Mortgage Loans

Home Mortgage Loans | Amarillo, TX

In the market for a new home? Are you ready to make a move? Or are you looking to refinance your mortgage? Whether you’re a first-time homebuyer, looking to downsize, or you’re ready to buy that vacation home you’ve been looking for, we are ready to help you qualify for the personal home loan you need.

Through our partnership with The Servion Group, we’re proud to provide our members with a wide variety of financing options, such as:


Traditional Loans

Traditional loans are the most common way first-time homebuyers secure their purchase. Traditional loans provide borrowers with multiple financing options to purchase, construct or remodel a home, to purchase a vacation or second home, or to purchase land only.


Loan Highlights

  • Fixed-rate loan
  • Down payments as low as 10% to 20%
  • Loans serviced and approved by NETCU lenders
  • Multiple terms available including:
    • 5-year fixed-rate mortgage
    • 10-year fixed-rate mortgage
    • 15-year fixed-rate mortgage
    • 5-year balloon amortized up to 30 years
  • All credit scores considered

FHA Loans

FHA loans are a form of mortgage financing insured by the Federal Housing Administration. They cater to borrowers with less-than-perfect credit scores or those looking for low down-payment options.


Loan Highlights

  • Flexible down-payment requirements accepting payments from family members or a down-payment assistance program
  • Very limited credit history is allowed
  • Lower required down payment – as low as 3.5%
  • Seller contributions up to 6%
  • Loans serviced by a preferred mortgage partner
  • Requires mortgage insurance

VA Loans

VA loans provide home financing to service members, veterans, and eligible surviving spouses. The U.S. Department of Veterans Affairs provides a home loan guarantee –should be guaranty still. See https://writingexplained.org/guarantee-vs-guaranty-difference benefit and other housing-related programs to help borrowers buy, build, repair, retain, or adapt a home.


Loan Highlights

  • 100% financing
  • Seller contributions up to 4%
  • Significantly lower fees thanks to discount points provided by the VA
  • No down payment required for eligible veterans
  • Loans serviced by a preferred mortgage partner

USDA Loans

USDA loans provide borrowers with low- and moderate-income households the opportunity to own adequate and safe dwellings as a primary residence in eligible rural areas.


Loan Highlights

  • 100% financing
  • 6% seller concessions
  • Home loans available for a primary residence only
  • Borrowers must adhere to specific terms and conditions including property and income eligibility criteria
  • Loans serviced by a preferred mortgage partner

Conventional Loans

A conventional mortgage loan has no government guarantee like FHA and VA loans. These types of loans typically have fewer eligibility requirements when considering financial status and may therefore offer more competitive pricing strategies regarding interest rate and term options.


Loan Highlights

  • Fannie Mae seller/servicer
  • Up to 97% financing
  • Conventional fixed-rate mortgages for 10, 15, 20, or 30-year terms
  • Down payment of 3% can come from a family member
  • Products available for primary, secondary, and investment properties
  • Property types available up to 4 units and double-wide manufactured homes
  • Loans serviced by a preferred mortgage partner

We pride ourselves on offering comprehensive home loan mortgage options to potential homebuyers and also facilitate Jumbo/Non-Conforming Loans and ARM options should you need more specialized assistance.


Mortgage Loan Comparison

Choosing the mortgage with the right monthly payment and refinance rate can be tricky. Comparing the most common types of mortgage loans can help you decide which better suits your financial status and needs.

Type of Mortgage Loan Traditional FHA VA USDA Conventional
Rate Fixed Fixed Depends on lender’s product prices Fixed Fixed
Down payment minimum 10% 3.5% 0% 0% 3%
Specific requirements

Limited credit history allowed.

Requires mortgage insurance.

Only available to service members, veterans, and eligible surviving spouses. Only caters for primary residence properties. Borrowers must meet property and income eligibility criteria.

FAQs

The best mortgage loan depends on your credit score, financial status, and the kind of home you’re looking to buy. One way to determine the most affordable home loan is to use a monthly loan payment calculator to assess whether or not you’ll be able to afford the terms of the loans you’re interested in.

Home loans are approved on a case-by-case basis. If you’re looking to buy a home, your best bet would be to contact a mortgage loan officer at an accredited credit union or mortgage provider and discuss your options and the requirements you need to fulfill to qualify for a loan.

Yes, your credit history will affect your ability to get approved for a home loan and may require you to make extra payments to secure your home. However, we have numerous options available that cater even to less-than-perfect credit scores and histories.

Credit unions are a great choice when looking to take out a home loan or mortgage. Credit unions tend to have smaller profit margins than large banks and financial institutions, which means they offer competitive rates on new home purchases and could make your monthly repayments more affordable.

There are many reasons to cash out and refinance your home loan. Most commonly homeowners do so because their loan provider’s competitor’s prices are lower and charge a lower interest rate on mortgage loans. Refinancing your mortgage and switching to a competitor could help save you money and shorten the terms of your repayment plan.

There are a few steps to getting approved for a home mortgage if you want to purchase a new home:

  1. Submit your application for a house within your budget to a lender or credit union
  2. Order a home inspection of the property you want to buy so you can negotiate accordingly with the seller
  3. Provide your lender with the necessary documentation
  4. Wait for your application to be approved

Once your application is approved you can move forward with the closing process.

It can take anything between a month and 50 days to close a home loan. This can vary greatly depending on your individual circumstances and your lender’s loan requirements.

Get Your Home Loan in Amarillo, TX

Ready to apply and buy a house? Simply fill out the online mortgage application below, print it out, and either fax it to 806-242-1137, email it to department.loans@tpfcu.com, or bring it in to your closest TPFCU branch where our loan officers and mortgage experts can assist you in person.

When you’re ready to buy, we’re there to help.