Foreclosure Opportunities: How an Independent Bank Can Help You Become a Homeowner in Lubbock, Texas

If you want to buy a home in Lubbock, Texas, there is no general rule to help you achieve this, as both the property and financing must be tailored to your personal needs. But today, there are plenty of banks that can assist you.

Among them is SouthStar Bank, one of the largest independent banks in Texas, which offers personalized solutions for your particular situation. As a community bank, it is focused on providing options that consider people and their circumstances, not just their credit scores.

This great independent bank offers you the following four mortgage options:

Conventional Fixed-Rate and Adjustable-Rate Mortgages

Using government-backed programs like Fannie Mae, Freddie Mac, and FHA, along with the numerous conventional mortgage programs we all know, mortgage specialists work to review your credit qualifications to identify the ideal financing solution for you without waiting for an out-of-state review committee to evaluate your case. Once your application is approved, it will offer you very low closing costs and highly competitive interest rates.

HOPE Mortgage Loans

The “Housing Opportunities are a Priority for Everyone” program, better known as HOPE, is a program that helps you overcome the most common obstacle for those looking to buy a home: the down payment, which is becoming an increasingly bigger hurdle as home prices rise, making that initial payment seem even more unattainable.

The biggest benefit of the HOPE loan is that it does not require a down payment, nor is private mortgage insurance (PMI) required. The 30-year fixed amortization rate also helps improve your financial flexibility, resulting in lower payments. Perhaps the only drawback is that a minimum credit score of 620 is needed for this loan, which won’t be a problem if you’ve maintained good credit behavior throughout your life.

ITIN Mortgage Loans

If you don’t have a Social Security number, this could be a great solution for you, as SouthStar Bank mortgage experts can help you purchase a single-family home using your individual taxpayer identification number as identification.

There is no need to prove immigration status, and a credit score of 650 or higher is not required for eligibility. However, you must submit income tax returns using an ITIN.

Star Advantage Program

SouthStar Bank makes mortgage decisions based on a holistic view that includes your financial future, not just your past. If for any reason you don’t meet the strict requirements for a conventional mortgage, a mortgage loan through this program could be the solution to becoming a homeowner in Lubbock or elsewhere in Texas.

These loans allow eligible buyers to get the financing they need for homeownership, even if they are self-employed, retired, just starting a new job, recovering from a financial crisis, or have even come out of foreclosure or bankruptcy.

Among the loan portfolio, there are also other loans available for unconventional properties, such as lots, eco-homes, investment properties, and construction financing, among others.

Available Foreclosures:

Austin: 120 homes available. 

Dallas: 95 homes available. 

Houston: 150 homes available.

By Elias DaSilva | September 24, 2024.