The Texas Homebuyer Program
The Texas Homebuyer Program is a program that offers low-interest mortgage loans to first-time homebuyers.
The Texas Housing and Community Affairs Department (THCAD) offers the Texas Homebuyer Program, which is a loan program for first-time home buyers. The program provides low interest mortgage loans with only a 3% down payment requirement.
You'll need a score of at least 620 to be approved for a conventional loan in Texas.. Remember, mortgage lenders look at your credit score in conjunction with other financial factors when determining if you qualify for a loan.
Who qualifies as a first-time buyer?
Let's get the above answer out of the way first: If you are a single person who has never owned a home before anywhere in the world, you will be regarded as a bona fide first-time buyer. Same applies to couples where both partners have never previously bought a home.
Which loan is best for first time home buyers?
An FHA loan has lower down payment requirements and is easier to qualify for than a conventional loan. FHA loans are excellent for first-time homebuyers because, in addition to lower up-front loan costs and less stringent credit requirements, you can make a down payment as low as 3.5%.