The Best Mortgage Lenders in Bovina, TX
Compare verified mortgage lenders serving Bovina, Texas. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Bovina
Featured Mortgage Lenders
Happy State Bank Mortgage
Happy State Bank
Happy State Bank has been serving the Texas Panhandle region for over a century with deep community roots and exceptional customer service ratings. Their mortgage division specializes in agricultural and rural property lending, making them particularly well-suited for Bovina's market. They offer personalized service with local decision-making and have extensive experience with ranch, farm, and rural residential properties throughout the area.
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First United Bank Mortgage
First United Bank
First United Bank has been a trusted financial institution in the Texas Panhandle for over 120 years, with specialized expertise in rural and agricultural lending. Their mortgage team understands the unique needs of smaller communities like Bovina and offers competitive rates with local underwriting. They're particularly strong in construction loans and agricultural property financing, with deep knowledge of the local real estate market.
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Guild Mortgage - Lubbock
Guild Mortgage Company
Guild Mortgage has an excellent reputation throughout West Texas with specialized experience serving rural communities. Their Lubbock branch actively serves the Bovina area with competitive rates and exceptional customer service ratings. They offer a wide range of loan programs including USDA loans perfect for rural properties, and their digital mortgage process makes financing accessible from remote locations while maintaining personalized local service.
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Frequently Asked Questions
Common questions about mortgage lending in Bovina, TX
What are the typical down payment requirements for homes in Bovina, given its rural setting?
For most conventional loans in Bovina, a 20% down payment is standard to avoid private mortgage insurance (PMI). However, due to the area's lower median home prices compared to urban centers, USDA Rural Development loans are a popular option that offer 100% financing with no down payment, as Bovina qualifies as an eligible rural area. FHA loans with 3.5% down are also commonly used.
Are there any local or state programs for first-time homebuyers in Bovina, Texas?
Yes, the Texas Department of Housing and Community Affairs (TDHCA) offers the My First Texas Home program, which provides down payment assistance and competitive mortgage rates for first-time buyers in Bovina. Additionally, the Texas State Affordable Housing Corporation (TSAHC) has programs offering grants for down payment and closing cost assistance, which can be particularly helpful given the limited local inventory of assistance programs.
How does the agricultural economy and property types in Bovina affect the mortgage process?
If you're purchasing a property with significant acreage (typically over 10 acres) or agricultural income potential, lenders may classify it as a "rural" or "non-standard" property. This can sometimes require a specialized agricultural or rural lender, a larger down payment, and a more thorough appraisal to assess the land's value beyond just the dwelling. Standard conforming loans work for typical residential lots within the town.
What should I know about property taxes and insurance when calculating my mortgage payment in Bovina?
Parmer County, where Bovina is located, has property tax rates that are a significant component of your monthly payment. It's crucial to get an accurate estimate from the county appraisal district. Furthermore, due to the high winds and hail risk on the Texas High Plains, wind/hail insurance premiums can be notably higher than in other regions, which directly impacts your total monthly escrow payment.
Is it harder to get an appraisal in Bovina due to its small size and limited comparable home sales?
Yes, this can be a challenge. Appraisals in small, rural markets like Bovina often require appraisers to look at comparable sales ("comps") from nearby towns such as Friona or Hereford, and they may need to make adjustments for location. This process can sometimes take longer and requires an appraiser familiar with the rural High Plains market, which your lender should be able to arrange.
Why Choose a Mortgage Lender in Bovina?
Local Market Knowledge
Lenders who understand Bovina'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 Bovina and get competitive rates on your home loan.