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What is a Conventional Loan?

Conventional Loans in Houston

In Texas, if you are applying for a home loan for a single residence that is both below $484,350 and fits inside the criteria of Fannie Mae and Freddie Mac (both are quasi-government agencies), then you are seeking a “conforming” loan or “conventional” loan.”

Conventional Loan Quick Facts

Factors such as down payment, interest rate, and reserves vary depending on your credit score and the Conventional program offered by each lender.

Requires higher FICO score than FHA.

All types of mortgage insurance products on Conventional Loans are cheaper than FHA Loans.

Allowed to finance Primary Residence, Vacation Property, Second Home, and Rental Property.

Many different types of down payment programs are available, starting at 3%, 5%, 10%, 15%, or 20%+.

Conventional Loan Limits in Houston

Each year, the conventional loan limits are set for each county. For 2020. the conventional loan limits for all Texas Counties are:

One Unit:

$510,400

Two Units:

$653,550

Three Units:

$789,950

Four Units:

$981,700

Financing which does not exceed these thresholds can be obtained through a conventional home loan. If you require more financing, you can apply for a Jumbo loan in Houston instead.

Note that the loan limits above are also the loan limits for the city of Houston, as Houston is the Harris County seat.

Can you
qualify for a
Conventional
Loan in
Houston?

Yes, you can qualify. We can help.

Minimum credit score could start at 620; however, each Lender can have different FICO score requirements.

With a 20% or more down payment there is no private mortgage insurance requirement.

Total Debt to Income Rations can be above 43% if underwriting shows that you have compensating factors like excellent Credit Scores, and High Reserves.

There are may different types of Conventional Loan Programs, from loans for first time home owners to loans for landlords creating a Rental Portfolio. Each has unique qualifying criteria.


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The Conventional Loan Process

Close in as fast as 15 days!

Easy and
Simple.

1 How's My Credit 2 Loan Options 3 Approval Process 4 Steps To Closing

Our Conventional Home Purchase Lowest Rate Guarantee

If you use our realty affiliate Texas Property Realty on a closing transaction of a home, then your final home loan interest rate in combination with all expenses, will be lower on the same loan product than any competitor by at least 1/8 percent APR, or we Texas Property Lending, Inc. will pay $1,000 towards your closing costs when you close Texas Property Realty.

*This Guarantee applies only to Products and Programs that Texas Property Lending offers, and only includes Jumbo, and Conventional, and, any claim for reimbursement must be made in writing no later than 30 days prior to closing. In all cases Texas Property Lending must have the opportunity and right to beat the rate and expense of any competitor. This guarantee does not apply if your family member, extended family member, fiancé or significant other is doing your loan, as our competitor.

Purchase Home Rate Quote

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Our loan services at Texas Property Lending, Inc. are available to anyone purchasing a home. However, you can streamline your home purchase by combing the services of Texas Property Lending, Inc. with our affiliate Texas Property Realty as your real estate broker. Combining these services will help us (Texas Property Lending, Inc.) get you in your dream home quickly and could also decrease your overall costs. If you’d like to learn more about this bundling of services from Texas Property Lending, Inc, and how this could save you money, call now at 713-955-LOAN (5262).

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Our 10% Non-Profit Donation Guarantee

We endorse the spirit of giving espoused by Bill and Melinda Gates, Warren Buffet, and others, in helping to reduce global inequality and human suffering. Each time you close a transaction with either affiliated business, Texas Property Lending Inc or Texas Property Realty, we donate 10% of earned Commissions to Charity. With each of your particular transactions, ask us for details!

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