Are you looking to own a home in the beautiful state of Texas? Have you shortlisted the location of where you want to buy your desired home? Buying a home on your own can be a daunting task. After the tedious process of selecting a property of your choice, you need to go through the uphill task of getting a home mortgage. It’s a key step that will take you towards fulfilling your dream.
Thorough research will give you a clear idea about the various home loan programs in Texas and whether you are eligible for these programs or not. Due to the economic slowdown, the real estate sector has been sluggish. Such a grim scenario is making things difficult for home-buyers to find a reliable mortgage company and to initiate the home buying process. A reputed mortgage company can educate and guide home-buyers regarding the various home loan programs available. There are even Texas-specific programs that have been designed for the citizens of this state.
Choosing the right home loan program can be a difficult task. Many of the first time buyers are not aware of the various loan options that are available. In order to resolve their financial woes, home buyers can opt for the following mortgage options once they meet the eligibility criteria:
This is one of the most popular home mortgage options available for first time home-buyers. This program is offered by the Federal Housing Administration (FHA). The present economic scenario and the situation of the housing market have resulted in many buyers opting for FHA loans. This program is insured by the Federal Housing Administration (FHA) and borrowers need to pay mortgage insurance along with their repayment amount.
This home mortgage program is specifically beneficial for people who earn less and look for low down payment options. Borrowers can make a down-payment as low as 3.5% of the total loan amount. Introduced in the 1930s, the loan program mainly aims at reducing the number of defaults on loan payments.
Conventional loans are offered by private lenders, these are not guaranteed by the government. You are eligible to get these loans if you meet the specific conditions such as a good credit score, reasonably good monthly income, and low or zero outstanding debt. However, qualifying for these loans are comparatively difficult due to stringent lending regulations these days.
VA Mortgage Loan
People opting for Veteran Affairs (VA) mortgage loans need to meet some conditions to qualify to get these loans approved. Specifically designed for the veterans of American armed services, VA loans are guaranteed by the United States Department of Veteran Affairs.
Texas VLB Mortgage Loan and Texas First Time Home-buyer Bond Program are some of the other attractive loan programs available for people looking to buy a home of their choice.