The Best Mortgage Lenders in Greenwood, TX
Compare verified mortgage lenders serving Greenwood, Texas. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Greenwood
Featured Mortgage Lenders
Guild Mortgage - Midland Branch
Guild Mortgage Company
Guild Mortgage's Midland location serves the Greenwood area with exceptional customer satisfaction ratings. As a top-rated national lender with strong West Texas presence, they offer personalized service and competitive rates. Their experienced loan officers specialize in both purchase and refinance loans, with particular expertise in conventional and government-backed loans. The company is known for its streamlined process and excellent communication throughout the mortgage journey.
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PrimeLending - Odessa Office
PrimeLending, A PlainsCapital Company
PrimeLending's Odessa location provides comprehensive mortgage services to Greenwood residents with outstanding customer feedback. As a established lender with deep Texas roots, they offer competitive rates and flexible loan options. Their team specializes in first-time homebuyer programs and government loans, with a reputation for efficient processing and knowledgeable guidance. The company maintains strong local relationships with real estate professionals throughout the Permian Basin region.
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First Basin Credit Union - Mortgage Department
First Basin Credit Union
First Basin Credit Union serves Greenwood and the greater Permian Basin with exceptional member-focused mortgage services. As a locally-based financial institution with decades of community presence, they offer competitive rates and personalized attention. Their mortgage team specializes in construction loans, first-time homebuyer programs, and refinancing options. The credit union is renowned for its member-friendly approach and deep understanding of local housing market conditions.
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Frequently Asked Questions
Common questions about mortgage lending in Greenwood, TX
What are the typical down payment requirements for homes in Greenwood, TX, given its rural setting?
For most conventional loans in Greenwood, a 20% down payment is standard to avoid private mortgage insurance (PMI). However, due to the area's rural designation, you may qualify for a USDA loan, which requires 0% down. FHA loans are also common here, allowing for down payments as low as 3.5% for qualifying buyers.
Are there any local or county-specific first-time homebuyer assistance programs available in Midland County for Greenwood residents?
Yes, the Midland County Housing Finance Corporation offers the "Home Sweet Home" program, which provides down payment and closing cost assistance in the form of a forgivable second lien loan for first-time homebuyers in Midland County, which includes Greenwood. Eligibility is based on income and the purchase price of the home, which aligns well with Greenwood's more affordable market.
How do property taxes in unincorporated Midland County (where Greenwood is located) impact my mortgage payment and qualification?
Property taxes in unincorporated Midland County are a significant component of your monthly escrow payment. While generally lower than within Midland city limits, lenders will still factor these taxes into your debt-to-income ratio. It's crucial to get an accurate tax estimate from the Midland County Appraisal District when budgeting, as taxes can vary based on land size and improvements.
Does the lack of city water/sewer in parts of Greenwood affect the mortgage process?
Yes, it can. If the property uses a well and septic system, most lenders will require a water quality test and a septic inspection to ensure the systems are functional and safe. These are typically paid for by the buyer and must be completed during the option period. The appraiser will also note the systems, and any major issues could affect the home's appraised value and loan approval.
What type of property insurance considerations are unique to getting a mortgage on land in Greenwood?
For homes on larger tracts of land common in Greenwood, standard homeowners insurance may not fully cover outbuildings, farm equipment, or liability for livestock. Lenders will require a standard policy, but you should discuss adding endorsements or a separate farm and ranch policy with your agent. Furthermore, due to the West Texas climate, ensuring your policy adequately covers wind/hail damage is critical for loan approval.
Why Choose a Mortgage Lender in Greenwood?
Local Market Knowledge
Lenders who understand Greenwood'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 Greenwood and get competitive rates on your home loan.