Texas which is in a south-central region in the US is the second largest state there. If we talk about lending money in Texas, then there are several types of loans for the people of Texas. Some of them are the following:
- Conventional Loans: These are the loans which are usually provided by non-government lenders.
There are two types of conventional loans:
- Fixed-rate: Rate of interest is set which does not change for some time period. This loan makes you predictable about the amount you have to repay according to time.
- Jumbo loans: The interest rate for such loans is higher as compare to others because these can be available for people who have low credit scores.
- FHA Loans: In such loans, you’ll get insurance of the house as well along with money, but acceptance of the Federal Housing Administration is must to take this loan. There are some requirements also which you need to fulfil to take a loan such as you must have a minimum 580 credit score and have to pay at least 3.5% down payment. So, it would not be the first option for those who have other options as well as it takes a bit higher interest than a conventional loan.
- USDA Loans: It is bit different from other loans as you don’t need to pay any premium charges. This is preferably for those who own rural property. Along with that it totally depends upon the income of yours which must not exceed to 115% of average wages in their area. It is designed to be refunded in 30 years of a time period. The main motive of this loan is to urge people to live in countryside areas. So, this loan is not good for all but only for them who are willing to live in rural areas.
- VA Loans: This loan is only for veterans who are the family members of the martyr army person of the US to complete their necessity of own house. It does not require any down payment with a normal rate of interest. Also, there are some standards for eligibility such as you must have served in an army for at least 90 days on duty and must be relived proudly.
- Texas VLB Loans: There is an organization named Texas Veterans Land Board that provide this loan including home renovation loan, property loan and home loan to veterans. To get this loan, you must have served in an army and your previous loan from TVLB must be clear (if any) . The maximum amount you can borrow is $100,000 for at least 1-acre land. For this loan, you will be charged upfront fees (Application and appraisal fees). And the interest rate is not fixed for this loan it may vary.
- Texas Bond Program 77: This loan is for first time Home buyers and best for lots of people who want to purchase a house in Texas but have less or average earnings. You will only be eligible for this loan only if you are buying a home for the first time. As compared to other loans, here you do not need to pay a whole down payment.
- Installment Loans or Payday Loans : Here in Texas, you can easily get installment loans with no hard credit score check and on the spot. Also, some of the lenders such as MyFlexCash provide loans on less interest but it’s definitely a short-term urgent loan which you need to repay in some counted installments. In Texas, there is a fixed interest rate for installment loans which you need to pay accordingly even though there are some fluctuations in the market. As a result, you need to follow the terms that you have signed on.
There are various online portals from where you can borrow money in Texas as per your requirements like moneymutual, cashnetUSA.com, creditLoan.com.
Also, you can opt to apply credit express, car.Loan.com and muAutoloan.com, if you have bad credit history and wondering to buy a new vehicle.
But if you need a loan for the house (with bad credit history) then you can go through the following:
FHA Rate Guide
Wells Fargo Home Mortgage