The Best Mortgage Lenders in Abilene, TX
Compare verified mortgage lenders serving Abilene, Texas. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Abilene
Featured Mortgage Lenders
Prosperity Bank
Prosperity Bank
Prosperity Bank is a Texas-based community bank with a strong local presence in Abilene, offering personalized mortgage services and competitive rates. Founded in 1998, it has built a reputation for reliability, excellent customer service, and community involvement. With over two decades of experience, they provide a wide range of loan options and local decision-making, making them a top choice for homebuyers in the area.
Loan Types:
New American Funding
New American Funding
New American Funding is a highly-rated national lender known for its diverse loan options and efficient online process. Founded in 2003, it excels in customer satisfaction, with a focus on first-time homebuyers and minority communities. They serve Abilene with competitive rates, strong support, and a commitment to transparency, backed by hundreds of positive reviews.
Loan Types:
Movement Mortgage
Movement Mortgage
Movement Mortgage is renowned for its quick loan processing, exceptional customer service, and community-focused approach. Founded in 2008, it offers a wide range of mortgage products and has a dedicated team serving Abilene residents. With high ratings for reliability and competitive rates, it is a trusted choice for both purchase and refinance loans.
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Frequently Asked Questions
Common questions about mortgage lending in Abilene, TX
What are the current mortgage rates like in Abilene, TX, and how do they compare to the national average?
Mortgage rates in Abilene typically align closely with national averages, but local lenders may offer competitive rates due to the stable housing market. As of recent trends, Abilene often sees rates slightly below the national average for conventional loans, partly due to Texas's overall strong economy and lower cost of living. It's wise to compare offers from local credit unions like First Financial or Generations Federal Credit Union alongside national banks.
Are there any down payment assistance programs specifically for Abilene homebuyers?
Yes, Abilene homebuyers can access the Texas Department of Housing and Community Affairs (TDHCA) programs like the My First Texas Home and Texas Mortgage Credit Certificate (MCC). Additionally, the City of Abilene itself occasionally administers local grant programs for low-to-moderate income buyers, often targeting specific neighborhoods for revitalization. Working with a lender familiar with these state and local programs is key to unlocking assistance.
How does Abilene's property tax rate affect my mortgage payment and affordability?
Abilene is located in Taylor County, which has property tax rates that are above the national average, a common trait in Texas due to no state income tax. This significantly impacts your total monthly payment, as lenders will escrow these taxes. When calculating affordability, factor in an effective tax rate of approximately 2.0% to 2.3% of the home's assessed value, which can add hundreds to your monthly mortgage payment.
What type of home appraisal challenges are common in Abilene's diverse housing market?
Appraisals in Abilene can face challenges due to the mix of historic homes in neighborhoods like Sayles Boulevard and newer constructions in the southern parts of the city. Finding comparable sales ("comps") for unique or older properties can sometimes lead to appraisal gaps. Using a local lender with appraisers familiar with Abilene's specific market nuances is crucial to ensure a fair and accurate property valuation.
Are USDA loans a viable option for buying a home in Abilene, given its location?
Absolutely. Much of the area surrounding Abilene's core is eligible for USDA Rural Development loans, which offer 100% financing. While the city center itself may not qualify, many popular suburban and outlying neighborhoods do, making it an excellent zero-down-payment option for eligible buyers. A local mortgage officer can quickly map your desired property address to confirm its USDA eligibility.
Why Choose a Mortgage Lender in Abilene?
Local Market Knowledge
Lenders who understand Abilene's housing market can offer better guidance and competitive rates.
Multiple Loan Options
Access to conventional, FHA, VA, USDA, and jumbo loans tailored to your financial situation.
Proven Track Record
Work with lenders who have years of experience and hundreds of satisfied customers in Texas.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Abilene and get competitive rates on your home loan.