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Last updated: May 28, 2024
6.403% APR 30 Year Fixed
$1,540 / month
Rate: 6.250%
Fees: $625
Points: 1.375
Pts amt: $3,438
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  • Minimum 620 credit score needed to prequalify
  • 0% down USDA loan for rural homebuyers
  • 97% of borrowers would recommend to friends or family
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Data provided by Icanbuy, LLC. Payments do not include amounts for taxes and insurance premiums. Click here for more information on rates and product details.

Texas Mortgage Overview

Texas has always been a popular place to live. It has a diverse culture, affordable housing, and incredible scenery and weather. With the average housing prices around $172,000, it's easy to see why 28 million people live here.

If you're ready to buy a home in Texas, here are your loan options.

Texas conventional loans

If you have great credit, apply for a conventional loan. You need just a 660 credit score and a 3 - 5 percent down payment. Borrowers pay PMI with less than 20 percent down on the home, but the rates are affordable. You can cancel PMI once you owe less than 80 percent of the home's value. Conventional loans don't have hard requirements, with a 36 - 40 percent debt ratio and stable income, you could get some of today's best rates.

Texas FHA loans

If you can't get a conventional loan, look at the FHA loan. You don't need perfect credit. Borrowers secure loans with credit scores of 580 and 3.5 percent down or 500 - 579 and 10 percent down. Either way, you're on your way to owning your first home. FHA loans have great rates. You pay mortgage insurance for the life of the loan, but it's often worth it.

Texas VA loans

Military veterans can get 100 percent financing with a VA loan. The credit score requirements are low (620) and the debt ratio requirement is as high as 50 percent. There is not any mortgage insurance, but you will pay an upfront funding fee for the VA loan.

Texas USDA loans

USDA loans are for low to moderate-income families who don't qualify for the above loans. USDA loans are for borrowers with credit scores of at least 640 and a debt ratio of 41 percent or less. It's a great program for first-time homebuyers or anyone who hasn't owned a home in the last three years.

First-Time Homebuyer Programs in Texas

My First Texas Home

This 30-year low interest loan and up to 5 percent of the loan amount in down payment assistance, you can buy your first home. You must meet the income guidelines and have a minimum 620 credit score to qualify.

Tax Mortgage Credit Certificate Program

With the MCC you get a dollar-for-dollar tax credit on mortgage interest paid for the year for the life of your loan. You can deduct up to $2,000 per year which puts more money in your pocket for homeownership costs.

Home for Texas Heroes

If you work in public service, you may qualify for the Homes for Texas Heroes programs which provides a 30-year fixed-rate mortgage and down payment assistance up to 5 percent of the loan amount. Teachers, police officers, veterans, firefighters, and corrections officers are among the eligible applicants.

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