What is the Texas homebuyer program?

For first-time homebuyers, the Texas Department of Housing and Community Affairs (TDHCA) offers the My First Texas Home program, a 30-year mortgage with a low interest rate and up to 5 percent in interest-free down payment assistance. You can obtain an FHA, VA or USDA loan through this program.

How do I qualify for a home loan in Texas?

To qualify for a Texas FHA loan, you must meet certain eligibility requirements, including:

  1. Acceptable credit rating: at least a 580 (660 for manufactured homes) FICO score.
  2. Have a minimum 3.5% down payment which can be provided as a gift from a friend or family member.

How can I buy a house with low income in Texas?

First-time home buyer loans in Texas

  1. Conventional 97 — Backed by Freddie Mac or Fannie Mae.
  2. FHA loan — Backed by the Federal Housing Administration.
  3. VA loan — Only for veterans and service members.
  4. USDA loan — For those on low-to-moderate incomes buying in designated rural areas.

How much is a downpayment on a house in Texas?

The minimum down payment is 3.5% for a loan protected by the Federal Housing Administration (FHA). This means you will get the FHA’s maximum financing offers at 96.5%, and you will need a minimum credit score of 580. If your down payment is 5% or more, FHA will charge lower costs.

What credit score is needed to buy a house in Texas?

between 620 and 640
For conventional loans in Texas, you’ll likely need to have a credit score of at least between 620 and 640. Borrowers that have higher credit scores might even enjoy lower interest rates and a smaller down payment requirement.

What is the income limit for Texas first-time home buyer?

You must be a first-time home buyer, a veteran or someone who hasn’t owned a home in the last three years. You must have a minimum credit score of 620. There are TDHCA income limits (ranging from $74,500 to $101,600 for one or two people, then a range from $85,675 to $115,920 for three or more people).

How do I apply for an FHA loan in Texas?

FHA Loan Requirements Must make a minimum down payment of 3.5 percent. The money can be gifted by a family member. Your front-end ratio (mortgage payment plus HOA fees, property taxes, mortgage insurance, home insurance) needs to be less than 31 percent of your gross income, typically.

Where does the bond money go in Texas?

Bond proceeds generated by SFMRBs are mainly allocated to the Department’s First-Time Homebuyer Program (the Texas Homeownership Division manages the lending and distribution of bond proceeds after bond closing).

How does the Texas multifamily bond program work?

Multifamily bond volume varies based on applications received by the Department. The MRB programs utilize no General Revenue of the State and create no liability to the State of Texas.

How much does a surety bond in Texas cost?

For example, a $10,000 credit services organization bond will cost just $100-$300 provided the applicant qualifies for a standard market. Consulting a surety expert is the best way to determine your exact surety bond cost in Texas.

How does a bail bond work in Texas?

In Texas, a bail bond is money required by a court for a criminal defendant to be released after an arrest. If the bail is paid, or posted, the defendant can be released from custody pending trial. If it is not posted, he or she will most likely remain in custody while awaiting trial.

By Trending