Doyou have to have a big down payment for mortgage loans?

Question

are there any first time homebuyer programs in texas that require little to no money down for a homes in texas? We have a credit score of 610

Answer 1

There are many types of mortgage loans today that don't require any money down. But if it sounds too good to be true (example: zero percent down, interest rates as low as 1 percent), it probably is.

That said, we bought our house with 2 percent down and help from a relative and qualified for a good 30 year fixed rate loan so you can do it.

Here's a link to the Texas Department of Housing's first time homebuyer programs: http://www.tdhca.state.tx.us/sf/fthb/index.htm
I wasn't sure where in Texas you live.

You're super smart to go through a first time home buying program. They'll be able to tell you about your credit score and interest rates and you may even get a cheap loan or loan forgiveness.

Good luck!

Answer 2

Sounds like your credit score is fine. It could be higher, but this will be a great place to start. As far as first time home-buyer programs, there are a ton of them, and yes you can absolutely get into a home with little or no money down.

Beware of interest rate programs that are not fixed rates. Not because they are bad loans, but being a first time home-buyer, you do not want to get any "creative" mortgage options. Get used to owning your own home first, then later in life look into other types of mortgage programs

If you would like to ask some more questions and would like to have a more personal conversation about this subject, i would be glad to help you with anything you need. You can contact me at timothy.kazee@americanhm .com. Then we can go from there and make an appointment time over the phone.

I wish you well in your home-buying process.