The Best Mortgage Lenders in South Plains, TX
Compare verified mortgage lenders serving South Plains, Texas. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in South Plains
Featured Mortgage Lenders
PlainsCapital Mortgage
PlainsCapital Mortgage
As a division of PlainsCapital Bank, this mortgage lender has deep roots in West Texas and specifically serves the South Plains region with exceptional expertise. They consistently receive top ratings for their personalized service, local underwriting decisions, and extensive knowledge of rural and agricultural property financing. Their long-standing presence in Lubbock makes them particularly well-suited for South Plains residents seeking competitive rates and local decision-making.
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City Bank Mortgage
City Bank Mortgage
City Bank has been serving the South Plains community for over a century, making them one of the most established and trusted mortgage lenders in the region. They excel in first-time homebuyer programs and construction loans, with local loan officers who understand the unique needs of South Plains residents. Their strong community involvement and local decision-making authority ensure quick turnaround times and personalized service.
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Texas Tech Credit Union Mortgage
Texas Tech Credit Union
While technically a credit union, TTCU offers comprehensive mortgage services throughout the South Plains region with exceptionally competitive rates for members. They serve anyone who lives, works, worships, or attends school in their 26-county service area covering the entire South Plains. Their member-focused approach, lower fees, and local underwriting make them a top choice for South Plains homebuyers seeking personalized service and community commitment.
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Frequently Asked Questions
Common questions about mortgage lending in South Plains, TX
Are there any special mortgage programs for first-time homebuyers in South Plains, Texas?
Yes, the Texas Department of Housing and Community Affairs (TDHCA) offers the My First Texas Home program, which provides competitive interest rates, down payment assistance, and mortgage credit certificates for eligible buyers in Lubbock and surrounding counties. Additionally, local lenders often have specific first-time buyer products tailored to the South Plains market, which can include lower down payment options and flexible credit requirements.
How do property taxes in Lubbock County affect my mortgage payment and qualification?
Property taxes in Lubbock County are a significant component of your monthly mortgage payment, as they are typically higher than the national average and escrowed by your lender. When qualifying for a loan, lenders will factor in these taxes, which can reduce the loan amount you qualify for compared to areas with lower tax rates. It's crucial to get an accurate tax estimate early in your home search to budget correctly.
What is the typical down payment required for a home in the South Plains area?
While 20% down is standard to avoid private mortgage insurance (PMI), many buyers in the South Plains utilize conventional loans with as little as 3-5% down or FHA loans with 3.5% down, especially given the region's relatively affordable home prices. Local agricultural or veterinary professionals may also qualify for specialized low-down-payment loans through programs like the Texas Vet or USDA Rural Development loans, which are relevant in the surrounding rural areas.
How does the South Plains' agricultural economy influence mortgage lending and appraisals?
The strong agricultural base means lenders are familiar with financing properties with acreage, barns, or irrigation systems, but these features can make appraisals more complex and time-consuming. For homes on larger lots or in unincorporated areas, lenders may require specialized appraisers familiar with rural property valuation. Income from farming or ranching may also be documented differently for loan qualification.
Are there specific mortgage considerations for buying a home in a South Plains city like Lubbock versus a surrounding rural town?
Absolutely. In Lubbock, you'll find more conventional loan options and faster appraisal turnarounds due to a denser market. In rural towns, you may benefit from USDA Rural Development loans, which offer 100% financing but have specific location and income eligibility requirements. Insurance costs can also differ, with rural areas potentially requiring additional coverage for wells, septic systems, or distance from fire stations.
Why Choose a Mortgage Lender in South Plains?
Local Market Knowledge
Lenders who understand South Plains'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 South Plains and get competitive rates on your home loan.