Nine (9) Loans and Programs For Houston First Time Home Buyers
Hello and welcome to Houston First Time Home Buyers Edition, where we provide useful information to help you make the most informed decision when it comes to buying and maintaining your first home. Today were going to share with you, 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. With a credit score of at least 580, the down payment drops to only 3.5 percent.
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) Thinking of buying a fixer upper, this loan 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.
As always, thank you so much for stopping by. Remember, if you are thinking of purchasing your first home, please contact 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...Diana
