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Mortgages
Best Texas Mortgage Lenders

Advertiser Disclosure Updated: Mar 28, 2024, 2:12pm

Best Texas Mortgage Lenders of 2024

Josh PatokaMortgages Writer

Having lived in several states, owning primary residences and investment properties, Josh Patoka uses his experience using mortgages and HELOCs to help first-time home buyers and home owners find the best home loan for their financial goals. His work has been featured on several financial and media websites.

Josh Patoka

Josh PatokaMortgages Writer

Mortgages Writer

Chris JenningsDeputy Editor, Loans & Mortgages

Chris Jennings is a writer and editor with more than seven years of experience in the personal finance and mortgage space. He enjoys simplifying complex mortgage topics for first-time homebuyers and homeowners alike. His work has been featured in a number of outlets, including Yahoo Finance, MSN, Fox Business, and GOBankingRates.

Reviewed

Chris Jennings

Chris JenningsDeputy Editor, Loans & Mortgages

Deputy Editor, Loans & Mortgages

Reviewed

Updated: Mar 28, 2024, 2:12pm

Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations.

Forbes Advisor looked at the best mortgage lenders in Texas to make home loan comparison shopping easier for you. Whether you’re looking to buy a home in the Dallas-Fort Worth area, Midland, or Houston, or you’re just beginning the home-buying process, these are some lenders you may want to consider.

Find The Best Mortgage

Show Summary

Forbes Advisor Best Texas Mortgage Lenders

Chase: Best For Relationship Discounts
Bank of America: Best For Nationwide Availability
Rocket Mortgage: Best For Flexible Mortgage Terms
USAA: Best For Military Households
Comerica Bank: Best For In-Person Support

Best For Relationship Discounts

Chase

Minimum credit score

620

Mortgage rates

Lower than the national average

Minimum down payment

0% to 15%

Compare rates from participating lenders in your area via Bankrate.com

620

Lower than the national average

0% to 15%

Editor's Take

We picked Chase Mortgage as one of the top Texas mortgage lenders for its relationship discounts that offer existing customers reduced processing fees and lower mortgage rates.

For example, customers with combined assets in Chase deposit and investment accounts totaling between $150,000 and $499,999 get $500 off the mortgage processing fee. Borrowers with $500,000 or more get a $1,500 reduction from the processing fees. Chase also offers a mortgage rate discount of up to 0.25% if you have at least $1 million in deposits and investments.

Pros & Cons

Low down payment loans available
Flexible credit and income requirements for certain loans
Discounts for existing customers and borrowers who complete a loan education course
Borrowers will receive $2,500 through the Chase Closing Guarantee if the closing date is missed.

The lender doesn’t offer USDA loans
Home Lending Advisors are not available in Hawaii or Alaska
Chase does not currently offer home equity loans, new HELOC applications are paused

Lender Details

How to apply

Borrowers can apply online. Chase mortgages are offered in 48 states and Washington, D.C.; they are not available in Hawaii or Alaska. However, some loan products might not be available in all states.

Speed

Chase’s preapproval process can take up to two days.

Eligibility

Minimum credit score of 620
Minimum down payment of 0% for VA loans, 3% for some conventional loans and DreaMaker loans, 3.5% for FHA loans and 15% for jumbo loans

Loan types

Chase offers fixed- and adjustable-rate conventional and jumbo mortgages, Federal Housing Administration (FHA) loans, Veterans Affairs (VA) loans and low down payment loans

Loan Type	Yes	No
Conventional	✓
FHA	✓
VA	✓
USDA		✓
Jumbo	✓
ARM	✓
Home equity loan		✓
Specialty	✓ – DreaMaker

Best for nationwide availability

Bank of America

Minimum credit score

620

Mortgage rates

Lower than the national average

Minimum down payment

0% to 3.5%

Compare rates from participating lenders in your area via Bankrate.com

620

Lower than the national average

0% to 3.5%

Editor's Take

We picked Bank of America Mortgage for its online and in-person presence in more than 4,300 financial centers nationwide.

Bank of America provides convenient mortgage access for customers anywhere in the country through its Digital Mortgage Experience. Borrowers can complete applications, electronic signatures for documents and rate locks all online. Borrowers also can connect with a lending specialist online.

Pros & Cons

You can qualify for a no-PMI, low down payment mortgage
Alternative credit data, such as utility and rent payments, are considered
Borrowers have the option to apply online or in person
The bank offers several mortgage discount programs

The lender does not offer USDA loans
Preapproval letter takes 10 days to receive

Lender Details

How to apply

Borrowers can apply online or in person. Mortgages are not available in North and South Dakota, Nebraska, Wyoming, Idaho, West Virginia, Alabama and Wisconsin.

Customer support via phone is available Monday through Friday, 8 a.m. to 10 p.m. ET and Saturday 8 a.m. to 6:30 p.m. ET.

Speed

You can win mortgage preapproval in as little as 20 minutes, with a letter to follow, according to a Bank of America spokesperson.

The lender’s average closing time is between 30 to 45 days, which is about the industry average.

Eligibility

Minimum credit score of 620
Minimum down payment of 0% for VA loans, 3% for the Affordable Solution Mortgage and 3.5% for FHA loans
Alternative credit data, such as rent and utility payments, is accepted

Loan types

Bank of America offers fixed- and adjustable-rate conventional and jumbo mortgages, FHA loans and the Affordable Solution Mortgage, which requires just 3% down and no private mortgage insurance. The lender doesn’t offer USDA loans.

Loan Type	Yes	No
Conventional	✓
FHA	✓
VA	✓
USDA		✓
Jumbo	✓
ARM	✓
Home equity loan	✓
Specialty	✓- Affordable Solution Mortgage

Best For Flexible Mortgage Terms

Rocket Mortgage

Minimum credit score

620

Mortgage rates

Same as national average

Minimum down payment

0% to 3.5%

On Rocket Mortgage's Website

620

Same as national average

0% to 3.5%

Editor's Take

We picked Rocket Mortgage for its flexible YOURgage mortgage product, a fixed-rate mortgage that allows you to choose a custom term from eight to 29 years. This flexibility allows borrowers to choose a product that better fits their mortgage goals.

Note: The YOURgage loan requires a minimum FICO score of 620.

Pros & Cons

Flexible-term mortgages are available, from eight to 29 years; this is in addition to the standard 30-year and 15-year fixed-rate mortgage options
Interest rates are competitive
Customer service hours are extensive

The lender doesn’t offer USDA loans
The lender doesn’t offer HELOCs
The lender doesn’t offer land loans or loans to purchase foreclosures

Lender Details

How to apply

Borrowers can apply online. Phone support is available Monday through Friday, 5 a.m. to 5 p.m. PT. Chat support is available from 5 a.m. to 5 p.m. PT, seven days a week. The lender can preapprove loans within eight minutes.

Speed

As of February 2024, the average time to close a conventional refinance with Rocket Mortgage is 21 days, and the average time to close a conventional purchase loan is 36 days.

Eligibility

Minimum credit score of 580 for FHA and VA loans, 620 for conventional mortgages and 680 for jumbo loans
Minimum down payment of 0% for VA loans, 3% for some conventional loans and 3.5% for FHA loans
Alternative credit data, such as rent and utility payments, is accepted

Loan types

Rocket Mortgage’s product line includes fixed and adjustable-rate mortgages, conventional, jumbo, FHA and VA loans. It also offers its own conventional loan, YOURgage, a custom-term, fixed-rate mortgage. Finally, its FHA streamline refinance loan allows existing FHA borrowers to refinance at a lower rate with less paperwork and no appraisal required. The lender offers home equity loans, but it doesn’t offer USDA loans or HELOCs.

Loan Type	Yes	No
Conventional	✓
FHA	✓
VA	✓
USDA		✓
Jumbo	✓
ARM	✓
Home equity loan	✓
Specialty	✓- YOURgage Flexible-Term Mortgage

Best For Military Households

USAA

Minimum credit score

620

Mortgage rates

Similar to national average

Minimum down payment

0% to 3%

Compare rates from participating lenders in your area via Bankrate.com

620

Similar to national average

0% to 3%

Editor's Take

We picked San Antonio-based USAA Mortgage for U.S. military members, veterans, precommisioned officers and their families. While USAA specializes in VA loans—including VA purchase loans, VA jumbo loans and VA interest rate reduction refinance loans (IRRRL)—it also offers conventional mortgages and a low-down-payment loan program.

Pros & Cons

Several low or no down payment options are available
Home loans available nationwide
Online and phone-based application process

No FHA or USDA loans or home equity products
Strict membership requirements
Cash-out refinance products not available in Texas

Lender Details

How to apply
Home loans are available in all 50 U.S. states and Washington, D.C. Two notable exceptions are cash-out refinancing in Texas and conventional home loans in Hawaii.

Start an application online or by phone to receive preapproval within minutes. Loan agents are available by phone Monday to Friday, 7 a.m. to 8 p.m. CT.

Speed
On average, it takes about 40 days to close a purchase loan with USAA.

Eligibility

Minimum credit score of 620 for all USAA mortgages
Minimum down payment of 0% for VA loans; 3% for conventional loans
Membership is necessary to apply for a home loan at USAA

Loan types
USAA offers eligible borrowers several types of VA loans, including purchase loans, jumbo purchase loans, IRRRLs and cash-out refinance loans. The lender also has conventional loans, a low down payment option and the Fannie Mae HomeReady program.

Loan Type	Yes	No
Conventional	✓
FHA		✓
VA	✓
USDA		✓
Jumbo	✓
ARM		✓
Home equity loan		✓
Specialty	✓ – Low down payment

Best For In-Person Support

Comerica Bank

Minimum credit score

620

Mortgage rates

Does not publicly disclose

Minimum down payment

3% to 10%

Compare rates from participating lenders in your area via Bankrate.com

620

Does not publicly disclose

3% to 10%

Editor's Take

We picked Comerica Bank for customers requiring in-person support. The Dallas-based lender has more than a hundred branch locations in Texas. Mortgage loan specialists are available by phone and at local banking centers.

Pros & Cons

Offers home purchase, refinance and HELOC products
Discounted closing costs for existing Comerica checking account holders
No annual HELOC fee for Texas customers

No online application process
Does not advertise interest rates online
Limited state availability

Lender Details

How to apply

Prospective borrowers can apply over the phone or at a local banking center. Comerica doesn’t have an online mortgage application process.

Speed

Comerica closes home loans on average in less than 27 days.

Eligibility

Minimum credit score of 620 for all Comerica Bank mortgages
Minimum down payment of 3% for conventional loans; 3.5% for FHA loans and 10% for jumbo loans

Loan types

Comerica offers conventional conforming and nonconforming mortgages, jumbo loans and FHA loans under both fixed- and variable-rate terms. It also offers mortgage refinancing and home equity lines of credit.

Loan Type	Yes	No
Conventional	✓
FHA	✓
VA		✓
USDA		✓
Jumbo	✓
Jumbo	✓
Home equity loan	✓
Specialty		✓

Summary: Best Texas Mortgage Lenders

Company	Forbes Advisor Rating	Minimum credit score	Mortgage rates	Minimum Down Payment	Learn More CTA text	Learn more CTA below text
Chase	5.0	620	Lower than the national average	0% to 15%	Compare Rates	Compare rates from participating lenders in your area via Bankrate.com
Bank of America	4.5	620	Lower than the national average	0% to 3.5%	Compare Rates	Compare rates from participating lenders in your area via Bankrate.com
Quicken Loans	4.5	580	Same as national average	0% to 3.5%	Compare Rates	Compare rates from participating lenders in your area via Bankrate.com
USAA	4.0	620	Similar to national average	0% to 3%	Compare Rates	Compare rates from participating lenders in your area via Bankrate.com
Comerica Bank	4.0	620	Does not publicly disclose	3% to 10%	Compare Rates	Compare rates from participating lenders in your area via Bankrate.com

Texas First-Time Home Buyer Programs

The Housing Finance Agency for the State of Texas coordinates several different initiatives through The Texas Homebuyer Program. It’s possible to qualify for below-average mortgage interest rates, mortgage credit certificates (MCCs) and up to 5% in closing cost and down payment assistance. Some of the program’s most popular initiatives include:

My First Texas Home. First-time buyers and veterans can receive a low-interest 30-year mortgage with this program. It offers up to 5% of the loan amount for down payment and closing cost assistance.
My Choice Texas Home. Repeat buyers and veterans can qualify for a 30-year home loan with a competitive interest rate and up to 5% for down payment or closing cost assistance.
Texas Homebuyer U. This free online education course is a prerequisite to qualify for many Texas home buyer programs. It can also help you apply for an MCC, which serves as a mortgage interest tax credit on your federal taxes.

There are several other programs that first-time home buyers in Texas may be eligible for through local agencies and mortgage lenders. One notable option is the Home Sweet Texas Home Loan Program. Made possible by the Texas State Affordable Housing Corporation, this program provides home loans and down payment assistance to households with a low or moderate income.

2024 Texas Conforming and FHA Loan Limits

Most conventional mortgages with competitive interest rates fall within the Federal Housing Finance Agency (FHFA) conforming loan limits , which allows them to receive the backing of Fannie Mae and Freddie Mac.

Below are the current conforming loan limits for all counties in Texas.

2024 Conforming Loan Limits in Texas
Property	Loan Limit
One-Unit	$766,550
Two-Unit	$981,500
Three-Unit	$1,186,350
Four-Unit	$1,474,400

The FHA loan limits apply strictly to FHA loans and are separate from the FHFA limits. They’re also significantly lower. For 2024, the one-family loan limit is $498,257 in most counties. The limit increases to $557,750 for the San Antonio-New Braunfels metro area, $563,500 in the Dallas-Fort Worth-Arlington area and $571,750 for the Austin-Round Rock-Georgetown area.

2024 FHA Loan Limits in Texas
County	Loan Limit (One Unit)
Bastrop	$571,550
Caldwell	$571,550
Collin	$563,500
Atascosa	$557,750
Bandera	$557,750
Bexar	$557,750
Comal	$557,750
All Remaining Counties	$498,257

Methodology

When determining the best lenders by state, we graded each lender based on features that have a meaningful impact on the cost of a mortgage and a borrower’s experience, including interest rates, loan options, minimum credit score, accessibility, closing time and customer service.

We award bonus points if a lender offers a specialty rate discount or mortgage product, a home equity product or maintains a fully online mortgage application process.

Our scoring method is broken down as follows:

Interest rate. 20%
Loan options. 20%
Time to close. 20%
Accessibility. 20%
Customer service experience. 20%
Bonus points. Up to 25 points

We chose to focus on these core elements to bring forward lenders that offer the most competitive rates while also providing a satisfactory customer experience accessible to borrowers of all financial backgrounds. We believe this scoring system best reflects consumers’ top priorities when comparison shopping for mortgage lenders.

To learn more about our rating and review methodology and editorial process, check out our guide on How Forbes Advisor Reviews Mortgage Lenders.

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Information provided on Forbes Advisor is for educational purposes only. Your financial situation is unique and the products and services we review may not be right for your circumstances. We do not offer financial advice, advisory or brokerage services, nor do we recommend or advise individuals or to buy or sell particular stocks or securities. Performance information may have changed since the time of publication. Past performance is not indicative of future results.

Forbes Advisor adheres to strict editorial integrity standards. To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. The opinions expressed are the author’s alone and have not been provided, approved, or otherwise endorsed by our partners.

Josh Patoka

Mortgages Writer

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Best Texas Mortgage Lenders of 2024

Why you can trust Forbes Advisor

Forbes Advisor Best Texas Mortgage Lenders

Best For Relationship Discounts

Chase

Best for nationwide availability

Bank of America

Best For Flexible Mortgage Terms

Rocket Mortgage

Best For Military Households

USAA

Best For In-Person Support

Comerica Bank

Summary: Best Texas Mortgage Lenders

Texas First-Time Home Buyer Programs

2024 Texas Conforming and FHA Loan Limits

Methodology

Faster, easier mortgage lending

Next Up In Mortgages