Pure Funding LLC, founded in 2022, is a Texas-based mortgage lender that is licensed to lend in Texas, Tennessee, and Oklahoma. The lender specializes in farm and ranch loans but also offers traditional residential home loans and home improvement loans.
Pure Funding also offers DSCR loans and Fix and Flip Loans to real estate investors. The lender offers pre-approvals by a Pure Funding loan originator. Note that a Pure Funding pre-approval is not a guarantee of a loan.
Pre-approval is a letter stating that a lender is willing to lend to you based on your financial information, including your credit score, income, and debt-to-income ratio. Pure Funding offers pre-approval assessments, which are completed by a Pure Funding loan originator, as well as pre-approval letters based on specific lending criteria and your current financial situation.
A Pure Funding pre-approval letter puts you in a more competitive position when putting an offer on a house, as it shows the seller that you have secured a lender that is willing to provide you with a loan.
It is important to note, however, that a Pure Funding pre-approval is not a guarantee of a loan. Once you have found the property you’d like to purchase and have placed an offer, you will need to apply for a Pure Funding loan. In most cases, you will receive a final approval.
Pure Funding offers a variety of mortgage loan types that meet a variety of property purchase or refinance needs. It is worth noting that the lender specializes in farm and ranch loans, which is uncommon in the mortgage industry.
If you’re looking to purchase property for a ranch or a family farm, Pure Funding could be a great option for you. However, the lender offers various other loan types.
Pure Funding offers the following purchase loans:
Pure Funding offers the following specialized loans*:
*It is important to note that a new construction loan, home improvement loan, and/or swimming pool loan may have differing eligibility requirements from typical home loans. In the case of Pure Funding’s New Construction Loan, eligibility requirements are stricter, typically requiring a higher minimum credit score (minimum of 680) and a larger down payment.
Pure Funding also offers loans for real estate investors, including the following:
Whether you’re a prospective homebuyer, a business owner, or a real estate investor, a Pure Funding loan originator will work with you to determine the best loan options based on your needs.
Pure Funding offers refinancing in the form of cash-out refinancing and rate-and-term refinancing. Whether you’re seeking to access your home equity (cash-out refinancing) or lower your current mortgage interest rate (rate-and-term refinancing), options are available to you and for various loan types, including conventional loans, VA loans, and FHA loans.
The Pure Funding Down Payment Assistance (DPA) program is a forgivable grant of either 2 or 3.5 percent of your loan amount. The program doesn’t take a lien on your property and you aren’t required to pay the grant amount back.
In most cases, this program can help you comfortably meet the down payment requirements for a FHA loan. A variety of individuals can qualify for the Pure Funding DPA program, including some of the following: first-time homebuyers, first responders, and military personnel (currently serving and veterans).
If you need to repair and/or raise your credit score to be eligible for a mortgage loan, Pure Funding provides credit services through an undisclosed credit consulting firm. Most mortgage lenders don’t offer credit consulting/counseling services, setting Pure Funding apart in the industry.
Pure Funding is currently licensed to lend in only Texas, Tennessee, and Oklahoma.
It is important to note that not all loan options may be available in all the states listed above. Pure Funding is a Texas-based lender, providing the most options and benefits to Texas-based borrowers.
If you don’t reside in the states listed above, you’ll need to research other mortgage lender options that are available in your area.
Compared to other mortgage lenders, Pure Funding’s down payment requirements may be higher than you may see elsewhere. The Pure Funding farm and ranch loans, in particular, typically have a high down payment requirement, as high as 25 percent in the case of a Pure Funding Land Loan.
For basic home loans, down payment requirements will likely be much lower, but this will also vary depending on your current financial situation.
Pure Funding does provide down payment assistance, but eligibility restrictions may apply.
Pure Funding doesn’t disclose any mortgage rates or mortgage rate ranges for any of its products. This isn’t an uncommon practice in the industry because rates are entirely based on individual needs and financial background. However, it would be helpful to get an idea of the rates you could expect with Pure Funding, making it easier to compare lenders.