Texas mortgage rates, program by program.
No lender can post your rate honestly without knowing your file. What they can do is show you how each program prices relative to the others, and tell you exactly which levers move your number.
The ranges below are educational comparisons, not rate quotes, offers or locks. Actual pricing depends on your credit, loan-to-value, property, occupancy, loan amount and lock period, and it changes daily. Reviewed September 2026.
| Program | Typical spread | Down payment | Credit |
|---|---|---|---|
Conventional (primary residence) The reference point every other program is priced against. Agency guidelines, full income documentation. | Benchmark | 3–20% | 620+ |
FHA Often prices lower than conventional at lower credit scores, offset by mortgage insurance for the life of most loans. | At or slightly below conventional | 3.5% | 580+ |
VA No monthly mortgage insurance and no down payment for eligible veterans. | At or below conventional | 0% | 580+ |
Jumbo Pricing swings with reserves and credit. Strong borrowers sometimes beat conforming. | Conventional ±0.25% | 10–20% | 700+ |
DSCR (investment property) Priced off the rent-to-payment ratio, LTV and credit. Prepayment penalty buyouts move the rate. | Roughly +1.0% to +2.5% over conventional | 20–25% | 660+ |
Bank statement (self-employed) 12-month statements usually price above 24-month. Reserves and LTV are the biggest levers. | Roughly +1.0% to +2.0% over conventional | 10–20% | 660+ |
Asset depletion Qualifies off liquid assets. Larger reserves generally improve pricing. | Roughly +1.0% to +2.0% over conventional | 20–30% | 680+ |
1099-only Uses 1099 totals with an expense factor instead of tax returns. | Roughly +1.0% to +2.0% over conventional | 10–20% | 660+ |
ITIN A smaller lender pool, so structure matters more than shopping. | Roughly +2.0% to +3.5% over conventional | 15–25% | Varies / alt credit |
Foreign national Priced on LTV and asset verification rather than a US credit score. | Roughly +2.0% to +3.5% over conventional | 25–35% | No US credit required |
Six levers, in order of how much they matter
Loan-to-value
The single biggest lever on Non-QM pricing. Dropping from 80% to 75% LTV on a DSCR file often moves the rate more than a 40-point credit score improvement.
Credit score
Non-QM rate sheets are tiered in 20-point bands. Being one point under a tier line is the most expensive point in mortgage lending.
DSCR ratio
A ratio of 1.25 prices better than 1.00, and a ratio under 1.00 prices worse or requires more down payment. Texas taxes and insurance sit inside that ratio.
Prepayment penalty
A five-year prepay prices lower than a three-year, and buying the prepay out entirely can add roughly a point of rate. Match the term to your hold period.
Reserves
Verified months of payments in the bank improve both approval odds and pricing on nearly every Non-QM program.
Property type
Condos, 2–4 units, short-term rentals and rural properties each carry their own pricing adjustments.
Program-specific pricing detail
How deposit history, LTV and 12 vs 24 months change your pricing.
Line-by-line ratio math on real Texas metro rentals.
When paying the Non-QM premium is the cheaper decision.
Self-employed borrowers: which path qualifies you for more.
What are DSCR loan rates in Texas right now?
DSCR pricing generally runs about one to two and a half percent above a comparable conventional investment-property rate, depending on loan-to-value, credit score, the rent-to-payment ratio and the prepayment penalty term you choose. Because Non-QM pricing is set by individual investors rather than a single agency, the only accurate number for your file is a live quote on your actual scenario.
What are bank statement loan rates in Texas?
Bank statement pricing typically sits about one to two percent above conventional. Twenty-four months of statements usually prices better than twelve, and lower loan-to-value with verified reserves moves the rate more than almost anything else.
Why can't a lender post exact mortgage rates?
A rate is a function of your credit score, loan-to-value, occupancy, property type, loan amount, lock period and program. Posted numbers are averages for a hypothetical borrower, which is why every honest quote comes with an assumption set attached.
Do Non-QM rates move with the Fed?
Indirectly. Mortgage pricing tracks the bond market, and Non-QM pricing adds an investor-specific spread on top. That spread widens or tightens with investor appetite, which is why Non-QM can move on days when conventional does not.
Can I buy my mortgage rate down?
Yes. Discount points lower the rate for an upfront cost, and on DSCR files you can often also buy down or buy out the prepayment penalty. Whether either is worth it depends entirely on how long you plan to hold the loan.
How often is this page updated?
The ranges and market notes on this page are reviewed monthly. They were last reviewed in September 2026. They are educational ranges, not an offer or a rate lock.
If your income isn't a W-2
Most of what Mike does sits outside agency guidelines. If your file is self-employed, 1099, asset-heavy, or investor-owned, start here:
Qualify a rental on its own rent instead of your tax returns.
Use 12–24 months of business deposits as qualifying income.
Six line-by-line ratio calculations across Texas metros.
Deposit math, expense factors, and 12 vs 24 month options.
Asset depletion, 1099-only, P&L, ITIN and foreign national paths.
Estimate your ratio from rent and total housing expense.