Elgin, TX
Home Loans in Elgin, TX, With Every Fee Spelled Out
We arrange conventional, FHA, VA and USDA home loans, plus HELOCs, bank statement loans, bridge loans and hard money for investors. Before you sign anything, you get the rate, the lender fees, the third-party costs and your cash to close in writing, for a purchase in Elgin or a refinance in Manor.
- Itemized written quotes
- Office, phone or video
- Eight loan programs
- Fees explained before signing
Loan Programs We Offer
Each program is built for a different borrower. FHA loans accept lower credit scores and a smaller down payment, VA and USDA loans can mean no down payment for buyers who qualify, and conventional loans usually cost less over time once you have solid credit and some equity. Bank statement loans work for self-employed borrowers whose tax returns understate their income, while hard money and bridge loans cover short-term needs for investors and buyers caught between two properties. A HELOC lets you borrow against equity you already own without touching your first mortgage.
Conventional Loans
Fannie Mae and Freddie Mac financing for buyers with steady income and fair credit, with PMI that can come off as your equity grows.
FHA Loans
Low-down-payment home loans backed by the Federal Housing Administration, with flexible credit rules and every mortgage insurance charge laid out in writing first.
VA Loans
Zero-down VA purchase and refinance loans for eligible veterans, service members and surviving spouses, with the funding fee and closing costs itemized up front.
USDA Loans
Zero-down financing backed by USDA Rural Development, for buyers whose address and income fit the program's limits.
HELOC
A revolving credit line secured by the equity you hold, with the limit, rate margin and every closing fee spelled out on paper before you sign.
Hard Money Loans
Short-term, asset-based financing for investors buying and rehabbing property, with every point, fee and draw term listed on paper before you sign.
Bank Statement Loans
For self-employed borrowers whose tax returns understate real income: we qualify you on 12 or 24 months of bank deposits instead.
Bridge Loans
Short-term financing secured by the property you own now, so you can close on the next one before the first one sells.
Where We Lend
Our borrowers live and buy in Elgin and the towns around it, including Manor, Pflugerville, Hutto, Taylor and Bastrop. We also help buyers near Camp Swift, Hornsby Bend, Wyldwood and Circle D-KC Estates. Some properties outside city limits may fall in USDA-eligible zones, and we check the address against the USDA map early so you know whether that program is on the table.
- Elgin
- Manor
- Camp Swift
- Pflugerville
- Hutto
- Taylor
- Bastrop
- Hornsby Bend
- Wyldwood
- Circle D-KC Estates
Applications can be handled entirely by phone and video, so distance from our office does not slow your file. See the Service Areas page for more on each town.
From First Call to Closing Table
A typical purchase or refinance moves through five stages. Timing depends mostly on the appraisal, the title work and how quickly documents come back.
- 1
Application by phone
We take your income, assets, debts and the property details, then pull credit with your permission. This is where we figure out which programs you qualify for and whether pre-qualification or a full pre-approval makes sense right now.
- 2
Written Loan Estimate
You get the rate, payment and full cost breakdown in writing. Compare it against any other offer you have; the federal form is standardized so the lines match up.
- 3
Documents, appraisal and underwriting
You send pay stubs, W-2s or bank statements, and the appraiser confirms the property's value. The underwriter reviews everything and may issue conditions, which we explain in plain terms before asking you for anything.
- 4
Closing Disclosure review
At least three business days before closing, you receive the Closing Disclosure. We check it against your Loan Estimate with you so any difference is explained before you sign.
- 5
Closing at the title company
You sign the note and deed of trust, the title company funds the loan, and the keys or the refinance proceeds follow.
About Home Loans Elgin
Home Loans Elgin arranges mortgages for first-time and repeat buyers, veterans, people who run their own businesses, real estate investors, and owners looking to refinance or draw on equity. Our job is to match the loan to the borrower, then make the cost of that loan clear enough that you could explain it to someone else.
That means fewer surprises late in the process. We would rather tell you up front that your debt-to-income ratio needs work, or that a bridge loan costs more than waiting to sell, than have you find out in underwriting. You can find more about how we work on our About page.
How We Work With Borrowers
Most mortgage complaints come down to a number that changed late, or a fee nobody mentioned. We set up every file so that does not happen.
Costs in writing first
You get a written breakdown of the rate, discount points, origination charges, appraisal, title and escrow costs before you commit. If something on the breakdown moves, we tell you which line changed and why.
The program that fits, not the biggest loan
We run your numbers through more than one program. If an FHA loan costs you more in mortgage insurance over five years than a conventional loan with 5 percent down, we show you both side by side.
Plain answers on qualifying
We explain debt-to-income ratio, loan-to-value and credit score cutoffs in terms of your actual file. If you are short somewhere, we say so and tell you what would close the gap.
One loan officer from start to closing
The person who takes your application is the person you reach when the appraisal comes in or underwriting asks for another document. You do not have to retell your story to a new desk.
Meet how you like
Come by our office for a sit-down meeting, or run the file from application to closing over phone and video calls. Documents can be gathered at whatever pace your week allows.
Common Questions About Home Loans
Something not covered here? (512) 601-0828
How much do I need for a down payment?
That depends on the program. FHA loans call for 3.5 percent down when your credit score is 580 or higher, and certain conventional programs let qualified first-time buyers put down as little as 3 percent. Eligible borrowers on VA and USDA loans may need no down payment at all. Plan for closing costs and prepaid items too, which we list for you in writing.
How is pre-approval different from pre-qualification?
A pre-qualification relies on the income and debt figures you give us, with nothing verified yet. A pre-approval comes after we pull credit and look at your actual paperwork, such as pay stubs, W-2s and bank statements. When you write an offer, sellers and listing agents give a pre-approval letter much more weight.
What credit score do I need to qualify?
FHA loans accept scores down to 580 for the minimum down payment, and conventional loans usually begin around 620. Higher scores tend to bring a lower rate or fewer points. If you sit just under a cutoff, we point out which accounts are holding the score back.
Will my rate or fees change after I get the quote?
Until you lock, your rate floats with the market. After the lock, it holds for the full lock period unless something in your file shifts, like a different credit score or loan amount. If any cost moves, we show you exactly which line changed and why.
I am self-employed. Can I still get a mortgage?
Yes. When your tax returns reflect what you really earn, a conventional or FHA loan may fit. When business write-offs drop your taxable income far below your real earnings, a bank statement loan calculates income from the deposits on your last 12 or 24 months of statements.
How do HELOCs work in Texas?
Texas has its own rules for borrowing against a primary residence. All debt on the property combined, first mortgage included, generally has to stay at or under 80 percent of its value, and the law requires a waiting period between disclosure and closing. We work out how much equity you can actually reach before you apply.
Should I refinance now or wait?
We set your current rate and balance next to a new loan, then figure how many months of lower payments it takes to earn back the closing costs. If you expect to sell before reaching that break-even point, a refinance rarely pays off, and we will tell you that plainly.
What Moves Your Rate and Closing Costs
Your rate is priced from the risk in your file and the way the loan is structured, not read off a single chart. Closing costs sit on top of that in three groups: lender charges, third-party services and prepaid items. These are the inputs that push each one up or down.
Within three business days of your application, you receive the official Loan Estimate showing every rate and cost item. We go over each line with you, and we do not add fees that are missing from it.
- Credit score
- Investors price loans in credit score tiers, commonly spaced about 20 points apart. Crossing into a higher tier can cut your rate or reduce the points it takes to get there, so we sometimes recommend paying a card balance down before we lock.
- Down payment and loan-to-value
- A smaller equity stake leaves the investor who buys the loan with more exposure. On a conventional loan, less than 20 percent down brings private mortgage insurance, and that premium drops as the down payment climbs.
- Loan program fees
- FHA loans charge mortgage insurance twice: once upfront and again each year. VA loans carry a funding fee that certain veterans do not pay, and USDA loans add a guarantee fee. Every one of these shows up as a separate line on your written cost breakdown.
- Points and lock period
- Paying discount points at closing buys the rate down. Going the other way, you can accept a rate a little above market and use the lender credit to shrink the cash you bring. Locks run longer for new construction, often 45 or 60 days, and that extra time is typically priced higher than a 30-day lock.
- Property taxes and insurance
- Texas collects no state income tax, which leaves local property taxes on the heavy side, and they flow straight into your escrow deposit and monthly payment. Hazard insurance premiums swing a lot from one property and policy to the next, and we estimate both in writing before you commit.
- How the property will be used
- A loan on a property you will occupy gets better pricing than one on a second residence or a rental. Manufactured housing, acreage and investment properties each follow their own guidelines and carry their own pricing adjustments.
See Your Numbers Before You Commit
Give us the purchase price you have in mind or the loan you want to replace, and we will open your application and put the rate and costs in writing. Pre-qualification and rate quotes are available on the same call.