Home financing in Dallam County.

Dallam County's economy runs on agriculture (cattle, corn, wheat, and feedlots), energy, and small local businesses. Many residents are self-employed contractors, farm laborers, ranch workers, or operate their own small businesses. Lenders look at these factors when deciding whether to approve a home loan:

**Income:** You do not need a traditional W-2 paycheck. Self-employed borrowers and agricultural workers can qualify using two years of tax returns, bank statements, or profit-and-loss statements. Some community lenders offer bank-statement loans specifically for people with variable or seasonal income.

**Credit score:** A score of 580 or higher opens most FHA and USDA doors. Conventional loans typically want 620+. If you have no credit score at all — which is common among recent arrivals or people who use cash — some ITIN lenders will look at alternative credit history: rent payments, utility bills, remittances, or consistent bank deposits.

**Immigration or documentation status:** You do not need to be a U.S. citizen to buy a home in Texas. Permanent residents, visa holders, and undocumented residents with an ITIN can all legally purchase and finance a home. ITIN loans are offered by specific lenders listed in this guide.

**Down payment:** Most programs require between 0% (USDA Direct/Guaranteed) and 3.5% (FHA). Conventional loans with less than 20% down require private mortgage insurance (PMI), which adds to your monthly payment.

**Debt-to-income ratio (DTI):** Lenders generally want your total monthly debt payments (including the new mortgage) to be no more than 43–45% of your gross monthly income.

Gathering your documents early saves time and reduces stress. Here is what most lenders in this region will ask for:

**For identification:**

- Government-issued photo ID (driver's license, passport, or consular ID/matrícula consular)

- Social Security number OR Individual Taxpayer Identification Number (ITIN)

**For income:**

- Last 2 years of federal tax returns (Form 1040, with all schedules)

- Last 2 years of W-2s or 1099s (if applicable)

- Last 2–3 months of pay stubs (if you have an employer)

- Last 12–24 months of bank statements (for bank-statement loans or self-employed borrowers)

- Profit-and-loss statement from your accountant (for self-employed applicants)

**For the property:**

- Purchase contract or sales agreement

- Property address for appraisal purposes

**For assets:**

- Bank account statements showing funds for down payment and closing costs

- Gift letter (if a family member is helping with the down payment)

**Additional items some lenders may request:**

- Rental history or landlord contact (for alternative credit)

- Proof of utility or insurance payments (alternative credit history)

- Immigration documents (if applicable — these are for identification, not for disqualification)

Tip: Keep copies of everything in a folder — physical and digital. You may need to submit the same document to multiple parties during the process.