In the state of Texas, first time home buyer programs apply to applicants who haven’t owned a home as a primary residence within the last three years. If this statement reflects your current situation, congratulations! You’re considered a first-time home buyer.
Now, the real excitement begins, and a first-time home buyer mortgage with BrightPath will get you on the right track.
Real estate agents are very busy helping people just like you buy first homes with payment assistant programs. Luckily, the Texas real estate market has been experiencing a rush of recent demands. According to Texas A&M University’s Real Estate Research Center homes in 2021 were selling in a record time. Better yet, now going into spring 2022, this wave is still high, which means good news for first time home buyers.
Let’s examine safe and easy home loan programs from BrightPath to get you started on the right foot.
TEXAS FIRST TIME HOME BUYER PROGRAMS
Veterans Administrations Loan (VA Home Loan)
Are you an honorably discharged veteran? Texas thanks you for your service by waiving the requirement of not having a home as a primary residence in the last three years.
- Tax credit for annual interest paid on mortgage loans
- Doesn’t require a down payment
- Closing cost assistance are available.
- “Targeted areas” offer higher income and home purchase price limits.
- Property must be a single-family home or a single-unit condominium located in Texas.
- Borrowers must meet income and loan requirements, plus have a minimum credit score requirement of 620.
- Some manufactured housing allowed.
Speak with a BrightPath mortgage loan officer for further support and advice.
Federal Housing Administration Loans (FHA Loans)
- If you have a lower credit score or limited savings, consider an FHA loan.
- Available to veterans, first-time buyers (haven’t owned a home in three years), and repeat homebuyers
- Minimum credit score requirement of 580
- Low-rate mortgage
- Low interest rate
- Down payment as little as 3.5% possible
- Homes cannot exceed purchase price limits. (This varies by county.)
- Up to 5% closing costs and down payment assistance (0% interest)
United States Department of Agriculture Loans (USDA Loans)
- No down payment requirement
- Only available to borrowers buying in a USDA-eligible rural area property
- Minimum credit score requirement of 640 in order to qualify
FIRST TIME HOME BUYER PROGRAMS WITH BRIGHTPATH
Buying your first home is a huge investment with a lot of financial responsibility. Expert guidance from a skilled mortgage lender will allow you to create a solid foundation.
What always makes the process easier is to have your documentation handy ahead of time, including three months’ worth of bank statements and two months’ worth of recent pay stubs.
Get started today with BrightPath to get yourself on the right path.
Contact our team of mortgage professionals to discuss insurance, down payments, proof of income, and more. We can’t wait to be apart of your first home buying experience.