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Today’s Rates for First Time Homebuyers in Houston

Monday, November 11, 2019

Mortgage rates are at 3.71% for the 30 year fixed loan program and at 3.45% for the 15 year fixed. As for variable rates, the 5/1 ARM rate currently stands at 4.19%. Check out FHA and VA rates as well if you are doing low or no down payments.

Houston First Time Buyer Home Loan Programs

Interested in a buying your first home in Houston Texas, and curious about your financing options? Explore everything from government-backed, VA, and first time homebuyer assistance loans to mortgage tax credits and more in Lender411's comprehensive guide to Houston mortgage. 

Houston FHA Loans

FHA loans are insured by the Federal Housing Administration, and have long been a favorite option for Houston first time homebuyers and homebuyers with smaller savings, thanks to their low down payment requirements and lenient credit standards. Take a look at current FHA loan facts and requirements:

  • Down payment, loan-to-value (LTV): 3.5%, 96.5%.
  • Credit score minimum: Typically 580 or greater. 
  • Debt-to-income (DTI): Typically 45-50% or less. 
  • Upfront mortgage insurance of 1.75% the base loan amount is required. 

Annual mortgage insurance premiums of varying percentage are also required, and paid monthly. New FHA borrowers, however, will receive annual MIP rates of half a percent lower than the original rate, typically 1.35%.

Houston First Time Homebuyer Loan Programs

If you are looking to buy a first home in Houston, you have several options that are available to help you be able to afford a home.  
 
Homebuyer Assistance Program
 
Houston offers the Homebuyer Assistance Program to low to moderate income families who need help being able to afford a home. The funds given by this program can be used to help with the down payment and/or closing costs.
 
Down Payment Assistance Program
 
If you are a first time homebuyer in Houston, you can use the Down Payment Assistance Program to help you finance a portion of your down payment. You will need to put forth a little amount of your down payment, but you will ultimately be able to receive help as much as up to 5% of the loan’s price.
 
If you’re looking for more information about first time home buyer programs in Houston, visit the official website for the City of Houston homebuyer assistance page.  

Houston VA Loans

VA loans are insured by the Department of Veteran Affairs, or VA, and available exclusively to veterans of the United States Armed Forces. They feature benefits seen in no other program. To learn more about this program, visit Lender411's page for Houston VA loans

Statewide Grant and Assistance Programs

The Texas Department of Housing and Community Affairs (TDHCA) offers the My First Texas Home loan program, which offers a low down payment, fixed-rate mortgage with down payment and closing cost assistance for as much as 5% of the loan. Regional income and property price limits apply. 

The My First Texas Home option can be used in conjunction with the Mortgage Credit Certificate program, which allows participants to decrease the federal withholding in every paycheck, better enabling them to make a monthly mortgage payment. Annual savings can go up to $2,000, or about $166 per month. Participants must be purchasing in a targeted area

user suit Lenders in: Houston, Texas.

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