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Loan Types

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Loans We Offer

When it comes to your home loan, you have options! Our loan officers are well-versed in dozens of loan programs and down payment/closing cost assistance programs. Read about some of our more popular loan programs below. For more information or if you have questions about a specific program that you don’t see listed, please contact us!

Veterans Affairs (VA) Loan

First Community Mortgage is a VA lender. VA loans may allow for 100% financing. Owner occupancy is required. A VA loan sets a limit on the closing costs a veteran must pay, but a seller can pay all of the closing costs providing a no-cost move-in. There is flexibility in the interest rate since it is negotiated with the lender. Borrower qualification depends on income levels, debt levels, credit qualifications and appraised value of the property.

For VA home loan purchases, a veteran is considered to be a person who is an active duty service member, or who has served as active duty and was discharged under other than dishonorable conditions. An un-remarried surviving spouse of a veteran may also be considered for certain benefits under the law. Please contact us for more information on VA loans.

Federal Housing Administration (FHA) Loan

The FHA Loan Program is designed to assist homebuyers with low down payments and affordable closing costs. The U.S. Department of Housing and Urban Development (HUD) insures these loans. HUD insures loans in urban and rural areas for owner-occupied single family homes but not investment properties. If you are interested in buying a home and meet the FHA’s credit qualifications, you may be eligible. Call us for more information.

United States Department of Agriculture (USDA) Loan

The Single Family Housing Program under USDA provides homeownership opportunities to low-to-moderate-income rural Americans through several loan, grant and loan guarantee programs. The program also makes funding available to individuals to finance vital improvements necessary to make their homes decent, safe and sanitary. Please contact us for more information on how to qualify for a USDA loan.

First-Time Homebuyer Program

First Community Mortgage is involved in several First-Time Homebuyer programs. These programs offer first-time homebuyers (and homebuyers who have not owned a home in the last three years) a lower interest rate to purchase a home in certain Texas counties. There are income and sales price limits based on the location of the home. Please call to see if you qualify.

Texas Veteran Land Board Loan

The Texas Veterans Land Board offers Texas Veterans (Tex Vet) a lower interest rate on the mortgage they are financing. First Community Mortgage is an approved Texas Veterans Land Board lender and can provide this program to qualified applicants in conjunction with VA, FHA, and Conventional qualifying guidelines. Proof of residency status will be required. This type of mortgage requires a home with land to qualify and is not available for just raw land. Contact our mortgage department for more information or to see if you qualify.

All loans subject to credit approval.