requirements include:

  • U.S. citizenship (or permanent residency)
  • A monthly payment that’s 29% or less  of your monthly income (this monthly payment can also include principal, interest, insurance, and taxes.) If you have other monthly debt payments, they cannot exceed 41% of your income.  The USDA, however, will consider higher debt ratios if you have a credit score above 680.
  • Dependable income, typically for a minimum of 24 months
  • An acceptable credit history with no accounts converted to collections within the last 12 months, among other criteria. If you’re able to prove that your credit was affected by circumstances that were temporary or outside of your control, you can still likely qualify.

If you apply with a credit score that’s of 640 or higher, then you can receive streamlined processing. Those with scores below that must meet more strict underwriting standards. And if you’re without a credit score or a limited credit history, then you can qualify with “nontraditional” credit references, such as rental and utility payment histories.

If you’re not sure if you qualify, feel free to contact us. One of our consultants will be able to indicate if you’re eligible for a USDA home loan in Texas or not.

Hire American Bancshares For Their USDA Mortgage Loans in Texas

When you’re ready to purchase your desired property and need assistance from a qualified Texas mortgage lender, pick up the phone and call the experts over at American Bancshares. American Bancshares has been trusted by numerous clients for not only their professionalism and expertise but also for their devotion to helping you become a part of a better community. You can trust that with our deep knowledge and handiwork, you’ll become absolutely satisfied with our services. For any inquiries, you may call us at 1-833-937-2276 or visit us online to schedule a free consultation.

Our passion for growing communities

Servicing the community is driven by our core values of commitment, integrity, and transparency. Many of our team members and most of our senior management have sat in every chair of the mortgage industry, providing us with a full understanding of the business from all aspects. This in-depth knowledge is what allows us to quickly and efficiently adapt to industry change, while constantly providing you with superior processes and first-in-class customer service.

We have leveraged technology to bring you a simple, straightforward, online stress-free mortgage application experience.

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