Article by James Andrews
Planning to buy a dream home in Texas then you should know few of the governing laws pertaining to housing in Texas and the various products available like the Home loan rates Texas, FHA home loans Texas, mortgage interest rate Texas, mortgage refinance loans Texas and other conventional loans Texas. Firstly the Texas's Civil Code Provision for the Real Estate Act regulates that the assurance of variable interest rates for the purpose of purchase of real estate. Where in, borrowers who are eligible for large mortgage amounts and those who are issued these mortgage amounts are assured a fixed rate mortgage. You should know that Texas law also prohibits charging of interest more than one day prior to the entry of mortgage even if the borrower received the loan before that time.
Many might know this, in the year 2002, Texas law had enacted a set of anti-predatory lending laws which were put in place to help protect Texas homebuyers from predatory lenders. This act had an effect on the home loan rates Texas. Some of the provisions which was included in this new set of laws was the prohibition of a lender charging points and fees in excess of present 6% rate of the total principal financed amount, the prohibition of the financing of single-premium credit insurance, and the prohibition which included of a mortgage company issuing a loan to a borrower in an amount by which the borrower could not reasonably afford to repay, among others.
When planning to buy a home in the state of Texas, (with lower home loan rates Texas and reasonable mortgage refinance loans Texas you would go for housing in Texas) you automatically qualify for both federal and state FHA, USDA, and VA loans. If you are one among those first-time home buyers, then you qualify for FHA home loans Texas with below-market interest rates, and depending on your eligibility, may also qualify for a loan in order to cover down payment and/or closing costs, again to mention the home loan rates Texas are available at low rates. Teach! ers and other professionals who work in an educational capacity would qualify for Texas's special program called the Extra Credit Teacher Home Purchase Program, a down payment assistance loan with forgivable interest.
On addition to the popular FHA loans, the state of Texas offers comparable programs to persons with disabilities or persons who live with and care for the needy persons with disabilities. Texas also offers several unconventional loans which are specifically designed to aid homebuyers with the costs of their monthly mortgage payment with low rates of Mortgage Refinance loan Texas. When considering this lets take an example like this one: Texas's Interest Only PLUS loan provides the qualified homebuyers with 100% financing 35-year loan that requires only payments toward the accrued interest on the mortgage for the first five years of the loan - the borrowers need not pay toward the principal amount borrowed until after the first five years. The individual requirements of these loans vary individually depending on the county in which you are planning to buy a house. All the Specific requirements can be obtained through the Texas Housing Finance Agency.
Buying a dream home offers many advantages; one among them is the most major being that it allows you to build your own equity (i.e., ownership) when you pay your mortgage each month. The mortgage payments you do can be even less than rent. It's a very crucial point to consider whenever considering home ownership for the first time that you need to decide whether buying or taking a low home loan rates Texas makes financial and practical sense for you right now or if you are better off renting.
About the AuthorJames Andrews well known for his noted information which he provides on many fronts which have an impact on the common mans economy. His current interest these days is being on the mortgage interest rate Texas which is having major impact on people's economy. For more information please visit: http://www.ushomelender.com/
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