The Best Mortgage Lenders in Floydada, TX
Compare verified mortgage lenders serving Floydada, Texas. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Floydada
Featured Mortgage Lenders
First National Bank of Floydada
First National Bank of Floydada
As the only local bank in Floydada, First National Bank has served the community for over a century, offering personalized mortgage services with deep roots in the area. Known for its commitment to customer satisfaction, competitive local rates, and flexible loan options, it provides a trusted, community-focused approach to home financing. While founded earlier than the typical range, its longevity and local expertise make it a top choice for Floydada residents seeking reliable, face-to-face service.
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PlainsCapital Bank
PlainsCapital Bank
A well-established regional bank based in Texas, PlainsCapital Bank has a strong presence in West Texas and serves Floydada with a wide range of mortgage products. It is praised for its competitive rates, local underwriting expertise, and dedicated customer service. With decades of experience and a focus on community banking, it offers reliable financing solutions tailored to rural and urban homebuyers alike, backed by positive reviews and a solid reputation.
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Guaranteed Rate
Guaranteed Rate, Inc.
Guaranteed Rate is a highly-rated national mortgage lender known for its digital-first approach, competitive rates, and exceptional customer service. It serves Floydada residents with a streamlined online application process and a wide array of loan options. Founded in 2000, it has built a strong track record of reliability and customer satisfaction, with numerous awards and positive reviews highlighting its efficiency and support for homebuyers in diverse markets.
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Frequently Asked Questions
Common questions about mortgage lending in Floydada, TX
What are the typical down payment requirements for buying a home in Floydada, TX?
In Floydada, many lenders can offer conventional loans with down payments as low as 3-5%, especially for primary residences. For USDA loans, which are highly relevant in this rural area, eligible buyers can purchase with 0% down. Given the relatively affordable home prices in Floyd County, saving for a down payment is often more achievable here than in larger Texas cities.
Are there specific mortgage programs that benefit buyers in Floydada's rural setting?
Yes, the USDA Rural Development Guaranteed Housing Loan is a key program for Floydada, as the entire county qualifies. This program offers 100% financing, competitive interest rates, and more flexible credit guidelines. Additionally, the Texas State Affordable Housing Corporation (TSAHC) offers down payment assistance grants for qualifying first-time homebuyers statewide, which can be paired with other loans.
How do property taxes in Floyd County impact my mortgage payment and qualification?
Floyd County has property tax rates that are generally competitive within Texas, though they are a significant component of your monthly payment. Lenders will calculate your debt-to-income ratio using the estimated monthly tax escrow. It's crucial to get an accurate tax estimate, as taxes can vary between the city of Floydada and the county, affecting your overall housing payment and borrowing power.
What should I know about getting a mortgage for older or historic homes in Floydada?
Floydada has many charming older homes, but financing them may require specific loan types. An FHA 203(k) renovation loan can be a good option to finance both purchase and repairs. A standard appraisal will need to confirm the home is structurally sound and meets lending guidelines. It's wise to work with a local lender familiar with appraising properties in a smaller, rural market.
As a first-time homebuyer in Floydada, where can I find local guidance and assistance?
Start by consulting with lenders who have experience in rural West Texas markets. They can guide you toward state programs like TSAHC. Additionally, you can contact the Floydada Economic Development Corporation or the Texas A&M AgriLife Extension Service for local resources and homebuyer education workshops, which are often required for down payment assistance grants.
Why Choose a Mortgage Lender in Floydada?
Local Market Knowledge
Lenders who understand Floydada'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 Floydada and get competitive rates on your home loan.