American Mortgage® Corporation

Northern Texas includes the city of Fort Worth, and this region serves as a transition zone between the more thickly forested eastern sections of the state and the sloping hills of the center part of the city. In addition to being the 13th-largest city in the United States, Fort Worth has a population of about 956,000 people and is expected to grow by about 1.89% through 2022. Because it attracts over 9.4 million visitors every year, it is also one of the most popular tourist spots in Texas. Due to the city’s popularity as a tourist attraction, more people are lured and attracted to the city, increasing the number of potential homebuyers relocating to the area. As a result, mortgage lenders in Fort Worth have introduced a variety of house loans that are designed to provide flexible conditions for anyone looking to obtain a home loan to purchase a property in the city. There are various mortgage alternatives available in Fort Worth that require a lesser down payment, allowing you to acquire a home with as little as a 3% to 5% down payment.

• Conventional Mortgage: Interest in purchasing a property in Fort Worth, Texas, can be satisfied through a Conventional Mortgage, which will demand a down payment of at least 5% and only 3% for Conventional First Time Home Buyers in the area. Aside from making the needed down payment, prospective borrowers must also have a credit score that meets the specific mortgage loan type requirements. If you want to qualify for a conventional mortgage, you’ll typically need a credit score of 620 or above and a debt-to-income ratio (DTI) of less than 45%.
• FHA, VA and USDA Loans: If you are interested in an FHA loan, you will be asked to provide at least a 3.5% down payment. However, there are also zero-down payment mortgage options available in Fort Worth, including VA Home Loans for veterans of the United States and USDA Home Loans that are offered to eligible USDA rural properties in Fort Worth. Borrowers who apply for FHA loans must have a credit score of 500 or above to be considered for the program. FHA Loan borrowers having a credit score equivalent to 580 or better can take advantage of the popular 3.5% down payment option described above. Meanwhile, selected mortgage lenders allow approvals down to a minimum of 580 credit scores for VA Loans and 620 credit scores for USDA Loans.

The Fort Worth real estate market comprises beautiful residential houses with values ranging from less than $100,000 to $7 million, depending on the location and type of property being purchased. Most homes are built and intended to contain as many as eleven bedrooms and ten bathrooms, depending on the chosen floor plans. Interior usable space in a typical Fort Worth home might be as large as 12,000 sq. ft., allowing for more rooms and spacious areas in each property.

During your house hunt, your realtor will prove to be one of your most valuable assets. Whether you’re a first-time homeowner or considering moving to a newer or larger property, a realtor can be your best companion and most valuable asset. For additional information, be sure to get in touch with us immediately.