Conventional home loans
The most common path for buyers with steady income and reasonable credit. Down payments start as low as 3% on some programs, and mortgage insurance comes off once you reach enough equity.
Mike Power · Dallas, Texas
Residential mortgage lending for North Texas
Your lending partner... because it’s complicated.
Buying a home or refinancing shouldn’t feel overwhelming. Mike Power has guided Dallas-area families through the mortgage process with plain explanations, direct access, and no surprises at the closing table.
Recognized by D Magazine as one of its Best Mortgage Professionals, a distinction based on the recommendations of clients and peers in the Dallas area.
About Mike
Meet Mike Power, your Dallas mortgage lender
Mike is a Dallas-based mortgage professional specializing in residential lending across North Texas. Whether you’re purchasing your first home, moving up, or refinancing, he works with you directly, from application through closing, so you always know where things stand and what comes next.
Mike has been recognized by D Magazine as one of its Best Mortgage Professionals, a distinction based on the recommendations of clients and peers in the Dallas area.
Most of his business comes from repeat clients and referrals, which is the only endorsement in this industry that really means anything. You will have his direct number, and he answers it.
Loan Programs
Home loan options for North Texas buyers and owners
Every borrower’s situation is different. Mike will walk you through which of these actually fits, and which ones aren’t worth your time.
FHA loans
Backed by the Federal Housing Administration, with a 3.5% minimum down payment and more forgiving credit requirements. Often the right answer for first-time buyers in Dallas and the surrounding suburbs. Worth knowing up front: FHA mortgage insurance usually stays for the life of the loan, so refinancing later is often part of the plan.
VA loans
For eligible veterans, active-duty service members and surviving spouses. No down payment required in most cases and no monthly mortgage insurance, which matters in a market like DFW. Most borrowers do pay a one-time VA funding fee, though some are exempt.
Jumbo loans
For loan amounts above the conforming limit, which comes up often in Southlake, Highland Park, Frisco and Prosper. A larger down payment can sometimes keep you under it and out of jumbo territory entirely. Underwriting is stricter either way, so early planning makes the difference.
Refinancing
Lower your rate, shorten your term, or drop mortgage insurance you no longer need. Mike will tell you plainly whether the numbers justify the closing costs, including when they don’t.
Texas cash-out refinance
Texas has its own homestead rules that other states don’t, including an 80% limit on how much of your home’s value you can borrow against and a required waiting period before closing. Worth talking through before you plan around the money.
First-time home buyers
Down payment assistance and first-time buyer programs exist in Texas through TDHCA and TSAHC, and the eligibility rules are not obvious. Mike will tell you whether you qualify before you get your hopes up.
USDA rural loans
Zero down payment for qualifying properties in eligible areas, which still includes parts of North Texas outside the metroplex core. Income limits apply and the map changes.
How It Works
Five steps, in order, with someone walking them beside you
The process really is complicated. Knowing which step you’re standing on is most of what makes it bearable.
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A conversation
Tell Mike what you’re trying to do. He’ll explain your realistic options and what they cost before you fill out a single form.
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Pre-approval
A real review of income, assets and credit, so your offer carries weight with North Texas sellers instead of being treated as a maybe.
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Find the home
Shop with a firm number in hand. Mike stays available to your agent while you’re making offers, including evenings and weekends.
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Underwriting
Appraisal, title and verification all happen here. Mike chases the paperwork so you’re not the one calling around for status.
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Closing
You review the final numbers ahead of time, not at the table. Then you sign and get the keys.
Most of it happens without you having to chase anyone.
Start a conversationAreas Served
Serving Dallas–Fort Worth and North Texas
Mike is licensed in Texas and works with buyers and homeowners throughout the metroplex and the counties around it.
Dallas County
- Dallas
- Richardson
- Garland
- Irving
- Mesquite
- Coppell
- Cedar Hill
- DeSoto
Collin County
- Plano
- Frisco
- McKinney
- Allen
- Prosper
- Celina
- Wylie
- Melissa
Denton County
- Denton
- Lewisville
- Flower Mound
- Little Elm
- The Colony
- Argyle
- Roanoke
- Aubrey
Tarrant County
- Fort Worth
- Arlington
- Southlake
- Grapevine
- Colleyville
- Keller
- Mansfield
- Bedford
Rockwall & Kaufman
- Rockwall
- Heath
- Fate
- Royse City
- Forney
- Terrell
- Crandall
- Kaufman
Ellis & Johnson
- Waxahachie
- Midlothian
- Red Oak
- Ennis
- Burleson
- Cleburne
- Alvarado
- Joshua
Common Questions
Mortgage questions we hear in North Texas
General information to get you oriented. Your own numbers depend on your situation, so treat this as a starting point rather than an answer.
How much do I need for a down payment in North Texas?
Less than most people assume. Some conventional programs start at 3% down, FHA is 3.5%, and VA and USDA loans can require nothing down for those who qualify. The larger question is usually closing costs and reserves, which Mike will lay out for you up front.
What credit score do I need to buy a home in Texas?
Conventional loans generally start around 620. FHA goes down to 580 with the 3.5% down payment, and lower still if you can put more down. VA sets no minimum of its own, though individual lenders apply their own. A score below where you’d like it is often fixable in a few months, and Mike will tell you if waiting is the better play.
How long does it take to close on a home loan?
Thirty days is typical for a purchase in the DFW market, and it can be faster when everything is in order at the start. Delays almost always come from missing documentation, which is why the pre-approval step matters more than it looks.
What is the difference between pre-qualification and pre-approval?
A pre-qualification is an estimate based on what you tell the lender. A pre-approval means your income, assets and credit have actually been reviewed. In a competitive North Texas market, sellers take the second one seriously and largely ignore the first.
Can I take cash out when I refinance in Texas?
Yes, but Texas has homestead protections that most states don’t. Cash-out borrowing is capped at 80% of your home’s value, and there is a required waiting period between application and closing. The rules are strict enough that it is worth a conversation before you count on the money.
Are there first-time home buyer programs in Texas?
There are, including down payment assistance through the Texas Department of Housing and Community Affairs and the Texas State Affordable Housing Corporation. Eligibility depends on income, location and sometimes occupation. Mike can check whether you qualify.
How do North Texas property taxes affect my payment?
Significantly. Texas has no state income tax and comparatively high property tax rates, and rates vary a lot between cities and school districts even inside the same county. Two similarly priced homes a few miles apart can carry noticeably different monthly payments, so it is worth checking the rate for a specific address rather than assuming. Once you own the home, file for your homestead exemption. It lowers the taxable value on a primary residence and plenty of buyers forget.
Do you work with self-employed borrowers?
Yes. Self-employed income takes more documentation and more interpretation, and a lender who does it often will structure it very differently from one who doesn’t. Bring two years of returns and Mike will tell you where you stand.
Get in touch
Start a conversation
Tell Mike a little about what you’re looking to do, and he’ll follow up personally. There’s no obligation, just a straightforward conversation about your options.
- Phone
- 214-535-0885
- Area
- Dallas & North Texas