TexAmerica™
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Contact UsContact Us| 1. | Are you a disabled vet? If so, you may be entitled to a VA-approved loan with zero down. As of January 1, 2014,
TexAmerica™ no longer processes VA mortgages, however, we still work closely with affiliates who do. |
| 2. | Do you have good credit? Lenders have different criteria for obtaining a mortgage. TexAmerica™ requires a credit
score of 780 or above to obtain a mortgage loan from us, however, we work closely with affiliates whose credit requirements are less stringent than ours. |
| 3. | What is the loan-to-value ratio? For example, if the home you want to purchase is $100,000.00 and you want to borrow $80,000.00
then the loan-to-value ratio is 80,000/100,000 or 80%. Federally-backed mortgage loans generally have much looser requirements than we do, simply because the U.S. government
has more lending power. Currently, our maximum loan-to-value ratio is 50%. That means if you are purchasing a new home and want TexAmerica™ to finance that home,
you must put at least 50% of the purchase price down. |
| 4. | What is the amount of the loan you are seeking? Again, U.S. government-backed loans tend to be much higher than loans by
smaller lenders. TexAmerica™ makes mortgage loans up to $125,000.00. |
| 5. | Do you have an income sufficient to make the monthly payments? As a general rule, your mortgage payment should not be more than
1/4 of your monthly income. For families with more than one income, all sources of revenue will be taken into consideration when determining whether to approve your loan. |
