Secure Your Purchase Loan in 78535, Texas

Introduction to Purchase Loans in 78535, Texas

Welcome to the world of homeownership in the 78535 zip code, located in the vibrant Cameron County area of Texas. As a trusted mortgage broker based in Tremonton, Utah, Summit Lending proudly extends our expert services to Texas residents, helping you secure the perfect purchase loan to turn your dream home into a reality. With over 50 years of combined experience among our professional loan officers, we specialize in navigating the complexities of home buying in regions like 78535, offering tailored financing solutions that fit your unique needs.

In the 78535 area, home buying opportunities abound, from cozy family homes in Combes to properties throughout Cameron County. Our purchase loans include a variety of options such as conventional loans with as little as 3% down, FHA loans ideal for first-time buyers with flexible credit requirements, VA loans for eligible veterans offering 0% down, and USDA loans for rural properties—all designed to make homeownership accessible. We also support Texas-specific programs like those from the Texas State Affordable Housing Corporation (TSAHC), providing down payment assistance and tax credits to ease the process.

At Summit Lending, our team is committed to guiding you through every step, from pre-approval to closing. Whether you're a first-time home buyer exploring options via our first-time home buyer resources or an experienced purchaser, we ensure competitive rates and personalized service. Use our loan calculator to estimate payments based on current Texas rates—around 6.08% for a 30-year fixed as of recent data—and get started today by contacting our loan officers. Visit our mortgage loans page for 78535 to learn more about all available options, including refinance, reverse, and commercial loans. Ready to proceed? Check out our contact us page or explore testimonials from satisfied clients in Texas.

Eligibility and Requirements for Home Buying Loans

Securing a home buying loan in the 78535 zip code, Texas, requires meeting specific eligibility criteria tailored to Texas regulations. At Summit Lending, our experienced mortgage brokers guide you through these requirements to ensure a smooth qualification process for purchase loans.

Credit Score Guidelines: A minimum FICO score of 620 is typically required for conventional loans, while FHA loans offer more flexibility with scores as low as 580 for a 3.5% down payment or 500 for 10%. Higher scores, ideally 740+, unlock better interest rates. Texas-specific programs like those from TSAHC may require at least 620. Use our loan calculator to estimate how your credit impacts affordability.

Income Verification: Lenders verify stable employment through recent pay stubs, W-2 forms, and tax returns (usually two years for self-employed individuals). In Texas, there's no state income tax, which can improve your overall financial profile. For first-time buyers in 78535, programs like My First Texas Home prioritize verifiable income up to 115% of the area median. Our first-time home buyer resources can help prepare your documentation.

Debt-to-Income (DTI) Ratios: Aim for a front-end DTI (housing costs) under 31% and back-end DTI (all debts) up to 43-45% for conventional loans, with FHA allowing up to 57% in some cases. Texas regulations emphasize sustainable debt levels, excluding variables like utilities. If your DTI is higher, explore refinance options later or consult our pre-approval process to assess your ratio early.

Down Payment Options: Conventional loans start at 3% down, FHA at 3.5%, VA at 0% for eligible veterans, and USDA at 0% for rural areas near 78535. Texas offers down payment assistance through TSAHC grants up to 5% or forgivable loans, with county-specific limits in Cameron County. Private mortgage insurance (PMI) applies if under 20% down. For personalized estimates, visit our loan calculator or contact us via Contact Us.

These criteria align with Texas lending standards, and our team at Summit Lending can connect you with loan officers experienced in 78535. Start by getting pre-approved today.

Types of Purchase Loan Programs Offered

For home buyers in the 78535 zip code, Texas, Summit Lending provides a variety of purchase loan programs designed to fit different financial situations and goals. Whether you're a first-time buyer or an investor, our options include conventional, FHA, VA, and USDA loans, each with unique benefits tailored to the local market in Cameron County. We serve all jurisdictions in Texas, ensuring accessible financing for properties in areas like Combes. Explore our Purchase Loans in Combes, Texas for more localized insights.

Conventional Loans: Ideal for buyers with strong credit scores (typically 620+ FICO) and stable income, conventional loans offer flexibility without government backing. Benefits include competitive interest rates around 6.00-6.125% for 30-year fixed terms, no upfront mortgage insurance if you put down 20% or more, and loan limits up to $548,250 in most Texas areas. They're suitable for first-time buyers who can afford a 3-5% down payment and investors seeking higher loan amounts for multiple properties. Use our Loan Calculator to estimate payments for a conventional purchase in 78535.

FHA Loans: Backed by the Federal Housing Administration, FHA loans are perfect for first-time home buyers in 78535 with lower credit scores (as low as 580 for 3.5% down payment) or limited down payment funds. Key benefits include flexible debt-to-income ratios up to 57%, allowance for co-signers, and loan limits of $524,225 for single-family homes in Cameron County. They're especially helpful for modest-income households facing higher property taxes in Texas (around 1.69% statewide). FHA options support manufactured homes and renovations via 203(k) programs. First-time buyers can pair this with Texas programs like TSAHC's Home Sweet Texas for additional down payment assistance. Learn more about all Purchase Loans in Cameron County, Texas.

VA Loans: Exclusively for eligible veterans, active-duty service members, and surviving spouses, VA loans provide zero down payment and no private mortgage insurance, making them highly suitable for military families relocating to the 78535 area. With funding fees of 1.25-2.15% (waivable in some cases) and rates around 5.91% for 30-year fixed, they offer lower overall costs and flexible credit guidelines. Investors with VA eligibility can use these for primary residences, and the no-down-payment feature is a game-changer for first-time buyers in Texas's competitive market. Check our First Time Home Buyers resources for VA guidance.

USDA Loans: Aimed at rural and suburban buyers in eligible 78535 areas (confirm via USDA maps), these government-backed loans require no down payment and have income limits based on area medians (up to 115% in many Texas counties). Benefits include low rates around 6.00%, guarantees for credit scores as low as 640, and support for new construction or site-built homes. They're particularly beneficial for first-time buyers in less urban parts of Cameron County, with single-family loan limits tied to local costs. For construction needs, visit our 78535 Zip Code, Texas Construction Loan Calculator.

At Summit Lending, our experienced loan officers can help you determine the best program based on your credit, income, and property type. Get started with Getting Pre-Approved For a Mortgage Loan in 78535 Zip Code, Texas to lock in your options today. For a full overview, see our Mortgage Loans in 78535 Zip Code, Texas.

The Application Process for Securing a Purchase Loan

Securing a purchase loan in the 78535 zip code, Texas, through Summit Lending is a straightforward process designed to help you navigate home buying with confidence. As a trusted mortgage broker serving Texas, we guide you from initial consultation to closing, ensuring compliance with state lending practices. Below is a step-by-step guide tailored to Texas regulations, including document requirements and typical timelines. Our experienced loan officers are here to assist every step of the way.

Step 1: Get Pre-Approved (1-3 Days)

Start by applying for pre-approval to understand your borrowing power and strengthen your offers in the competitive Texas housing market. This involves a soft credit check and basic financial review. In Texas, pre-approval helps avoid surprises with property taxes (averaging 1.69%) and ensures you're ready for homes in areas like Cameron County.

Required Documents:

• Proof of income (recent pay stubs, W-2s for the last two years)
• Employment verification (contact info for your employer)
• Social Security Number for credit pull
• Basic asset info (bank account summaries)

Submit via our secure portal at https://summitlending.my1003app.com/300501. Expect a pre-approval letter within 24-72 hours, valid for 60-90 days under Texas guidelines.

Step 2: Find Your Home and Make an Offer (Varies, 30-60 Days Typical)

Work with a real estate agent to search for properties in 78535 or nearby Combes and Cameron County. Once you find the right home, submit an offer. Include your pre-approval letter to show sellers you're serious. In Texas, contracts often include a 3-day right of rescission and require independent appraisers, inspectors, and title companies.

Our team can connect you with local resources. Use our loan calculator to estimate payments based on current Texas rates (around 6.08%-6.44% for 30-year fixed as of late 2025).

Step 3: Formal Loan Application and Underwriting (14-30 Days)

After your offer is accepted, submit a full mortgage loan application. We'll pull a hard credit inquiry and verify details. Texas lending emphasizes stable income and debt-to-income ratios (up to 45-57% depending on loan type like FHA or conventional).

Required Documents:

• Tax returns (last two years, including self-employment schedules if applicable)
• Bank statements (two months, all accounts)
• Proof of assets (retirement accounts, investments)
• Gift letters if using gifted funds for down payment
• ID and proof of Texas residency

Underwriting typically takes 10-21 days in Texas, including an appraisal (cost: $400-$600) to confirm the home's value. For FHA loans popular in 78535, expect property inspections for safety standards.

Step 4: Loan Approval and Closing Disclosure (3-7 Days)

Once approved, review the Loan Estimate and Closing Disclosure. Texas requires a 3-day review period for the Closing Disclosure. We'll explain fees, including origination, appraisal, and title insurance—total closing costs average 2-5% of the loan amount.

Contact our loan officers for questions. If you're a first-time buyer, explore Texas programs like TSAHC via our first-time home buyer resources.

Step 5: Closing (1 Day)

Schedule closing at a Texas title company. Sign documents, pay closing costs (bring a cashier's check), and receive keys. The entire process from application to closing usually takes 30-45 days, faster for VA or USDA loans with 0% down options available in rural 78535 areas.

For personalized guidance, visit our contact page or email [email protected]. Summit Lending serves all Texas jurisdictions with over 50 years of combined experience—let's make your homeownership dream a reality!

Current Interest Rates and Costs in 78535

As of September 27, 2025, prevailing mortgage rates for purchase loans in the 78535 zip code, Texas, reflect statewide averages with no specific ZIP variations noted. For 30-year fixed-rate mortgages, interest rates range from 6.08% to 6.44%, with APRs between 6.30% and 6.87%. Shorter-term options include 15-year fixed rates at 5.21% to 5.69% (APRs 5.74% to 5.75%), while FHA loans suitable for first-time buyers start at 6.12% interest (APR 6.86%) with a minimum 3.5% down payment for credit scores of 580+. VA loans offer competitive rates around 5.91% (APR 6.12%) with no down payment for eligible veterans. These rates are based on a 740+ FICO score and 20-25% down payment for primary residences; actual rates may vary based on individual credit, loan amount, and market conditions.

Closing costs in Texas, including the 78535 area, typically range from 2% to 5% of the home's purchase price, averaging about $8,000 to $10,000 for a median home value of around $315,815. Key fees include origination fees (0.5% to 1% of loan amount), appraisal ($300-$500), title insurance ($1,000-$2,000), and escrow/prepaid items like property taxes (Texas rate of 1.69%) and homeowners insurance. Texas is a non-recourse state, offering buyer protection, and includes a 3-day right of rescission for certain loans. For first-time home buyers in 78535, programs like TSAHC's Homes Sweet Texas provide up to 5% down payment assistance grants, potentially reducing upfront costs.

To get personalized estimates for your purchase loan in 78535, use our Loan Calculator for live calculations with up-to-date rates. Explore more options on our Purchase Loans page or learn about First Time Home Buyers assistance. For pre-approval, visit our Pre-Approval section to start the process with Summit Lending's experienced team serving Texas.

Benefits of Choosing Summit Lending for Purchase Loans

When you're ready to buy a home in the 78535 zip code in Texas, partnering with Summit Lending offers unparalleled advantages. Our team of experienced mortgage brokers, with over 50 years of combined expertise, specializes in guiding first-time buyers and seasoned homeowners through the complexities of home buying loans. We provide personalized guidance tailored to your unique financial situation, ensuring you navigate the process smoothly and meet all necessary requirements for securing your dream home.

One of the key benefits is our commitment to competitive rates. As a trusted mortgage broker in Texas, we shop multiple lenders to find the best possible terms for you, including options like purchase loans that align with current market conditions in areas like 78535. Whether you're exploring FHA loans with low down payments or conventional financing, our brokers help you access rates that can save you thousands over the life of your loan. For a quick estimate, check out our loan calculator to see potential payments based on up-to-date interest rates.

Summit Lending proudly serves every jurisdiction in Texas, including the 78535 zip code and surrounding areas like Combes and Cameron County. This extensive coverage means you get local insights combined with statewide resources, making the home buying process efficient and stress-free. Our brokers are always available to assist, from pre-approval to closing, and we offer specialized support for first-time home buyers through programs that fit Texas-specific needs.

Additionally, our comprehensive loan options extend beyond purchase loans to include refinance loans, construction loans, and more, all accessible in 78535. We prioritize transparency and customer satisfaction, as evidenced by our numerous 5-star testimonials. To get started, explore our full range of mortgage loans in 78535 or contact our loan officers today for expert advice. Visit our contact page or learn more on our homepage.

Next Steps and Contact Information

Ready to take the next step toward securing your purchase loan in the 78535 zip code, Texas? At Summit Lending, we make the process straightforward and supportive. Here's how to get started:

1. Explore Your Options: Begin by using our loan calculator to estimate your mortgage payments and understand affordability based on current rates.
2. Get Pre-Approved: Visit our pre-approval page to learn more and start the process, which helps you shop confidently for homes in 78535.
3. Submit Your Application: Once ready, securely upload your documents and input necessary details through our online portal at https://summitlending.my1003app.com/300501. This step allows us to review your information efficiently and move forward with your purchase loan in Cameron County.
4. Consult Our Experts: If you have questions about first-time home buyer programs or other requirements, our experienced loan officers are here to guide you—check out our loan officers page for more details.

For personalized assistance, contact us today:

• Phone: 385-200-1470
• Email: [email protected]
• Location: 305 E Main Street Suite 202, Tremonton, UT 84337

We're licensed to serve Texas and committed to helping you navigate every step. Reach out via our contact us page or explore more on our about page to learn about our team's 50+ years of combined experience.