The Best Mortgage Lenders in Waco, TX
Compare verified mortgage lenders serving Waco, Texas. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Waco
Featured Mortgage Lenders
Baylor Mortgage
Baylor Mortgage
Baylor Mortgage stands out as Waco's premier local mortgage lender with deep community roots and exceptional customer satisfaction. As a locally owned and operated company, they specialize in personalized service and competitive rates specifically for Central Texas homebuyers. Their team of experienced loan officers provides comprehensive guidance through the entire mortgage process, with particular expertise in first-time homebuyer programs and construction loans. The company maintains a stellar 4.9-star rating across multiple review platforms, with customers consistently praising their responsiveness, transparency, and ability to close loans efficiently. Their local underwriting and decision-making process allows for faster approvals and more flexible solutions tailored to Waco's unique real estate market.
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PrimeLending Waco
PrimeLending
PrimeLending's Waco branch has established itself as one of the most reliable mortgage providers in Central Texas, combining national resources with local expertise. With over a decade serving the Waco community, their team offers a comprehensive range of loan products including specialized programs for military families, first-time buyers, and renovation projects. The company is particularly noted for their competitive rates and efficient processing, with many customers highlighting their educational approach that helps borrowers understand every aspect of their mortgage. Their 4.8-star rating reflects consistent excellence in customer service, with reviewers frequently mentioning the team's professionalism, attention to detail, and ability to handle complex financing scenarios with ease.
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Benchmark Mortgage Temple-Waco
Benchmark Mortgage
While based in nearby Temple, Benchmark Mortgage serves the entire Central Texas region including Waco with exceptional mortgage services and has built a strong reputation for reliability and expertise. Their team specializes in construction and renovation loans, making them an excellent choice for custom home projects in the growing Waco market. With a 4.7-star rating across multiple platforms, customers consistently praise their knowledgeable staff, transparent communication, and ability to navigate complex loan scenarios. The company's local loan officers have deep understanding of Central Texas real estate trends and work closely with Waco-area real estate agents and builders. Their construction-to-permanent loan program is particularly noteworthy, providing seamless financing for clients building new homes in the Waco area.
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Frequently Asked Questions
Common questions about mortgage lending in Waco, TX
Are there any special first-time homebuyer programs available in Waco, Texas?
Yes, Waco 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. Additionally, the City of Waco itself occasionally offers grants for down payment and closing cost assistance to income-qualified buyers purchasing within city limits, so checking with local housing nonprofits is highly recommended.
How do property taxes in McLennan County impact my mortgage payments in Waco?
McLennan County property taxes are a significant component of your monthly mortgage escrow payment, as rates are relatively high compared to the national average (often around 2.0-2.3%). Lenders will calculate this into your debt-to-income ratio, so it's crucial to budget for this when determining how much house you can afford in Waco, not just the loan principal and interest.
What is a typical down payment needed for a home in Waco's current market?
While 20% down is ideal to avoid private mortgage insurance (PMI), many buyers in Waco successfully purchase homes with down payments as low as 3% (conventional) or 3.5% (FHA). Given Waco's median home price, this allows for relatively accessible entry into the market, but a stronger down payment can help you compete in multiple-offer situations, which are common in popular neighborhoods.
Does Waco's growth from shows like "Fixer Upper" affect mortgage lending or appraisals?
Yes, the increased demand and rapid appreciation in certain historic districts like Sanger-Heights or Castle Heights can create appraisal challenges. An appraiser must use recent, comparable sales, and if prices are rising quickly, the appraisal might lag behind the contract price. Your lender will need to be experienced with these local market dynamics to help navigate a potential gap.
Are USDA loans a viable option for mortgages in Waco, Texas?
Absolutely. While much of central Waco is not eligible for USDA's zero-down-payment rural housing loans, many of the surrounding suburbs and communities in McLennan County (like Robinson, Bellmead, or Hewitt) do qualify. This can be an excellent program for eligible buyers looking in those areas to purchase a home with no down payment.
Why Choose a Mortgage Lender in Waco?
Local Market Knowledge
Lenders who understand Waco'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 Waco and get competitive rates on your home loan.