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Home Purchase Loans

The dream of home ownership is fast becoming a reality for a lot of families across the country, and it is all thanks to a variety of available purchase loans. A purchase mortgage loan is a loan that is used to purchase a property. The property can be anything from a primary residence, vacation or second home to an investment property.

Types of Purchase Loans

Gone are the days when the only loan options that were available to buyers included conventional or FHA loans. The purchase loan options of today include, but are not limited to the following:

Fixed Rate Mortgages

The fixed rate mortgage still reigns supreme even after all these years. It is the most commonly used type that buyers opt for. It is easy to see why. You can get a fixed rate mortgage loan ten to thirty years and anything else in between, depending on your requirements, financial status or plans for the future.

The interest rate for a fixed rate mortgage loan stays the same for its entire term. You know exactly how much payment is every month.

VA Loans

If you have served or are currently serving in the US military, you can apply for a VA home loan to purchase a property in the San Antonio area. The VA home loan program makes home ownership a reality for the spouses of deceased Army veterans as well. The VA home loan program has very specific eligibility requirements. For example, whether a person qualifies for the program will depend on the veteran’s length of service.

FHA Loans

FHA loans are mortgage loans insured by the Federal Housing Authority. However, like other the loan programs in Texas, FHA loans can only be acquired through an FHA approved lender. One of the biggest advantages of FHA loans are the minimal requirements that concern down payments. In addition, a borrower’s FICO score is pretty lenient when it comes to acquiring an FHA loan.

Adjustable Rate Mortgages                                                   purchase loans in houston texas

An adjustable rate mortgage loan is a lucrative option for some borrowers, especially, the smart investor. Unlike a fixed rate mortgage, an ARM’s (adjustable rate mortgage) interest rate keeps changing on an annual basis. An ARM is also known as a hybrid product since its rate changes after remaining fixed for a certain period of time. Such a situation gives a borrower the chance to purchase a home by taking advantage of a variety of indexes.

For example, a 3/1 ARM mortgage purchase loans carry a fixed rate for the first three years. After three years, the loan’s interest rate will continue to fluctuate on a yearly basis. Unfortunately, borrowers only know when the rate will adjust and not how. Plus, all ARM loans carry caps. The caps can also change on a monthly basis and through the life of the loan after you purchase a home.

Our Loan Specialists at AMCAP Mortgage can assist you and guide you through your home loan purchase by helping you choose the loan option that best suits your situation, plans, preferences, and finances.


by  Gerry Nicodemus

Memorial - Mortgage Lending

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      AMCAP Mortgage Ltd. - West
      NMLS# 129122
      11931 Wickchester Lane #444
      Houston, TX 77043

      Tel: (832) 356-5605

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