No junk fees. Wholesale rates. Same-day pre-approvals in most cases. First Commerce Financial is licensed in Texas and serves Waco homebuyers and homeowners the same way we serve every market — virtually, transparently, and with direct access to the people responsible for your loan from day one.
Waco sits at the midpoint of the I-35 corridor between Dallas-Fort Worth and Austin — a position that has made it one of the fastest-growing mid-size markets in Texas. Home to Baylor University, a revitalized downtown anchored by Magnolia Market, and home prices that remain meaningfully more affordable than either major metro on either end of the corridor, Waco offers genuine value for buyers who want Texas growth without Austin or DFW price tags.
Get Pre-Approved — It's FreeWhy Buyers Are Choosing Waco
Waco's transformation over the past decade has been substantial. What was once known primarily as a college town and a highway stop between Dallas and Austin has become a genuine destination market — driven in large part by the Magnolia Market and Silos development, which turned downtown Waco into a tourism draw and catalyzed significant local investment in restaurants, retail, and housing.
At the same time, Waco has held onto something both Austin and Dallas-Fort Worth have largely lost: affordability. With a median home price around $255K — well below Austin's roughly $525K and DFW's roughly $400K — Waco gives buyers access to the I-35 growth corridor without the price tags that have priced out so many buyers in the bigger metros on either end.
Waco Market Breakdown
Downtown Waco & the Silos District
The Magnolia Market and Silos District anchors a revitalized downtown with new restaurants, retail, and residential development. Loft and townhome living near downtown has grown significantly in popularity, drawing both young professionals and buyers seeking walkability.
Woodway & Hewitt
South of downtown, Woodway and Hewitt offer some of the most desirable suburban living in the Waco metro — strong schools, established neighborhoods, and a quieter residential feel while remaining a short drive from downtown and Baylor.
Near Baylor University
Properties near campus see consistent demand from both student rentals and faculty/staff buyers. Baylor's enrollment of over 22,000 students creates a stable rental market for investors and a unique buyer pool for owner-occupants who want walkable proximity to campus.
Hewitt & China Spring Growth Corridor
New construction has expanded steadily into Hewitt and China Spring, offering buyers newer homes at price points still meaningfully below comparable new construction in Austin or DFW suburbs. A strong option for buyers prioritizing new construction value.
The I-35 Corridor Advantage
Waco's position roughly halfway between Dallas-Fort Worth and Austin — both about 90 minutes away via I-35 — has made it an increasingly attractive option for buyers who work remotely, have flexible commuting needs, or simply want access to both major metros without living in either one. As Austin and DFW prices have climbed, more buyers are looking at Waco as a value play with reasonable access to both job markets.
We see this trend regularly in the buyers we work with throughout the I-35 corridor, and Waco's continued growth suggests this pattern will keep strengthening.
Why Waco Buyers Choose First Commerce Financial
Wholesale Rates — Not Retail Markup
As an independent mortgage broker licensed in Texas, we shop dozens of wholesale lenders to find the lowest rate available for your specific situation. In a market where affordability is one of Waco's strongest assets, protecting that advantage with a low wholesale rate and zero junk fees makes a real difference over the life of your loan.
Zero Junk Fees
No processing fees, no administrative fees, no doc prep fees, no surprises at closing. What we quote is what you pay. We have operated this way since 2007.
Direct Access to the Owners — Always
Ken Turkington and Kirk Chivas are the co-founders of First Commerce Financial. When you work with us, you work with them directly — not a call center, not a junior loan officer who does not know your file. You get their cell numbers and you use them.
Mortgage Programs for Waco Buyers
Conventional Loans
The most common loan type for Waco buyers. Competitive rates for qualified buyers across all price points — from starter homes near Baylor to established neighborhoods in Woodway.
FHA Loans
3.5% down with flexible credit requirements — a strong option for first-time buyers and those entering the market with limited down payment savings.
USDA Loans
Zero down payment for buyers in eligible rural areas surrounding Waco — including parts of McLennan County outside the immediate city limits. We check any address for USDA eligibility instantly.
VA Loans
Zero down payment, no PMI for eligible veterans and active-duty military. Central Texas has a meaningful veteran population, and we close VA loans regularly throughout the region.
New Construction & Extended Rate Locks
Hewitt and China Spring have active new construction markets. We work with lenders offering extended rate lock programs so your rate is protected through the full build timeline.
Investment Property Loans
With Baylor's steady student rental demand, investment property financing is a meaningful part of the Waco market. Conventional and DSCR loan options are both available depending on your scenario.
What Waco Buyers Should Know Right Now
Waco remains genuinely affordable relative to the rest of the I-35 corridor. With a median home price around $255K, Waco offers some of the best value along the entire Dallas-to-Austin corridor. For buyers priced out of Austin or DFW, Waco is worth serious consideration.
McLennan County property taxes are a meaningful factor. Texas has no state income tax, but property taxes typically run 1.8%–2.2% of assessed value in the Waco area. We always include property taxes in our pre-approval calculations so you understand your true monthly payment.
Baylor drives a distinct rental market. If you are considering an investment property, properties near campus see consistent demand from student renters. We can walk you through both conventional and DSCR financing options depending on how you plan to structure the purchase.
The I-35 position is a long-term asset. As Austin and DFW continue to grow and their housing costs continue to climb, Waco's position at the midpoint of the corridor positions it well for continued appreciation and demand from buyers looking for relative affordability with reasonable access to both major metros.
Frequently Asked Questions
Are you licensed to do mortgages in Waco?
Yes. First Commerce Financial is licensed in Texas and serves buyers and homeowners throughout the state, including Waco and the surrounding McLennan County area. Ken Turkington and Kirk Chivas are both licensed in Texas and handle every Texas transaction directly. NMLS #137512.
How does Waco compare to Austin and Dallas for affordability?
Waco is significantly more affordable than either Austin or Dallas-Fort Worth. Austin's median home price is around $525K and DFW's is around $400K, while Waco sits around $255K. For buyers who want access to the I-35 growth corridor without Austin or DFW price tags, Waco offers meaningful value — particularly given its roughly 90-minute drive to either major metro.
Is Waco a good market for first-time buyers?
Yes — Waco's affordability relative to other growing Texas markets makes it a strong option for first-time buyers. FHA loans with 3.5% down, USDA loans for eligible surrounding areas, and a generally lower price point all combine to make homeownership more accessible here than in Austin or DFW. We offer same-day pre-approvals and will walk you through every loan option on a live call before you start shopping.
Can I buy an investment property near Baylor University?
Yes — properties near Baylor see consistent rental demand given the university's enrollment of over 22,000 students. We can structure financing as a conventional investment property loan or, if you are building a portfolio or have complex tax returns, a DSCR loan that qualifies based on the property's rental income rather than your personal income.
What areas around Waco do you serve?
We serve Waco and the surrounding McLennan County area, including Woodway, Hewitt, China Spring, Robinson, and Lorena. We are licensed throughout Texas, so whether you are buying in central Waco, the growing suburbs, or anywhere else along the I-35 corridor, we can help.
Looking for a Texas mortgage broker who serves the whole state?
First Commerce Financial is licensed throughout Texas. Ken and Kirk work with buyers and homeowners across Waco, Austin, Dallas-Fort Worth, Houston, San Antonio, and beyond. Wholesale rates, zero junk fees, same-day pre-approvals.
Texas Mortgage Broker — See All Markets We Serve →Ready to Buy or Refinance in Waco?
Talk directly with Ken or Kirk — the co-founders and the people who will actually work your loan. Straight answers about what you qualify for and what your mortgage will actually cost. No pressure, no obligation, no junk fees.
Start Your Free Pre-ApprovalOr call or text us directly at (248) 459-5511
First Commerce Financial | Licensed Texas Mortgage Broker | NMLS #137512 | Serving Waco, Woodway, Hewitt, China Spring, and all of McLennan County | Ken Turkington NMLS #137873 | Kirk Chivas NMLS #160828
