Mortgage rates for San Antonio, Texas go down to 3.00%

Mortgage rates for San Antonio, Texas on Lender411 for 30-year fixed-rate mortgages are at 3.00%. That dropped from 3.00% to 3.00%. The 15-year fixed rates are now at 2.56%. The 5/1 ARM mortgage for San Antonio, Texas is now at 4.56%.

San Antonio is where people can visit the famous site The Alamo. Other things to see in San Antonio are the River Walk and the Tower of the Americas. San Antonio is the second most populous city in Texas. San Antonio has four distinct areas of specialization in its economy: national defense, tourism, financial services and health care.

San Antonio FHA Loans

The Federal Housing Administration (FHA) insures loans that have long been favorites of first time buyers and those with smaller cash reserves thanks to its low down payment requirement and relaxed credit standards. If you qualify, you'll be subject to the following requirements:

• Down payment, loan-to-value (LTV): 3.5%, 96.5%.
• Credit score minimum: Typically 580 or greater. 
• Debt-to-income (DTI): Typically 45-50% or less. 
• Upfront mortgage insurance of 1.75% the base loan amount is required. 

Annual mortgage insurance premiums of varying percentage are also required, and paid monthly. New FHA borrowers, however, will receive annual MIP rates of half a percent lower than the original rate, typically 1.35%.

San Antonio VA Loans 

San Antonio is home to many veterans, active duty military personnel and their families. If this description fits you and you're looking for more information about obtaining a mortgage through the Department of Veterans Affairs, visit Lender411's page for San Antonio VA loans. 

Statewide Grant and Assistance Programs

The Texas Department of Housing and Community Affairs (TDHCA) offers the My First Texas Home loan program, which offers a low down payment, fixed-rate mortgage with down payment and closing cost assistance for as much as 5% of the loan. Regional income and property price limits apply. 

The My First Texas Home option can be used in conjunction with the Mortgage Credit Certificate program, which allows participants to decrease the federal withholding in every paycheck, better enabling them to make a monthly mortgage payment. Annual savings can go up to $2,000, or about $166 per month. Participants must be purchasing in a targeted area. 

Lenders in: San Antonio, Texas.