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With its proximity to Dallas, Arlington offers a great way of life for people and families looking for homeownership. The city offers access to vibrant culture – and remains affordable. If the prospect of relocating to Arlington intrigues you, keeping up on current mortgage rates will help you make well-informed decisions for your future.
Factors Impacting Mortgage Rates in Arlington, Texas
There are numerous variables that affect mortgage rates in Arlington, such as:
- National Economic Climate
- Supply and Demand Dynamics in Arlington's Housing Market
- Borrower Profiles (Covering Credit Scores, Financial Portfolios, Loan-to-Value Ratios, and more)
- Mortgage Types and Terms
Finding the Best Mortgage Rate in Arlington, Texas
Like any major purchase, securing the most favorable mortgage rate in Arlington requires patience and thoroughness. Don’t just accept the first offer. Instead, compare a minimum of three different options. Making the right choice here could mean you save thousands and thousands of dollars over the lifetime of your loan.
Mortgage Options for Arlington, Texas
Prospective homebuyers in Arlington can consider a range of mortgage options:
- Texas Conventional Mortgages: Requiring a minimum credit score of 620 and a debt-to-income ratio below 45% – and if your down payment falls short of 20%, you’ll need to buy mortgage insurance.
- Texas FHA Loans: If your credit history is a barrier to securing a conventional mortgage, the Federal Housing Administration (FHA) loans offer alternatives. These loans accept credit scores as low as 500, but they do require a higher down payment.
- Texas VA Loans: Veterans and active-duty military personnel can acquire a Veteran Affairs loan, which eliminates the need for a down payment or mortgage insurance. A funding fee ranging from 2.3 to 3.6 percent may apply.
Programs for First-Time Homebuyers in Arlington, Texas
The State of Texas extends several programs aimed at supporting first-time homebuyers embarking on their homeownership journey:
- My First Texas Home: Administered by the Texas Department of Housing and Community Affairs (TDHCA), this program offers reduced monthly payments and provides small loans to assist with down payments and closing costs.
- Homes Sweet Texas Home Loan Program: Accessible to both first-time and repeat buyers, this program extends grants for down payment assistance and 30-year fixed-rate mortgages – with no obligation to repay the grants.
- Homes for Texas Heroes Home Loan Program: Recognizing the contributions of public service professionals such as police officers, veterans, teachers, and emergency medical services personnel, this program tailors benefits similar to the Homes Sweet Texas Home Loan Program.
- TSAHC Mortgage Credit Certificates: Empowered by the Texas State Affordable Housing Corporation, this program presents tax credits tied to responsible mortgage payments, which means savings for homeowners in the long run.
Finding the Ideal Mortgage in Arlington Requires Patience
Homeownership is a challenge, but it’s not impossible – especially in Arlington. It requires financial planning and disciplined saving. But it’s doable. At Texas United, we are dedicated to helping our clients find the right mortgage for their situation. Learn more today!