Home financing in Terry County.

Home financing simply means borrowing money to purchase, build, or improve a home — and then repaying that loan over time with interest.

The most common form is a mortgage, where the property itself serves as collateral for the loan.

In Terry County, this typically means working with a local bank, credit union, CDFI (Community Development Financial Institution), or a regional lender that understands rural Texas property values and income patterns.

Loans come in several shapes:

• **Conventional loans** — offered by banks and credit unions, usually requiring good credit and a down payment of 3–20%.

• **FHA loans** — insured by the federal government, allowing lower credit scores and down payments as low as 3.5%. These are available through approved local lenders, not directly from the government.

• **USDA Rural Development loans** — Because Terry County is classified as a rural area, many residents may qualify for USDA-backed loans with zero down payment. Again, these come through approved local lenders.

• **ITIN loans** — For borrowers who do not have a Social Security Number but have an Individual Taxpayer Identification Number (ITIN), some lenders and CDFIs offer home loans using your ITIN and proof of income instead.

The loan is not a gift — you repay it monthly over 15 to 30 years. Understanding the terms before signing is the most important step you can take.

Terry County's economy revolves around cotton farming, agricultural services, and small local businesses in and around Brownfield. Many residents are self-employed, work seasonal agricultural jobs, or are solo contractors — which means standard employment verification doesn't always fit neatly into a lender's checklist. That is okay. Many lenders who serve rural West Texas understand this.

**You may qualify if you:**

- Have a credit score of 580 or above (FHA); 640+ for USDA; or 620+ for conventional loans — though some ITIN-friendly lenders have more flexible standards.

- Can show steady income over 12–24 months, even if it comes from self-employment, agricultural work, or multiple part-time jobs.

- Have lived in or plan to live in the home you are financing (owner-occupancy is required for most FHA and USDA loans).

- Have an ITIN rather than a Social Security Number — certain lenders and CDFIs specifically serve this population.

- Are a first-time homebuyer — Texas has state-level programs (through TDHCA) that offer down payment assistance.

**Terry County's rural designation is an advantage.** Because the USDA considers this a rural area, borrowers with modest incomes may qualify for zero-down-payment loans. Farm Service Agency (FSA) loan programs may also be relevant if part of your income comes from farming.

**For small investors:** If you are buying a small rental property — a duplex or a single-family home to rent out — you will generally need a larger down payment (15–25%) and stronger credit. Some CDFIs offer small investor financing in underserved communities.

Gathering your paperwork early saves time and frustration. While every lender has slightly different requirements, most will ask for the following:

**For employees (W-2 workers):**

- Two years of W-2 forms

- Recent pay stubs (last 30 days)

- Two months of bank statements

- Government-issued ID

- Social Security Number or ITIN

**For self-employed borrowers and solo contractors:**

- Two years of personal and business tax returns (all pages and schedules)

- A Profit & Loss statement for the current year

- Business bank statements (12–24 months)

- Proof of business existence (DBA filing, business license, or client contracts)

- Documentation of any cash income, including letters from clients if needed

**For ITIN borrowers:**

- Your ITIN card or letter from the IRS

- 12–24 months of bank statements (often used instead of tax transcripts)

- Proof of rental history or utility payments to establish creditworthiness

- Two forms of government-issued ID (passport, consular ID, foreign driver's license)

**For all borrowers:**

- Information about any debts (car loans, credit cards, student loans)

- A signed purchase agreement once you have found a property

- Proof of homeowners insurance quote

If you are missing some of these, do not panic. Talk to a HUD-approved housing counselor first — they can help you prepare without charging you or pressuring you to use a specific lender.