Nine (9) Loans and Programs For Houston First Time Home Buyers
Hello and welcome to Houston First Time Home Buyers Edition. Today we are sharing a combination of nine (9) loans and programs that are available to Houston first time home buyers. First on the list is:
FHA loan - this loan has a minimum credit score requirement of 500 - 579 with 10 percent down or a credit score of 580-620 with 3.2 percent down payment.
My First Texas Home (MFTH) - program is for first time home buyers. The program comes with down-payment and closing cost assistance up to 5% of your mortgage loan amount.
USDA loan - does have an income limits and the location of the home does matter. A credit score of 640 or higher is needed to qualify for this loan.
VA loan- requires no down payment and credit scores are determined by each individual lender. VA itself does not require a credit score, but the lenders will.
Good Neighbor Next Door - for law enforcement officers, firefighters, emergency medical technicians and pre-kindergarten through 12th-grade teachers. Qualified first time home buyers can receive a discount of 50% on a home, in any revitalization areas. However, you must commit to living in the home for at least 36 months.
Home Path Ready Buyer Program - geared toward home buyers that are interested in foreclosed homes. Once you take the required online home-buying course, you can receive up to 3% in closing cost assistance.
Energy-efficient mortgage -if you are interested in making green upgrades to the home you plan on buying, this type of loan lets you track the cost of energy-efficient upgrades, all without a larger down payment.
FHA Section 203(k) -are you thinking of buying a fixer upper? This program allows you to roll the cost of the improvements into the loan, providing the improvement amount is more than $5,000. The down payment amount will still only be 3.5%.
Texas Mortgage Credit Certificate Program (MCC) - you must meet the income requirements which vary by county. The amount you receive will depend on your total household income. In addition, the home must be your primary resident.
For more information, please speak with a qualified loan officer regarding any of the above programs. As always, thank you so much for stopping by. Remember, if you or someone you know is thinking of purchasing a first home, please give us a call or Email us. We are here to help. We have been helping Houston first time home buyers since 2011 and we can help you. I hope you have an amazing day. Until next time…
