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Pure Funding

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LAST UPDATED: January 29th, 2024

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.

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The Good

  • Pre-Approval Process
  • Variety of Loan Types
  • Refinancing
  • Down Payment Assistance
  • Credit Freedom Program

Pre-Approval Process

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.

Variety of Loan Types

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:

  • Home Loan — Before purchasing a home, you can get pre-approved and get a Pure Funding rate quote.
  • Hobby Farm Loan — A farm and ranch loan option designed to help you find success in the agricultural industry. Loans up to $2 million with a fixed 15-year or 30-year term. Property restrictions apply.
  • Rural Residential Loan — A farm and ranch loan option with a 15-year or 30-year term. Property restrictions apply.
  • Land Loan — A farm and ranch loan option with a minimum loan size of $500,000. Property restrictions apply.

Pure Funding offers the following specialized loans*:

  • New Construction Loan — A one-time close construction loan. You can first get pre-approved and then secure land and a builder. This loan type features a fixed interest rate.
  • Home Improvement Loan — Funding provided by LightStream.
  • Swimming Pool Loan — Funding provided by LightStream.

*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:

  • DSCR Loan — A Debt Service Coverage Ratio loan that doesn’t require income documents or job verification for approval, making it a good option for self-employed and/or new investor borrowers.
  • Fix and Flip Loan — A bridge loan product designed to help you expand your portfolio.

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.

Refinancing Available

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.

Down Payment Assistance

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).

Credit Freedom Program

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.

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The Bad

  • Limited Service Area
  • Down Payments
  • Undisclosed Mortgage Rates

Limited Service Area

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.

Down Payments Requirements

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.

Undisclosed Mortgage Rates

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. 

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The Bottom Line

Pure Funding 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 offers conventional home loans, as well as a variety of specialized loan types, such as a swimming pool loan.

Pure Funding down payments may be higher than you may see with other lenders, especially for some of its farm and ranch loan products. However, the lender does provide down payment assistance, as well as a credit counseling service if you need assistance raising your credit score for a property purchase.

If you are looking to purchase property for a farm or ranch in Texas, we would recommend Pure Funding based on the loan products it offers. It is also worth noting that there aren’t many mortgage lenders in the industry that specialize in farm and ranch loans, allowing Pure Funding to stand out in this particular market.

On BestCompany.com, Pure Funding reviews are currently limited. For that reason we’re unable to provide an accurate recommendation of this mortgage lender based on customer feedback and sentiment at this time.

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