The Best Mortgage Lenders in Big Spring, TX
Compare verified mortgage lenders serving Big Spring, Texas. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Big Spring
Featured Mortgage Lenders
Movement Mortgage
Movement Mortgage
Movement Mortgage is a top-rated lender known for its exceptional customer service and competitive rates, with a strong presence in West Texas including Big Spring. They offer a wide range of loan products and have a reputation for efficient processing and closing, backed by numerous positive reviews from local homebuyers.
Loan Types:
Fairway Independent Mortgage
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage is highly regarded for its personalized service and competitive loan options, with experienced loan officers serving the Big Spring area. They have a track record of high customer satisfaction and offer tailored solutions for first-time homebuyers and refinancing.
Loan Types:
New American Funding
New American Funding
New American Funding provides innovative mortgage products and emphasizes customer care, with a strong regional presence that includes Big Spring. They are known for their flexibility in loan types and commitment to helping clients achieve homeownership with competitive rates and reliable service.
Loan Types:
Frequently Asked Questions
Common questions about mortgage lending in Big Spring, TX
Are there any special mortgage programs for first-time homebuyers in Big Spring, Texas?
Yes, the Texas Department of Housing and Community Affairs (TDHCA) offers the My First Texas Home program, which provides competitive interest rates and down payment assistance. This is particularly valuable in Big Spring, where the median home price is relatively affordable, allowing assistance funds to go further. Local lenders and credit unions are well-versed in these programs and can guide you through the application.
How does Big Spring's stable but slower-paced real estate market affect the mortgage process?
Big Spring's market typically has less competition than major Texas metros, which can mean more time for due diligence and less pressure to waive contingencies. However, appraisals are crucial, as the market has a mix of newer homes and older properties; a local lender familiar with Howard County comparables is essential to ensure a smooth appraisal process and accurate valuation.
What are typical down payment requirements for homes in Big Spring?
While conventional loans often require 5-20% down, the affordable price points in Big Spring (often below the state median) make lower down payment options like FHA (3.5% down) and USDA loans (0% down, eligible in many areas) very popular and accessible. Local lenders can advise if a specific property qualifies for USDA, given the city's location within a largely rural county.
Are property taxes in Howard County a significant factor in mortgage qualification?
Yes, property tax rates in Howard County are a key consideration, as they impact your total monthly payment (PITI). While Texas has no state income tax, property taxes are higher than the national average. Your lender will calculate these into your debt-to-income ratio, and it's wise to budget for potential annual increases, which are common.
How important is it to use a local Big Spring lender versus a national online lender?
Highly important. A local lender or loan officer with deep ties to Big Spring understands the nuances of the local economy, which is influenced by oil and gas, healthcare, and the military. They have established relationships with local realtors, title companies, and appraisers, which can streamline communication and help navigate any unique title issues common in older neighborhoods.
Why Choose a Mortgage Lender in Big Spring?
Local Market Knowledge
Lenders who understand Big Spring'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 Big Spring and get competitive rates on your home loan.