The Best Mortgage Lenders in Somerset, TX
Compare verified mortgage lenders serving Somerset, Texas. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Somerset
Featured Mortgage Lenders
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation is a top-rated lender with over 25 years of experience, known for its exceptional customer service, competitive rates, and extensive loan options. They have a strong presence in the San Antonio area, serving Somerset residents with personalized mortgage solutions and efficient processing. Their high customer satisfaction ratings and commitment to community involvement make them a reliable choice for home financing.
Loan Types:
New American Funding
New American Funding
New American Funding is highly regarded for its diverse loan products and focus on serving first-time homebuyers and underserved communities. With two decades of experience, they offer competitive rates, transparent processes, and have built a reputation for customer-centric service in the Somerset area through their San Antonio office. Their strong review scores reflect consistent reliability and satisfaction.
Loan Types:
Movement Mortgage
Movement Mortgage
Movement Mortgage is praised for its rapid loan processing, community engagement, and wide range of mortgage options. Founded in 2008, they have established a strong regional presence in South Texas, including Somerset, with a focus on customer service and competitive financing. Their high ratings and substantial review count underscore their effectiveness and trustworthiness among local homebuyers.
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Frequently Asked Questions
Common questions about mortgage lending in Somerset, TX
Are there any special loan programs for first-time homebuyers in Somerset, TX?
Yes, Somerset homebuyers can access the Texas Department of Housing and Community Affairs (TDHCA) programs like the My First Texas Home loan, which offers competitive interest rates and down payment assistance. These programs are particularly valuable in Somerset's growing market, helping buyers with moderate incomes qualify for a mortgage. It's advisable to work with a local lender familiar with these state-wide programs to navigate the application process.
How do property taxes in Bexar County affect my mortgage payments in Somerset?
Bexar County property taxes are a significant component of your monthly mortgage escrow payment in Somerset. While rates can vary, they are generally higher than the national average, which increases your total monthly housing cost. When getting pre-approved, lenders will calculate these taxes into your debt-to-income ratio, so it's crucial to budget for this local expense from the start.
What is the typical down payment needed for a home in Somerset's market?
While 20% down is ideal to avoid private mortgage insurance (PMI), many buyers in Somerset utilize conventional loans with 3-5% down or FHA loans with 3.5% down, especially given the area's relatively affordable price points compared to central San Antonio. Local lenders often see successful approvals with these lower down payments, particularly for first-time or moderate-income buyers looking at Somerset's single-family homes.
Are USDA loans a viable option for mortgages in Somerset, Texas?
Yes, Somerset's location makes many of its homes eligible for USDA Rural Development loans, which offer 100% financing (no down payment). This is a major advantage for qualified buyers looking in this area, as it can significantly lower the barrier to entry. You should confirm specific property eligibility with a lender, but much of Somerset qualifies due to its designation as a rural area under USDA guidelines.
How does Somerset's proximity to San Antonio influence mortgage lending and appraisals?
Somerset's real estate market is directly influenced by the broader San Antonio metro area, which provides stability and comparables for appraisals. Lenders will use recent sales from Somerset and similar nearby communities like Von Ormy to determine value. This connection to a major city's economy is viewed favorably by lenders, but it also means your appraisal will be benchmarked against this competitive regional market.
Why Choose a Mortgage Lender in Somerset?
Local Market Knowledge
Lenders who understand Somerset'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 Somerset and get competitive rates on your home loan.