Home Loan Preapproval and Budget Planner for Texas Buyers

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LRG Realty · Central Texas Homebuyer Tools

Home Loan Pre-Approval & Budget Planner
San Antonio · Austin · Killeen

What it does: estimates payment + DTI + readiness • Who it’s for: all homebuyers (first-time and repeat) • Important: planning only (not a lender approval)

Planner Document Checklist Local Process FAQs

If you’re buying in San Antonio, Austin, or Killeen, your monthly payment can swing hard based on property taxes, insurance, HOA, and PMI — not just the interest rate. Use the planner below to run scenarios and show up to your lender conversation with cleaner numbers.

This tool is educational and does not provide lending, legal, or financial advice. A real pre‑approval requires a licensed lender to verify documents, credit history, and conditions.

Payment reality check

• Texas taxes matter: your payment is often driven by taxes + insurance as much as P&I.
• PMI: typically applies under 20% down on conventional loans (rate varies by credit and product).

DTI + readiness

• DTI: (monthly debts + total housing payment) ÷ gross monthly income.
• Readiness: docs + reserves + credit behavior can make or break timelines.

Market fit by city

• Austin: plan for faster decision cycles and strong due diligence.
• San Antonio: wide inventory mix — verify taxes, HOA, and new construction add-ons.
• Killeen: budget for inspections and be clean on documentation if timing is tight.

Next step that actually moves you forward

• Get a document-verified pre-approval (not a quick estimate).
• Ask your lender for a payment worksheet using the listing’s tax/HOA figures.

Talk to an LRG Realty Agent Open Planner

Pre-Approval & Budget Planner

Run a scenario to estimate total payment, DTI, and a practical readiness status. You can also calculate an estimated max home price for a target DTI.

Homebuyer scenario inputs

1) Choose your area + loan scenario

Buying area San Antonio (TX) Austin (TX) Killeen (TX)

This pre-fills tax/insurance estimates. Always override with the listing’s numbers.

When are you hoping to buy? Within 30 days 1–3 months 3–12 months 12+ months / just exploring

Tight timelines reduce your room to fix credit or source funds.

Target home price ($)

Use a realistic list price for your area and property type.

Down payment (%)

Under 20% down typically means PMI on conventional loans (varies by product).

Interest rate (%)

Use your best quote. Rate and points change often.

Loan term 30-year fixed 15-year fixed

Shorter terms raise payment but reduce interest over time.

2) Payment components (don’t guess these)

Estimated property tax rate (%)

Texas varies by area and exemptions. Override with listing tax estimate.

Homeowners insurance (annual $)

Insurance varies by claims, roof, location, and carrier underwriting.

HOA (monthly $)

Set to 0 if none. Condos often have higher dues.

PMI estimate (annual % of loan)

This is a placeholder. PMI depends on credit, down payment, and lender/product.

3) Income + debts + readiness signals

Gross monthly income ($)

Use stable income you can document (not optimistic future income).

Monthly debts (non-housing) ($)

Minimum payments: auto, credit cards, student loans, support obligations.

Credit score range 760+ (excellent) 720–759 680–719 640–679 600–639 Below 600 / not sure

Not a guarantee. Lenders price and approve based on full credit profile.

How ready are your documents? Very organized Some ready Not organized yet

Clean bank statements and sourced funds speed everything up.

Cash reserves after closing (months of payment)

A buffer helps if taxes/insurance escrow changes after closing.

Any late payments in the last 12 months? No 1–2 (isolated) Multiple / collections / charge-offs

Recent lates can tighten underwriting even if score looks “okay.”

Have you spoken with a lender in the last 60 days? No Yes — I have at least one quote

Get a doc-verified pre-approval before serious offer activity.

Target DTI for “Max Price” tool (%)

This is a planning target. Your lender sets the real limit.

Run Planner Estimate Max Price Example Reset

Results

Planning estimate

Use this output to ask better questions. A lender verifies everything and issues the actual pre‑approval.

Needs Lender Conversation

Estimated total monthly housing payment

—

Payment includes P&I + taxes + insurance + HOA + PMI (if applicable). Verify taxes/HOA/insurance for the specific property.

Estimated debt-to-income (DTI)

—

DTI = (monthly debts + housing payment) ÷ gross income. Lenders also consider full credit profile and reserves.

Breakdown

• Run the planner to see a full payment breakdown.

Suggested next steps

• Run the planner, then compare lender quotes to confirm real numbers.

Protect your pre-approval once you get it

• Avoid new credit lines or financed purchases.
• Avoid large unexplained deposits/transfers (source funds cleanly).
• Keep employment and income stable when possible.

Talk to LRG Realty Copy Result Copy Share Link

Scenario snapshot

Area—

Timeframe—

Credit band—

Docs readiness—

Budget snapshot

Home price—

Down payment—

Loan amount—

Rate / term—

Next action

Lender conversation—

Reserves (months)—

If you’re within 30–90 days, don’t rely on “ballpark” numbers. Get a doc‑verified pre‑approval and a payment worksheet.

Get Help From LRG

Homebuyer Document Checklist Builder

Lenders rely on documents, not memory. Build a checklist tailored to your situation. A complete, clean package can cut days off the timeline in fast markets.

1) Tell us what applies

Self-employed / 1099 income Commission / bonus / variable pay

Gift funds for down payment/closing Rental income

Child support/alimony (paid or received) Prior bankruptcy/foreclosure/collections

New construction Co-borrower

Your lender may request additional items depending on loan type and underwriting conditions.

Build My Checklist Copy Checklist

2) Your checklist

Start with the base list, then add items using the options. Upload clean statements and avoid unexplained transfers.

Helpful learning resources: CFPB: Owning a Home · CFPB: Loan Estimate

How Buying Typically Works in Central Texas

The exact sequence varies by property and lender, but this is the workflow most buyers follow in San Antonio, Austin, and Killeen.

Core steps

1. Run a budget scenario and talk to a lender for a doc-verified pre-approval.
2. Tour homes and confirm property tax estimate + HOA + insurance assumptions.
3. Make an offer with realistic timelines and contingencies.
4. Inspection period: identify issues and negotiate repairs/credits if needed.
5. Appraisal + underwriting conditions; finalize insurance and escrow figures.
6. Final walkthrough, sign, and close.

Reality check

The fastest way to lose time is messy documentation or surprise payment components (tax/HOA/insurance). Clean inputs early = smoother closing.

Local notes (useful, not fluffy)

• Property taxes: can vary dramatically by neighborhood, school district, and whether a home is in a MUD/PID. Don’t budget from a generic “city average.”
• New construction: verify whether taxes are based on land-only (temporary) or fully improved value (real payment).
• HOA/condos: factor dues and rules early; they can change financing options.
• Competitive markets: stronger pre-approval (and cleaner docs) improves offer acceptance.

Want agent help?

LRG Realty can help you pressure-test payment assumptions, run comps, and structure terms for your area. Contact LRG Realty.

Homebuyer FAQs

Answers focused on payment reality, DTI, documents, and what actually affects approval strength.

1) Is this a real pre-approval?

No. This is a planning tool. A real pre-approval comes from a licensed lender who verifies documents and issues conditions.

2) Why does the same home price “feel” different across San Antonio, Austin, and Killeen?

Because taxes, insurance, and HOA vary by property and area. In Texas, those items can move the monthly payment significantly even when the mortgage rate doesn’t change.

3) What DTI should I aim for?

DTI guidelines depend on loan type, credit profile, and lender overlays. Planning below the mid‑40% range generally makes approval easier, while higher ratios may require stronger compensating factors.

4) Does down payment only affect approval?

No. It affects payment too (loan size and possibly PMI). A higher down payment can reduce monthly cost and sometimes improves pricing. A lender can show the trade-offs with actual quotes.

5) What documents do I usually need?

Commonly: photo ID, recent pay stubs, W‑2s (2 years), bank statements, and permission for a credit report. Self‑employed/variable income usually requires more documentation.

6) What should I avoid after getting pre-approved?

Avoid new debt, big credit card balance increases, and large unexplained deposits/transfers. Keep income stable and communicate changes early.

Disclosure: This page is educational and does not provide lending, legal, or financial advice. Estimates depend on the property, loan product, verified documentation, and lender underwriting.

• Always verify property tax estimate, HOA dues, and insurance on the specific property.
• Rates, PMI, and fees vary by lender and borrower profile. Shop multiple quotes.