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Securing a First Time Home Buyer Loan in Texas

If you’re a first time home buyer in Texas, you’re getting ready to purchase a home in one of the most rapidly growing and financially healthy states in the nation.  Due to significant real estate development in the past twenty years, there are many home loan options available in Texas.

Texas First Time Home Buyer Information

It can be confusing to purchase a home and find a mortgage loan to fund it.  We understand.  This is why we created our first time home buyer checklist, a comprehensive guide to the mortgage process for those who have never been through it before.

  • The first step is about planning.  Study your own financial situation and make sure you’re ready to purchase a home.  Do you have a high enough income to handle a mortgage payment each month?  Figuring this out is step one.
  • Step two is about research.  You need to know what you’re getting yourself into.  Don’t take out a mortgage if you don’t understand the details of how mortgages work.  Research the different mortgage types and decide which one best meets your needs.
  • Step three involves monitoring your credit.  Your credit score is one of the most important factors in determining your mortgage rate.  The higher your score, the lower your rate will likely be.  Make sure your credit score is strong.  Rebuild it if you need to.
  • Step four is about research again, but this time you must research which lender can give you the best rate.  The interest rate on your mortgage is one of the most critical aspects of the loan.  Compare mortgage rates around your part of Texas to find the best deal.
  • Step five is about getting approved.  Make sure you take the time to get preapproved before you even find the home you plan to buy.  This will speed the transaction process when the time comes.

You can read through each of these steps, as well as others, in our checklist above.  If you want to get started on the first step in the process, you should refer to the mortgage calculator below.

1st Time Home Buyer Loan Programs

First time home buyers in Texas have a number of options available to them to help them secure financing for the homes they plan to purchase.  The Texas FHA loan program is uniquely adapted to meet the needs of this group of homebuyers.  If you have a low credit score or low cash savings, you should consider taking out an FHA loan.  You won’t need to make a high down payment or prove high income.

You will have to make sure your loan amount is lower than the FHA cap.  Check the Texas FHA loan limits for your county.  If you need more information, visit the Texas page of the FHA website.

About Texas

Texas has the second largest area of land out of all the states in the nation and the second largest population.  It is home to the most Fortune 500 companies of any state.  One of its primary industries is oil.  Texas' growth has been attributed to availability of employment, lower housing costs, and low taxation.  Texas boasts a homeownership rate of 63.8% and a median home price of $82,500.  This makes it a great state for first time home buyers.

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