Explore Lubbock Home Loans

Navigating the search for a Lubbock Texas home loan doesn’t have to be daunting. Whether you’re a first-time buyer or looking to refinance, this guide enlightens you on the array of loan options in Lubbock—from FHA to conventional—and helps you pinpoint the right choice for your financial landscape, demystifying the application process along the way.

Key Takeaways

  • Lubbock, Texas, offers a diverse range of home loan options including fixed, adjustable, conventional, FHA, VA, USDA, and jumbo loans, alongside refinancing and renovation loans, with Herring Bank providing tailored services for residents.
  • Herring Bank offers key advantages for Lubbock homebuyers such as in-house underwriting, locally based experts, and strong customer relationships, aiming to ensure an efficient and personalized home loan process.
  • The home buying process in Lubbock requires thorough planning and preparation, including financial pre-approval, real estate agent consultation, and understanding closing practices and costs, with additional resources available for assistance.

Lubbock Home Loan Options

In Lubbock, Texas, prospective homeowners have a smorgasbord of home loan options to choose from. These options include:

  • Fixed-rate mortgages
  • Adjustable-rate mortgages
  • Conventional loans
  • FHA loans
  • VA loans
  • USDA loans
  • Jumbo loans

What’s more, refinancing and renovation loan options are also available for homeowners who wish to improve the terms of their current mortgage.

To narrow down these options, Herring Bank presents a selection of these loan options tailored specifically for Lubbock residents. With the following loan options on offer, Herring Bank aims to cater to a variety of financial circumstances and homeownership goals:

  • Conventional loans
  • Jumbo loans
  • FHA loans
  • VA loans
  • USDA loans

They provide personalized assistance, guiding customers by the hand to understand and choose the most suitable home loan option for their needs, making the process of acquiring home loans easier with the help of a loan officer from mortgage lenders.

Contact us directly, or you can…

Conventional Loans

If you have a strong credit profile, Conventional loans in Lubbock could be your ticket to homeownership. Conforming to the loan limits set by Fannie Mae and Freddie Mac, these loans allow for amounts up to $766,550. Borrowers with a minimum credit score of around 620 can access these loans, and those with higher scores might even secure lower rates.

Beyond accommodating a wide range of credit profiles, Conventional loans also offer flexibility in terms and structures. This includes a range of fixed-rate loan terms and the option of adjustable-rate mortgages (ARMs). Also, a wide range of property types in Lubbock are eligible for these loans, such as single-family homes, multi-unit properties, and condos. They can be used for purchasing primary residences, investment properties, or second homes.

FHA Loans

For buyers with less than perfect credit, FHA loans in Lubbock present an attractive alternative. Backed by the Federal Housing Administration, these loans are available through approved lenders. If you have a credit score of 580 or higher, you can secure an FHA loan with a 3.5% down payment. Even if your score falls between 500 and 579, you may still be eligible with a 10% down payment.

Apart from requiring lower down payments, FHA loans also offer lenient underwriting guidelines. This makes them suitable for buyers with less than perfect credit history. Also, borrowers must meet specific debt-to-income ratio requirements and stay within the county loan limit to qualify for an FHA loan. However, a mortgage insurance premium (MIP) is mandatory for the life of the FHA loan, contributing to ongoing costs for the borrower.

VA Loans

If you’re a veteran or an active-duty service member, VA loans can offer you a pathway to homeownership in Lubbock. These loans provide a slew of benefits including:

  • No down payments
  • No monthly mortgage insurance premiums
  • Predictable monthly payments
  • Limited closing costs
  • More competitive interest rates than conventional loans

The VA loan program is specifically tailored to assist active duty service members, retired, and disabled veterans by offering a more streamlined and simplified qualification process. FHA and VA loans can also be utilized for:

  • Purchasing homes
  • Constructing homes
  • Repairing homes
  • Retaining homes
  • Adapting properties for personal occupancy by the borrower.
  • VA Loans

  • Conventional Loans

  • Mortgage Refinance

  • USDA Loans

  • FHA Loans

  • Jumbo Loans

  • New Home Loans

  • Reverse Mortgage

The Herring Bank Advantage in Lubbock

Lubbock mortgage lender
  • Rates change periodically. Please contact our team directly for updated rates information or visit our rates page.

Ready to discuss how we can help you with your homebuying journey in Lubbock?

Request a call back from our mortgage team.

You can expect the first initial call to last on average around 15 minutes, but we can go shorter or longer if you’d like.

Look for us in the your next neighborhood.

We serve areas of Texas, Oklahoma, & Colorado.

View our Loan Options: