HOME FINANCING · TX

Home Financing in Maverick County, Texas: A Plain-Language Guide for Solo Contractors and Small Investors

Maverick County, Texas — anchored by Eagle Pass — has a growing and largely Spanish-speaking community with real options for home financing, even without a Social Security Number. This guide walks you through what home financing actually means, who qualifies locally, what paperwork you will need, and which local and regional lenders or nonprofits can help. We also flag the traps to avoid and give you a calm, step-by-step overview so you can move forward with confidence and without pressure.

§ 01 — What it is

What Is Home Financing?

Home financing simply means borrowing money to buy, build, or improve a home — and then repaying that loan over time, usually with interest. The most common form is a mortgage, where the home itself serves as collateral. There are several types of home loans worth knowing about: - **Conventional loans** are offered by banks and credit unions and typically require a credit score and a down payment of at least 3–20%. - **FHA loans** are government-backed loans insured by the Federal Housing Administration. They allow lower down payments (as low as 3.5%) and are more flexible on credit scores, making them popular in communities like Maverick County. - **USDA Rural Development loans** may apply to some areas of Maverick County that are classified as rural. These can offer zero down payment options for eligible buyers. - **ITIN loans** are a critical option for many Maverick County residents who do not have a Social Security Number but do have an Individual Taxpayer Identification Number (ITIN). These are offered by select credit unions, CDFIs, and community lenders. - **Home equity loans and HELOCs** let existing homeowners borrow against the value already built up in their home, often for repairs or investment. Home financing is a long-term commitment — most loans run 15 to 30 years — so understanding your options before you sign anything is the most important step you can take.

§ 02 — Who qualifies

Who Qualifies in Maverick County?

Maverick County has a population that is over 95% Hispanic or Latino, with many residents who are self-employed, work in cross-border trade, or have income that doesn't fit a standard pay stub. The good news is that lenders familiar with this region know how to work with non-traditional income. **You may qualify even if:** - You are self-employed or work as a solo contractor — lenders can use bank statements or profit-and-loss statements instead of W-2s. - You have an ITIN instead of a Social Security Number — several local and regional lenders offer ITIN mortgage programs. - Your credit history is limited or thin — some CDFIs and credit unions offer credit-building products first, then guide you toward a mortgage. - You earn income from informal or cash-based work — two years of documented bank deposits can sometimes substitute for traditional proof of income. **General eligibility factors lenders typically review:** - Stable income history (at least 12–24 months) - Debt-to-income ratio (your monthly debts vs. your monthly income — ideally under 43%) - A down payment (programs exist for as little as 3–3.5%, and some offer down payment assistance) - The property must be in reasonable condition and properly valued If you are a solo contractor working in construction, transportation, or cross-border commerce — common trades in the Eagle Pass economy — you are not automatically excluded. You just need a lender who understands how to document your income correctly.

§ 03 — What you need

Documents You Will Typically Need

Every lender has slightly different requirements, but gathering these documents early will put you in a strong position no matter who you work with: **For identification and residency:** - ITIN letter (if you do not have an SSN) or Social Security card - Passport, consular ID (matrícula consular), or state-issued ID - Proof of address (utility bill, lease agreement) **For income verification:** - Two years of federal tax returns (if filed) — ITIN filers count - 12–24 months of personal and/or business bank statements - Profit-and-loss statement (especially for self-employed applicants) - 1099 forms, if applicable - Any contracts or letters of work showing ongoing income **For the property:** - Purchase agreement or contract (once you have one) - Property address for appraisal **For credit:** - Some lenders will pull your credit report themselves, but if you have an ITIN, ask whether they use alternative credit scoring (rent payments, utility bills, remittances) **Tip:** Even if you don't have all of these documents right now, starting the conversation with a local CDFI or credit union will help you understand exactly what to gather. You don't have to be perfectly ready to start asking questions.

§ 04 — Where to start in Maverick County

Local Lenders, CDFIs, and Resources That Serve Maverick County

This section focuses on the local and regional intermediary layer — the organizations closest to your community that understand Maverick County's economy and bilingual needs. **CDFIs (Community Development Financial Institutions):** - **LiftFund** (San Antonio, TX — serves all of South Texas including Maverick County): One of the most active CDFIs in the region. LiftFund offers small business loans and has counseling services that can help you prepare for a home or property purchase. They are experienced with ITIN borrowers and non-traditional income. Website: liftfund.com - **PeopleFund** (Austin, TX — serves Maverick County): Another leading Texas CDFI offering business financing and financial coaching. Useful if you are a solo contractor looking to stabilize income before applying for a mortgage. Website: peoplefund.org **Credit Unions with ITIN or Community-Focused Programs:** - **Rio Grande Valley Credit Union** and similar South Texas credit unions have experience working with ITIN holders and underserved borrowers. Call local branches to ask about ITIN mortgage products specifically. - **Generations Federal Credit Union** (San Antonio — serves South Texas): Has offered ITIN-based lending and works with members across the region. Worth contacting for a consultation. - **Texas Regional Bank** and **International Bank of Commerce (IBC Bank)** — IBC Bank has a strong Eagle Pass presence and extensive experience with cross-border banking and non-standard income documentation. Ask specifically about their home loan products for ITIN holders and self-employed borrowers. **SBA District Office:** - The **San Antonio SBA District Office** covers Maverick County. While the SBA's primary focus is business loans, their counseling network — including **SCORE South Texas** and the **UTSA Small Business Development Center (SBDC)** — can help solo contractors get their financials in order before approaching a mortgage lender. Contact: (210) 403-5900 **State and Local Housing Resources:** - **Texas State Affordable Housing Corporation (TSAHC)**: Offers down payment assistance programs and mortgage loans for low-to-moderate income buyers across Texas, including Maverick County. Many of their programs work with FHA loans. Website: tsahc.org - **Texas Department of Housing and Community Affairs (TDHCA)**: Administers the My First Texas Home and Texas Mortgage Credit Certificate programs, which can reduce the cost of buying significantly for first-time buyers. Website: tdhca.state.tx.us - **Maverick County** and the **City of Eagle Pass** occasionally receive Community Development Block Grant (CDBG) funding for housing assistance — contact the city's community development office to ask what programs may be active. - **NeighborWorks America network**: HUD-approved housing counseling agencies in South Texas can provide free or low-cost pre-purchase counseling, which is often required for down payment assistance programs anyway. **HUD-Approved Housing Counselors:** Before you apply anywhere, a HUD-approved housing counselor can review your situation for free or low cost. Find one at: hud.gov/find-a-housing-counselor or call (800) 569-4287.

§ 05 — What to avoid

Texas-Specific Rules and Regulatory Notes

Texas has some unique rules around home financing that every Maverick County buyer should understand: **Texas Homestead Law:** Texas has one of the strongest homestead protections in the country. Once a home is designated your primary residence (homestead), most creditors cannot force a sale to collect debts. This is a significant legal protection — but it also means there are restrictions on how you can borrow against your home. **Home Equity Lending Rules:** - In Texas, you can only borrow up to 80% of your home's appraised value through a home equity loan or HELOC — this is written into the Texas Constitution. - You can only have one home equity loan at a time on a property. - There is a mandatory 12-day waiting period between applying and closing on a home equity loan — no lender can waive this. **Property Taxes:** Texas has no state income tax, but property taxes are among the highest in the nation. In Maverick County, property tax rates can significantly affect your monthly payment. Make sure you factor in the full PITI payment: Principal, Interest, Taxes, and Insurance. **Homestead Exemptions:** - Texas offers a general homestead exemption that reduces your taxable property value by $100,000 (as of recent legislation). Apply through the Maverick County Appraisal District after you close. - Additional exemptions exist for seniors (65+), veterans with disabilities, and others. Ask the Maverick County Appraisal District what you qualify for. **Predatory Lending Protections:** Texas law limits certain fees on home equity loans (total fees cannot exceed 2% of the loan amount, with some exceptions) and provides a three-day right of rescission on most home equity products — meaning you can cancel within three days of signing without penalty. **Colonias and Non-Traditional Properties:** Maverick County, like other border counties, has areas known as colonias — communities that may lack traditional infrastructure or clear title chains. If you are purchasing in or near a colonia, you will need specific legal help to ensure clear title. The **Texas Rio Grande Legal Aid (TRLA)** office in Eagle Pass can assist: (830) 773-2128.

§ 06 — Ask a question

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