(Updated for 2022) If you’re a homeowner or home buyer in Texas, you’ve probably heard of homestead exemptions. Maybe that’s what brought you to our site. You’ve come to the right place! Below, you can learn all about Texas homestead exemptions, their basic requirements, and the application process.

What Is a Texas Homestead Exemption?

At its core, a Texas homestead exemption is basically a tax break for qualifying homeowners. It’s one of the many perks of buying and owning a home in the Lone Star State. A homestead exemption allows you to “write down” your property value, so you don’t get taxed as much.

As you probably know, residential property taxes are a major revenue source for the state of Texas. They help fund public schools, libraries, streets and roads, and more. They also compensate for the lack of state income tax. Texas is one of several states that do not impose a statewide income tax. As a result, they tend to lean more heavily on homeowners to generate necessary revenues.

And that’s where the Texas homestead exemption comes into the picture. The “residence homestead exemption,” as it’s officially known, is one of several tax breaks associated with homeownership. The state offers additional exemptions for military veterans, disabled persons, homeowners over 65, etc. But those are the subject of another article.

Click here for general information on homestead exemptions. Find your county here.

How Does the Standard Exemption Work?

Let’s talks specifics. Here’s how the basic Texas homestead exemption works. Section 11.13(b) of the state’s tax code requires public school districts to offer a $40,000 exemption on “residence homesteads” located within their districts. That’s legal jargon for a home that serves as a primary residence.

Other sections of the tax code offer similar exemptions:

• Section 11.13(n) gives taxing units the option to offer a separate homestead exemption of up to 20% of the appraised property value — but not less than $5,000.
• Section 11.13(a) requires a homestead exemption of $3,000 to be offered in those counties that collect flood-control or “farm-to-market” taxes.

The most common type of homestead exemption in Texas is the $40,000 reduction mentioned above, as outlined in section 11.13(b) of the state tax code.

So how does that exemption work?

Let’s say the local tax assessor or appraiser in your area determines that your home is worth $200,000. Under the standard Texas homestead exemption, you would be allowed to reduce the taxable value of your property by $25,000. So you would only be paying taxes on a $175,000 property value, versus $200,000. That could potentially save you hundreds of dollars annually.

Depending on where you live, you might have a separate exemption of up to $40,000. So this is something you’ll want to research at the local level, starting with your county’s tax website. Look for the “appraisal district” section of the website. That’s where you’ll find the homestead exemption rules and guidelines for your county, as well as any special requirements.

Prior to January 1, 2022, homestead exemptions could not be filed until the year after a home was purchased. As of 2022, homeowners may file for a homestead exemption immediately upon closing on their property, so long as an exemption has not yet been filed for that tax year.

Who Qualifies for It?

The good news is that there aren’t any strict qualification criteria for the general ($40,000) homestead exemption. You must have an ownership interest in the property and use it as your “principal residence.” In other words, you can’t use a homestead exemption on a second / vacation home. But that’s about it, as far as requirements go.

As it states on the Texas Comptroller’s website:

“A homestead can be a separate structure, condominium or a manufactured home located on owned or leased land, as long as the individual living in the home owns it. A homestead can include up to 20 acres, if the land is owned by the homeowner and used for a purpose related to the residential use of the homestead.”

Note: The general rules and procedures for a Texas homestead exemption come from state taxation officials. But the individual counties can implement them in different ways. So the exact requirements and exemption amounts can vary slightly from one county to the next.

Click here for general information on homestead exemptions. Find your county here.

How Do I Apply for It?

Applying for homestead exemptions in Texas is fairly straightforward, assuming you meet the basic eligibility requirements mentioned above. All you have to do is file a bit of paperwork.

The process can vary slightly from one county to the next. But in general, it works like this:

1. Visit the tax appraisal website for your county to find any specific instructions.
2. Obtain a copy of the “Application of Residential Homestead Exemption” (a.k.a., Property Tax Form 50-114) from your local appraisal district.
3. Complete the application with the required information about yourself and the property you’re claiming as a primary residence.
4. Submit the form in accordance with instructions provided by your appraisal district.
5. Provide any additional items your district might require (e.g., copy of driver’s license).
6. Follow up with your local appraisal district if you don’t receive any confirmation.

To learn more: If you have additional questions about this subject, you can refer to the “property tax exemptions” section of the Texas comptroller’s office. Their site offers more information on the topics covered above, along with a helpful FAQ section. You can find it with a quick Google search. You’ll also want to visit the “appraisal district” website for your particular county.

Have mortgage questions? Trinity Oaks Mortgage proudly serves the entire DFW Metroplex. Our experienced loan officers can answer any mortgage-related questions you have and guide you through the process. We look forward to hearing from you!

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What makes Trinity Oaks Mortgage different from all of the other mortgage companies out there? Among other things, love. You’ll find that word within our core values. It’s the centerpiece for all that we do.

You don’t hear the word “love” used a lot within the mortgage industry. Many lenders focus on the bottom line, the nuts and bolts, the dollars and sense. Sure, those things matter. But we believe you deserve a lot more from your mortgage provider.

As a borrower, you want to succeed with your financing goals. That’s probably first and foremost in your mind. You want a good interest rate, a streamlined lending process, and an affordable monthly payment. In other words, you want to make a smart investment. And we can check all of those boxes for you.

At the same time, we believe you deserve more than these bare-minimum requirements. You deserve to work with a company that’s truly invested in your long-term financial success, a company that cares about you. That’s what you’ll find at Trinity Oaks Mortgage.

We strive to create lifelong relationships with each and every one of our clients, supporting you through the home-buying process and beyond. We will work closely with you to create a home financing strategy built around your specific needs and goals. That’s just one of the ways we show love to our clients.

Our core values drive us, day in and day out, to create a one-of-a-kind, world-class mortgage experience for our clients:

• Generous love
• Honest communication
• 2nd mile service
• Relentless pursuit of excellence

Generous Love

Our first of the 4 core values is Love. It’s an integral part of our company philosophy and central to how we conduct business. It’s how we treat people in general, both in and outside of our company.

There are many ways to show love, even within the context of a mortgage transaction. We show our employees and clients love through our actions, our time, and our talents. We want everyone we deal with to know they are loved and valued.

Honest Communication

Communication is a vital part of the home buying and mortgage process. There are many people involved with the process, and a lot of “moving parts.” Effective communication is the glue that holds it all together.

Over the years, we’ve learned the value of open and honest communications within the finance world. We take it so seriously that we’ve incorporated it as one of core values. If you use Trinity Oaks Mortgage for your home financing needs, you’ll enjoy honesty and communication through every step of the process.

2nd Mile Service

At Trinity Oaks Mortgage, we live to serve others and go the extra mile to accomplish that goal. That’s what this core value is all about. We deliver a “2nd mile service” by exceeding our customers’ expectations in every way possible. We encourage our team to spend extra time and make the extra effort for the benefit of our treasured customers.

Relentless Pursuit of Excellence

Our last of the 4 core values is “Relentless Pursuit of Excellence.” You’ve probably heard the expression: “There’s always room for improvement.” This is a great philosophy that can be applied to everything from sports to business to personal development. At Trinity Oaks Mortgage, we apply this concept to every aspect of our business.

We encourage our team members to strive for excellence in all they do. Among other things, this means we must be open-minded and willing to adapt to changing circumstances. As a customer, you’ll benefit from this directly. From application to closing and beyond, you’ll receive excellent care from the entire team at Trinity Oaks Mortgage.

Have questions? Trinity Oaks Mortgage offers a wide variety of home loan options, including FHA. Please contact us if you have questions about the FHA loan requirements in Texas, or other mortgage-related topics.

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FHA loans are a popular financing option among home buyers in Texas. This program appeals to first-time buyers in particular, especially those with limited funds in the bank. FHA loans offer several key advantages, including a relatively low down payment of just 3.5%. As with all mortgage programs, there are certain guidelines and FHA loan requirements in Texas. Below, we will examine some of the minimum requirements for this program.

Minimum FHA Loan Requirements in Texas

Federal Housing Administration (FHA) loans are originated by mortgage lenders in the private sector, just like most other types of mortgage loans. Insurance is what makes the program unique. The federal government partially insures FHA loans, and that’s what distinguishes them from conventional or “regular” mortgage products.

The Federal Housing Administration falls under the Department of Housing and Urban Development (HUD). Among other things, HUD establishes the minimum guidelines for this mortgage program. Here are the basic eligibility FHA Loan Requirements in Texas.

Minimum Down Payment

Borrowers who use this program to buy a home must put down at least 3.5% of the appraised value or purchase price. That’s one of the key benefits offered by the FHA loan program. It allows for a relatively low down payment, reducing one of the hurdles to homeownership.

The down payment money doesn’t necessarily have to come out of your own pocket. When using an FHA loan to buy a home in Texas, you could obtain some of your down payment funds from a third-party donor. Family members and other approved sources can contribute money to your minimum required down payment — another big advantage.

But there are requirements for this as well. Down payment gift money must be thoroughly documented. The person providing the funds must submit a signed letter stating that they do not expect any kind of repayment.

Credit Scores

Credit scores are another important requirement when using a Texas FHA loan. Your credit score shows how you have borrowed and repaid money in the past. It’s based on information contained within your credit reports.

People who typically pay their bills on time tend to have higher scores, while those with a pattern of late or missed payments often have lower ones.

When it comes to the credit score requirements for Texas FHA loans, there are two important numbers you should know about — 500 and 580. According to HUD, borrowers must have a credit score of 500 or higher to be eligible for the program. To take advantage of the popular 3.5% down payment option mentioned above, borrowers must have a score of 580 or higher.

Debt-to-Income Ratios

When applying for a mortgage loan in Texas (whether it’s FHA, conventional or VA), you’ll probably encounter the term “debt-to-income ratio.” As the name suggests, this ratio compares your gross monthly income to your recurring monthly debts. It’s a risk-assessment tool.

Having a lower debt-to-income ratio can increase your chances for qualifying for an FHA loan in Texas. A higher-than-average “DTI” ratio can have the opposite effect, especially if it rises above the 50% mark. The goal here is to ensure that you, the borrower, are not assuming too much additional debt by taking on a home loan.

The debt-related requirements for Texas FHA loans are somewhat flexible. HUD allows for higher debt ratios in cases where the borrower has “compensating factors,” like extra cash reserves in the bank. Please contact us if you have questions about this or any other FHA loan requirement covered in this article.

FHA Loan Limits in Texas

Lastly, we have loan limits. When using an FHA-insured mortgage to buy a home, you’ll have to meet the loan limit requirements for your particular county. These limits represent the maximum amount you can borrow through this program.

Loan limits can vary from one county to the next, because they’re based on median home values. In 2021, the FHA loan limit for most Texas counties is $356,362. In pricier counties, like those that fall within the Austin metro area, the limit is currently set at $416,300. The Dallas-Fort Worth area has a limit of $416,300 in 2021.

Note: These figures apply to single-family home purchases in particular. There are higher caps for multi-family properties, such as duplexes and triplexes.

Have questions? Trinity Oaks Mortgage offers a wide variety of home loan options, including FHA. Please contact us if you have questions about the FHA loan requirements in Texas, or other mortgage-related topics.

The post FHA Loan Requirements in Texas: Updated for 2021 appeared first on Trinity Oaks Mortgage.

With the end of the year fast approaching, a lot of home buyers in the Dallas metro area are looking ahead to 2021. And many of them share the same overriding question. Will 2021 be a good year to buy a home in the Dallas-Fort Worth area?

From a market standpoint, now could be a great time to make a purchase. Those who postpone their home-buying plans until later in 2021 could encounter higher housing costs. So an argument could be made for buying sooner rather than later.

Understanding current housing market trends can help you answer this question. So let’s take a look at where the market is now, and where it might be going in 2021.

Dallas-Fort Worth Home Prices Rose Steadily During 2020

The Dallas-Fort Worth real estate market showed surprising strength throughout 2020. In the early days of the coronavirus pandemic, some feared that the real estate market might experience a downturn. Instead, home-buying activity continued at a steady pace.

According to a recent report from the MetroTex Association of Realtors, the median home price across the Dallas-Fort Worth area rose by nearly 13% from November 2019 to November 2020. That’s remarkable, when you consider the fact that we were dealing with a pandemic and economic slowdown during much of that period.

This relates back to the question at hand: Will 2021 be a good time to buy a home in Dallas? From an investment standpoint, the answer for many folks is yes. Home values in the area have shown resilience over the past year, due to strong demand from buyers. So it’s logical to assume that prices will continue to hold up going forward.

In a December 2020 press release, the research team at Realtor.com predicted that the median home price for the Dallas-Fort Worth-Arlington metropolitan area would rise by around 4.4% during 2021. Analysts from Zillow made a similar prediction, suggesting prices in the DFW area could rise by more than 5% over the next year or so.

So a sense of urgency might be warranted, among home buyers. Those who make a purchase earlier in 2021 could shield themselves from higher costs down the road. According to the Realtor.com report mentioned earlier:

“Buyers will need to act with a sense of urgency if they want to lock in a low rate before home prices increase even more in 2021.”

Speaking of low rates, that’s another reason why 2021 could be a good year to buy a home in the Dallas area.

Mortgage Rates Hovering at Record Lows, for Now

During the latter half of 2020, mortgage rates dropped from one record low to another. According to the weekly survey conducted by Freddie Mac, the average rate for a 30-year fixed mortgage was 2.71% for the week of December 10, 2020. That was the lowest average in more than 50 years. From an interest-rate standpoint, right now is a great time to buy a home in the Dallas-Fort Worth area.

Unfortunately, we can’t say with certainty how long this low-rate environment will last. Home buyers today can benefit by locking in some of the lowest rates we’ve ever seen. But that could change over the coming months.

In their mid-November forecast, the Mortgage Bankers Association predicted that 30-year mortgage rates could average 3% during the first half of 2021. Beyond that, they expect rates to creep up slightly. If this forecast proves to be accurate, it means that Dallas-area home buyers could encounter higher home prices and higher rates during the latter part of 2021.

Summary: A Good Time to Buy in 2021

We’ve covered a lot of information in this report, because we believe in keeping home buyers well informed about current market conditions. Here are five important takeaways:

• Home prices across the DFW metro area rose steadily during 2020.
• Forecasters are predicting a continuation of this trend going into 2021.
• Home buyers who purchase over the coming months could face higher prices.
• Mortgage rates are currently hovering at historically low levels.
• For many reasons, 2021 could be a good year to buy a home in the Dallas area.

Have mortgage questions? Trinity Oaks Mortgage proudly serves the entire DFW Metroplex. Our experienced loan officers can answer any mortgage-related questions you have and guide you through the process. We look forward to hearing from you!

The post Will 2021 Be a Good Year to Buy a Home in the DFW Area? appeared first on Trinity Oaks Mortgage.

Summary: The Dallas-Fort Worth metro area has a sizeable military population. As a result, there are many home buyers in the area who could benefit from using a VA-guaranteed home loan. The VA loan program offers many benefits for Dallas-area home buyers. Today, we’ll examine 5 VA Loan Benefits .

Most military members and veterans in the Dallas area are eligible for the VA loan program. It’s open to just about anyone who has served in the military, under honorable conditions. And there’s a lot to like about this program.

Congress created the Department of Veterans Affairs (VA) home loan program in the 1940s, to reward servicemembers in the wake of World War II. It has been going strong ever since. Today, VA loans give home buyers the ability to purchase a property with no money down. But that’s just one of the benefits.

Benefit #1: You could buy a home with no down payment.

If you use a VA loan to buy a home in the Dallas area, you could potentially finance 100% of the purchase price. In other words, you could buy a house with zero money down. This is arguably the biggest benefit to using the VA loan program.

Numerous surveys over the years have shown that the down payment is the biggest obstacle to homeownership. But in many cases, it’s only a perceived obstacle. In 2018, a joint report from the Urban Institute and Freddie Mac stated:

“Yet most potential homebuyers are largely unaware that there are low down payment and no down payment assistance programs available at the local, state, and federal levels to help eligible borrowers secure an affordable down payment.”

For decades, the VA loan program has enabled military members and veterans to buy a house with no money down. So much for that obstacle.

Benefit #2: You could avoid paying mortgage insurance.

Home buyers in the Dallas area who put down less than 20% on a home purchase usually have to pay for mortgage insurance. These specialized insurance policies are often required when the loan-to-value (LTV) ratio rises above 80%.

This is another major benefit of using a VA loan. Borrowers who use this program can typically avoid paying mortgage insurance — even when they put no money down. As it states on the Department of Veterans Affairs website: “With a VA loan, you also avoid steep mortgage insurance fees.” All of this translates into a more manageable monthly loan payment.

Benefit #3: Seller concessions and closing cost contributions are allowed.

The VA loan program also allows sellers to contribute money toward the home buyer’s closing costs and other fees. This gives you, the buyer, more flexibility when it comes to negotiations. It could also save you thousands of dollars in out-of-pocket costs.

Within the context of VA loans, a “seller concession” occurs when the person selling the property helps cover a cost that the buyer would normally pay. For example, the seller might agree to pay the buyer’s VA loan funding fee, mortgage discount points, or other costs.

In addition to these concessions, the home buyer can also ask the seller to pay some or all of their closing costs.

Granted, these things are “market dependent.” In a slower real estate market, sellers are generally more willing to contribute to the buyer’s costs. While in a hot market, they might decline such a request. (Seek your real estate agent’s advice on this subject.)

Benefit #4: VA loans offer competitive interest rates.

DFW home buyers who use VA loans to buy a house can also benefit from competitive mortgage rates. According to a study conducted by Polygon Research, borrowers who use the VA program tend to have the lowest interest rates and origination fees of all the different mortgage types. To measure this, the research firm analyzed data collected under the Home Mortgage Disclosure Act (HMDA).

To quote their November 2020 report:

“From HMDAVision® [an analysis tool] we see that VA loans in fact on average had the lowest interest rates in 2019 — both for all VA loans, and for the home purchase subset.”

It’s also worth noting that mortgage rates are currently hovering at historically low levels, regardless of mortgage type. On December 17, Freddie Mac reported that the average rate for a 30-year fixed home loan had fallen to 2.67%. That was the lowest average in more than 50 years, to date.

Mortgage loan interest rates can vary from one borrower to the next, for a number of reasons. But it’s good to know that our deserving military members and veterans often qualify for some of the lowest rates available.

Benefit #5: You don’t need perfect credit to qualify.

VA mortgage loans are partially guaranteed by the federal government. That’s what makes this program unique, when compared to conventional or “regular” home loans. As a result of this government backing, the program offers flexible qualification criteria for borrowers.

In conclusion, you don’t need perfect credit to qualify for a VA loan in the Dallas area. The most important thing is that you have steady and stable income, enough to cover your monthly payments and other recurring debts. Share these 5 VA Loan Benefits for DFW Area Home Buyers to your fellow veterans!

Learn more about the mortgage process. Contact a loan advisor today to take advantage of the loan limit increase.

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What Are The Different Types of Loans?

There are many different types of mortgage loans, but the most common are government-insured mortgages like FHA, VA, and USDA and those that are not insured by federal agencies such as Conventional and Jumbo loans. Below we will give an overview of these popular options and list a few pros and cons of each loan type to help you identify which type of loan is right best suits you based on your financial situation. As always, it’s best to consult with a mortgage loan officer who will help you choose the mortgage loan that is right for you!

Government Insured Mortgages

There are 3 government agencies that back mortgage loans: the Federal Housing Administration (FHA), the U.S. Department of Agriculture (USDA), and the U.S. Department of Veteran Affairs (VA).

FHA loans help make homeownership possible for borrowers who don’t have a large down payment saved up and may not have a strong credit score. You’ll need a minimum FICO score of 580 if you wish to take advantage of the minimum 3.5% down payment, but you can get by with a credit score of 500 if you put down at least 10%. Private Mortgage Insurance (PMI) is required for loans with less than a 20% down payment. FHA loans can be a great option for first-time homebuyers who may not have a large down payment but are ready to move from renting to owning and begin building equity in their homes.

VA loans are designed to provide flexible, low-interest mortgages for members of the U.S. military (active duty and veterans). A VA loan is a mortgage that is made by private lenders but partially backed by the Department of Veterans Affairs. While there aren’t limits on how much you can borrow, there are limits on how much the VA will guarantee. For those who meet the eligibility requirements, VA loans can be the key to becoming a homeowner.  These loans do not require a down payment or PMI and can only be used to finance a primary residence.

USDA loans help moderate to low-income borrowers purchase a home in a USDA-eligible area. You must meet certain income limits to qualify. Some USDA loans do not require a down payment for eligible borrowers with low income but keep in mind that a down payment upfront can help lower your monthly mortgage payments saving you money in the long run.

Pros of Government Insured Mortgages

• Credit requirements are more relaxed.
• A large down payment isn’t needed.
• A great option to help you finance your home purchase if you don’t qualify for a conventional loan.
• First-time home buyers and repeat home buyers alike can take advantage of these types of loans.

Cons of Government Insured Mortgages

• Since a smaller down payment (or no down payment) is required for these types of loans, private mortgage insurance is required if you put down less than 20% of the home’s purchase price.
• If you choose a government-insured loan due to a low credit score, your interest rate will be higher than that of a conventional loan with excellent credit.
• The overall borrowing costs may be higher.

Conventional Mortgages

Opposite of government-insured loans, a Conventional loan is not backed by the federal government. Conventional loans are ideal for borrowers with strong credit, a stable income and employment history, and a down payment of at least 3 percent. There are two categories of Conventional loans known as conforming and non-conforming. Simply put, a conforming loan falls within the maximum loan limits set by the Federal Housing Finance Agency and a non-conforming loan does not. Learn more about conforming loan limits here.

Pros of Conventional Mortgages

• Borrowing costs tend to be lower than other types of loans.
• Conventional loans can be used to finance primary residences, secondary residences, or investment properties.
• If you put down less than 20% and have PMI, you can ask to cancel the PMI once you have gained 20% equity in your home

Cons of Conventional Mortgages

• You will need to have a FICO score of 620 or higher to qualify for a conventional loan.
• Your debt to income ratio will need to be no more than 45 to 50 percent.
• Significant documentation is required to verify income, assets, down payment, and employment.

Jumbo Mortgages

Since Jumbo loans are non-conforming this means the home’s purchase price exceeds federal loan limits. The loan limit for a single-family home in 2018 was $435,100 in most parts of the U.S. Jumbo loans are more common in areas where home prices are higher and these types of loans make sense for more affluent buyers purchasing a home in this type of area. Borrowers should have good to excellent credit, high incomes, and a substantial down payment.

Pros of Jumbo Mortgages

• You are able to borrow more money to buy a home in a high-cost area.
• Interest rates tend to be competitive for this type of loan.

Cons of Jumbo Mortgages

• A down payment of 10-20% is needed.
• You’ll need a FICO score of 700 or higher (although you may be able to get by with a 660).
• Your debt to income ratio cannot be above 45%.
• You’ll need to prove that you have significant assets in cash or your savings account.

Are you interested in applying for a Home Loan?

Trinity Oaks Mortgage, one of the area’s leading mortgage lenders has vast experience in dealing with many different loan types in Texas. We’re available to answer any questions, help determine if you are eligible, and guide you through the home loan process.

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1. Track your expenses and spending

Knowing where your money goes is an important first step in saving for your home’s down payment. You can save receipts from all of your purchases each month and enter them into an excel spreadsheet or use an app or online tool to track your spending. Being able to see exactly where your hard earned money goes each month can be very eye opening!

2. Establish a budget

Now that you’re tracking your spending, use this information to cut back and keep those dollars in the bank. Sticking to a budget can be challenging, so work hard to stay focused on your goal! If your having trouble sticking to your budget you can try setting aside a small amount each month to spend on yourself. Treating yourself each month can seem like a tiny reward for managing your spending well throughout the month. Just remember, budgeting will definitely pay off once you get the keys to your new home!

3. Create a separate savings account

Another great way to ensure you aren’t spending the money you set aside each month in the event that you need to dip into your regular savings is by creating a separate account for your home buying expenses. Consider this account untouchable. The only time you should touch this account (aside from an emergency) is when you are ready to purchase a home!

We hope these tips are helpful and would love to help you along your home buying journey. Feel free to contact our team with questions or to see how much home you can afford by getting pre-qualified for free. Getting pre-qualified for a mortgage can help you better plan for how much you will need to save for buying a home. To submit an application online and receive a pre-qualification letter, click here to get started!

What methods have you used to help save for the down payment on your home? Let us know in the comments below!!

We LOVE being your lender!

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