An Individual Approach
At BOE Texas we take a community-focused approach, meaning we get to know our customers before suggesting any of our loan products. Our goal is to understand your needs so we can match you with the right type of loan.
Loan Products
White glove customer service and support makes it a painless process to find the right loan to achieve your financial and home ownership goals.
Help Me Decide
Let one of our representatives reach out and help you decide which loan is best for you.
Conventional Loan
A conventional mortgage or conventional loan is a home buyers loan that is not offered or secured by a government entity. It is available through or guaranteed by a private lender or the two government sponsored enterprises – Fannie Mae and Freddie Mac.
- Don’t have to live in the property
- Lower overall borrowing costs
- Minimum 620 FICO score
- Higher down payment
- No more than 43% DTI ratio
FHA Loan
A Federal Housing Administration (FHA) loan is a mortgage that is insured by the Federal Housing Administration and issued by an FHA-approved lender. FHA loans are designed for middle-income borrowers; they require a lower minimum down payment and lower credit scores than many conventional loans.
- Must live in the property
- Minimum 500 FICO score
- Low downpayment required
- Seller can contribute to closing costs
- Requires two insurance premiums
VA Loan
VA loans are a type of military loan that mortgage lenders issue to qualified veterans, active service members and spouses. They’re backed by the government through the Department of Veterans Affairs (VA).
- Must be active or veteran of US Military
- Must live in the property
- No downpayment required
- Lowest possible interest rates
- Lower credit scores accepted
USDA Loan
USDA home loans open up the dream of owning a home to people in low-population areas who otherwise could not afford it. If you live in a place with a population of less than 35,000 and you can’t qualify for a conventional loan, you may qualify for a USDA guaranteed loan or a USDA direct loan.
- Must live in the property
- Home must be in an eligible area
- Possibly no downpayment required
- Ideal for low income borrowers
- Includes extra fees
Bond Loan
A mortgage revenue bond (MRB) is a type of municipal bond that is issued by local housing authorities to finance mortgages for qualified, usually people whose self-reported incomes were in the lowest income bracket, first-time home buyers.
- Ideal for low to mid income buyers
- Must not exceed income limits
- Possible closing cost assistance
- Lower interest rates available
- Issued by state and local governments
Jumbo Loan
A jumbo loan is a type of financing that exceeds the limits set by the Federal Housing Finance Agency and cannot be purchased, guaranteed, or securitized by Fannie Mae or Freddie Mac. Homeowners must undergo more rigorous credit requirements than those applying for a conventional loan.
- Ideal for higher-cost areas
- 700 FICO score or higher
- Can borrow much more money
- Downpayment of 10 – 20% needed
- No more than 45% DTI ratio
- Significant assets required
