The Best Mortgage Lenders in Andrews, TX
Compare verified mortgage lenders serving Andrews, Texas. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Andrews
Featured Mortgage Lenders
Guild Mortgage - Midland Branch
Guild Mortgage Company
Guild Mortgage's Midland branch serves the Andrews area with exceptional customer satisfaction ratings and extensive West Texas market knowledge. As a top-rated mortgage lender with over 60 years of industry experience, they specialize in helping homebuyers in the Permian Basin region. Their local loan officers understand the unique housing market dynamics in Andrews and surrounding communities, offering personalized service and competitive rates for both purchase and refinance transactions. They are particularly strong with VA and FHA loans, making homeownership accessible to military families and first-time buyers.
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West Texas National Bank
West Texas National Bank
As a longstanding regional financial institution, West Texas National Bank has deep roots in the Permian Basin and actively serves Andrews residents. With over 35 years of community banking experience, they offer personalized mortgage solutions with local underwriting and decision-making. Their construction and land loan expertise is particularly valuable in the growing Andrews market. Customers appreciate their responsive service, competitive conventional loan rates, and the advantage of working with bankers who understand the local economy and real estate trends.
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PrimeLending - Midland
PrimeLending, A PlainsCapital Company
PrimeLending's Midland office is a highly-rated mortgage lender that consistently serves Andrews homebuyers with competitive rates and excellent customer service. With over 30 years in the mortgage industry, they offer a comprehensive range of loan products and have particular expertise with first-time homebuyer programs. Their local loan officers provide personalized guidance through the entire mortgage process, from pre-approval to closing. PrimeLending is known for their efficient processing and strong relationships with real estate professionals throughout the Permian Basin region.
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Frequently Asked Questions
Common questions about mortgage lending in Andrews, TX
What are the typical down payment requirements for homes in Andrews, TX, given the local market?
In Andrews, many homes are priced below the national median, which can make lower down payment options more accessible. Conventional loans often require 5-10% down, while FHA loans can go as low as 3.5%. For the area's more affordable properties, USDA loans with 0% down may also be available to eligible buyers in designated rural areas, which includes Andrews.
Are there any local or county-specific first-time homebuyer assistance programs in Andrews?
While Andrews itself does not have a city-run program, the Texas State Affordable Housing Corporation (TSAHC) offers statewide down payment assistance and favorable mortgage rates for first-time buyers, which are fully accessible to Andrews residents. Additionally, the Permian Basin Housing Finance Corporation may offer programs relevant to the region, so consulting with a local mortgage lender familiar with West Texas resources is key.
How does the local economy, heavily tied to oil and gas, impact mortgage lending and approval in Andrews?
Lenders in Andrews are accustomed to evaluating income for oilfield and energy sector workers, which can include variable overtime, bonuses, and contract work. You'll need to provide a stable two-year employment history, even if with different companies in the industry. A strong credit score and lower debt-to-income ratio can help offset concerns about income volatility common in the area.
What type of property insurance considerations are unique to getting a mortgage in Andrews, TX?
Due to the region's exposure to severe wind, hail, and occasional tornadoes, lenders will require robust homeowners insurance that includes windstorm coverage. This can be more expensive than in other parts of Texas. It's crucial to get insurance quotes early in the homebuying process, as the cost can significantly affect your total monthly mortgage payment.
Are property taxes in Andrews a significant factor in monthly mortgage payments, and how are they handled?
Yes, Andrews County property taxes are a substantial component of your monthly escrow payment. While tax rates can be competitive within Texas, the lack of a state income tax means property taxes fund local services. Your lender will calculate these into your debt-to-income ratio, and it's wise to research the exact tax rate for a specific property, as rates can vary.
Why Choose a Mortgage Lender in Andrews?
Local Market Knowledge
Lenders who understand Andrews'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 Andrews and get competitive rates on your home loan.