The Best Mortgage Lenders in Bonham, TX
Compare verified mortgage lenders serving Bonham, Texas. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Bonham
Featured Mortgage Lenders
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage is a highly-rated national lender with a strong local presence in North Texas, including service to Bonham. Known for competitive rates, efficient processing, and exceptional customer service, they offer a wide range of loan products and have consistently high satisfaction ratings from borrowers in the region.
Loan Types:
CrossCountry Mortgage
CrossCountry Mortgage, LLC
CrossCountry Mortgage provides comprehensive mortgage solutions with a focus on personalized service and competitive pricing. They have a robust presence in Texas and serve Bonham residents through their regional operations, earning praise for their reliability and fast loan approval times.
Loan Types:
First National Bank of Bonham
First National Bank of Bonham
As a longstanding community bank, First National Bank of Bonham offers deeply personalized mortgage services with local decision-making and a commitment to the Bonham area. With over a century of operation, they provide trusted, reliable lending options and strong customer relationships, making them a top choice for local homebuyers.
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Frequently Asked Questions
Common questions about mortgage lending in Bonham, TX
Are there any down payment assistance programs specifically for homebuyers in Bonham, TX?
Yes, Bonham homebuyers may qualify for the Texas State Affordable Housing Corporation's (TSAHC) Homes for Texas Heroes or Home Sweet Texas programs, which offer down payment assistance and competitive mortgage rates. Additionally, the City of Bonham may occasionally offer local grants or soft-second loans; checking with the Bonham Economic Development Corporation is recommended for the most current local opportunities.
How do property taxes in Fannin County impact my mortgage payment in Bonham?
Fannin County property taxes are a significant component of your monthly mortgage escrow payment. The combined tax rate for Bonham ISD and the county is relatively high compared to national averages, which can add several hundred dollars to your monthly payment. It's crucial to factor this into your budget, as lenders will include estimated taxes when calculating your debt-to-income ratio.
What types of properties might require specialized mortgage loans in Bonham's market?
Bonham's rural surroundings mean buyers often look at properties with acreage, manufactured homes on permanent foundations, or older historic homes in the downtown district. These property types may not qualify for standard conventional loans and might require USDA Rural Development loans (for eligible rural properties), FHA loans for manufactured homes, or renovation loans like the FHA 203(k) for historic fixes.
Is a USDA loan a good option for buying a home in Bonham, TX?
Absolutely. Most of the area around Bonham is eligible for USDA Rural Development loans, which offer 100% financing (no down payment) for qualified buyers and properties. This is a highly attractive program for Bonham given its designation, but income limits apply and the home must be in an eligible zone, which a local lender can verify.
How does Bonham's slower-paced market affect the mortgage process compared to bigger Texas cities?
The less competitive market can be an advantage, allowing for more negotiation on price and potentially longer inspection periods. However, appraisals can be challenging if there are few recent comparable sales ("comps") for unique or rural properties, which may require an appraiser with local expertise. This can occasionally add time to the mortgage approval process.
Why Choose a Mortgage Lender in Bonham?
Local Market Knowledge
Lenders who understand Bonham'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 Bonham and get competitive rates on your home loan.