Glenn Lamb asked:
Houston first-time home buyer’s have a number of programs available. The most common choice is a Federal Housing Administration (FHA) loan. These loans are offered by private lenders and insured by the U.S. Department of Housing and Urban Development (HUD) in case of default. Applicants should be a legal resident of the U.S., not have another federal insured loan open, and have enough income to qualify for the proposed purchase. Two or more years of steady employment is generally required. In the Houston area, the current FHA loan maximum is $200,160. Credit is an issue, but it doesn’t have to be perfect. There is more information about FHA loans at the hud.gov website. Another major first-time buyer program is available from the Veterans Administration (VA). There is information about VA loans at the va.gov website.
It is often possible to get a FHA loan with 3% down. Family loans or grant programs may be acceptable to cover the down payment. There are a number of home-buyer assistance programs available in the Houston area.
There are also programs that offer below-market finance rates for buyers that meet income eligibility requirements. A good source of information for this program is the tdhca.state.tx.us website.
Other programs and resources are also available. A good way to get started is to visit with a realtor or loan broker that is knowledgeable about available programs. Texas residents can visit the Texas-Capital-Mortgage website for Houston first-time homebuyer information. You are also invited to call our office at 281-537-7800.
Vincent
Houston first-time home buyer’s have a number of programs available. The most common choice is a Federal Housing Administration (FHA) loan. These loans are offered by private lenders and insured by the U.S. Department of Housing and Urban Development (HUD) in case of default. Applicants should be a legal resident of the U.S., not have another federal insured loan open, and have enough income to qualify for the proposed purchase. Two or more years of steady employment is generally required. In the Houston area, the current FHA loan maximum is $200,160. Credit is an issue, but it doesn’t have to be perfect. There is more information about FHA loans at the hud.gov website. Another major first-time buyer program is available from the Veterans Administration (VA). There is information about VA loans at the va.gov website.
It is often possible to get a FHA loan with 3% down. Family loans or grant programs may be acceptable to cover the down payment. There are a number of home-buyer assistance programs available in the Houston area.
There are also programs that offer below-market finance rates for buyers that meet income eligibility requirements. A good source of information for this program is the tdhca.state.tx.us website.
Other programs and resources are also available. A good way to get started is to visit with a realtor or loan broker that is knowledgeable about available programs. Texas residents can visit the Texas-Capital-Mortgage website for Houston first-time homebuyer information. You are also invited to call our office at 281-537-7800.
Vincent
