Home financing in Stonewall County.

Home financing is simply borrowing money to buy, build, or improve a home — then repaying it over time, usually with interest.

The most common tool is a mortgage: a long-term loan where the home itself serves as collateral.

In rural counties like Stonewall County, you will also encounter land-and-home loans, construction loans, and owner-financed deals where a seller acts as the lender.

Mortgages come in several shapes:

• **Conventional loans** — offered by banks and credit unions, typically requiring a credit score of 620 or higher and a down payment of 3–20%.

• **FHA loans** — backed by the federal government, allowing lower credit scores (580+) and down payments as low as 3.5%. A good entry point for first-time buyers.

• **USDA Rural Development loans** — Stonewall County is largely rural and may qualify for USDA Section 502 Direct or Guaranteed loans, which can offer zero-down-payment options for eligible borrowers.

• **ITIN loans** — designed for borrowers who do not have a Social Security number but do have a valid Individual Taxpayer Identification Number. Several Texas lenders and CDFIs offer these.

• **Owner financing / land contracts** — common in rural Texas, but require careful legal review.

Understanding which product fits your situation is the first step. You do not need to figure this out alone — local intermediaries listed in this guide can help.

Stonewall County sits in the Rolling Plains of West Texas, centered on the small county seat of Aspermont. The local economy is rooted in agriculture (cattle ranching, cotton, grain), oil and gas, and small-business services. Many residents are self-employed, work seasonal or contract jobs, or have income that does not arrive in a neat monthly paycheck.

**You may qualify even if:**

- You are self-employed or a solo contractor with 1099 income.

- You have a thin or non-traditional credit history.

- You use an ITIN instead of a Social Security number.

- You have experienced past financial hardship.

- Your income comes from farming, ranching, or seasonal work.

**What lenders generally look at:**

- Income stability (not necessarily a W-2 — bank statements or profit-and-loss statements often work).

- Debt-to-income ratio (your monthly debt payments compared to your monthly income).

- Credit history — even a short history with on-time payments can help.

- Down payment or equity — a larger down payment can offset other risk factors.

- Property condition — rural properties, manufactured homes, or land-and-home packages have specific rules depending on the loan type.

If you are a rancher, a contract oilfield worker, or a small-business owner in Aspermont, do not assume you will not qualify. Work with a lender who knows rural West Texas.

Gathering your paperwork ahead of time makes the process faster and less stressful. Here is a practical checklist for most home loan applications in Texas:

**Identity & Residency**

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

- ITIN letter or Social Security card

- Proof of current address (utility bill, lease)

**Income & Employment**

- Last 2 years of federal tax returns (all schedules)

- Last 2 years of W-2s or 1099s

- If self-employed: a profit-and-loss statement (a simple one-page summary is fine)

- Last 3–6 months of bank statements (all accounts)

- If you receive farm income: FSA farm records or USDA payment documentation can help

**Assets**

- Bank and savings account statements

- Documentation of any gifts or down payment funds

**Property**

- Purchase contract (if you have one)

- Property address and legal description

- If you own land already: deed or title documentation

**Credit**

- You do not need to pull your own credit — the lender will do this. However, you can review your free annual credit report at AnnualCreditReport.com before applying.

Do not pay anyone to 'prepare' documents for you. Free housing counseling — including document help — is available through HUD-approved agencies (see the Local Lenders section).