First Time Home Buyer TEXAS

  • Best Home Loan Programs In Texas
    * FHA Loans as low as 3.5% Down
    * HomeReady Loans as low as 3% Down!
    * Jumbo Loans – Limited Doc Loans
    * Foreign National and ITIN Loans
    * Non-QM -P&L and Statement Only Loans
    * Fast Close!  As Fast as 15 Days!

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Texas’s best mortgage rates for First Time Home Buyer loan programs. CambridgeHomeLoan.com helps borrowers qualify for the best mortgage rates in Texas for First Time Home Buyer loan programs fusing FHA Loans, Conventional Loans, Jumbo Loans, HomeReady and non-qm loans to exceed our borrowing expectations. Some first Time Home Buyer loan programs in Texas are backed by the Federal Housing Administration (FHA). These popular first time homebuyer loans require lower minimum credit scores and down payments to make it easier to qualify.

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First Time Home Buyer Programs Texas

CambridgeHomeLoan.com has a number of First time home buyer loan programs from simple W2 employees to full 2 year tax returns, self employed loans, non QM loans or statement loans for self employed that require a slightly higher down payment. Contact us today to craft the loan that best fits your needs. Some qualifications below.

FHA First Time Home Buyer and HomeReady Program Terms

  • A credit score of at least 580 for a 3% down home loan
  • A credit score of 500 to 579 for a 10% down payment
  • FHA loan with 3.5% down payment requirement
  • Mortgage insurance that is offset due to lower FHA interest rates than a conventional loan.
  • FHA Debt to income ratio of 50% or less

Qualify for a 3% down Home Loan in Texas. Use this application to pre-qualify and start shopping for your new home today! Purchase, Refinance or Cash Out Refinance.

Contact us to find out what the loan limits in the county you would like to purchase in. Call now 800-826-5077. Prequalify now to see how much of Loan you can qualify for. 

Benefits of Being A First Time Home Buyer In Texas

Looking for the best mortgage rates Texas to fit your home borrowing needs? Contact CambridgeHomeLoan.com to review your requirements to help determine the best home loan for you.

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Advantages Of Moving To Texas

  • Some of the most significant advantages of moving to Texas include highly affordable cost of living, tax free income, delicious and vast cuisine, diverse cities, rich history, and varied career opportunities. It also boasts some of the biggest oil reserves, the NASA space center, and other world-famous attractions.
  • Many job opportunities, cheaper homes, lower cost of living, great weather and food, many outdoor activities, good schools, friendly people… there are many reasons why so many people and even businesses are moving to Texas.
  • The cost of living in Texas is significantly lower. California is 31.4% more expensive than Texas so a large section of the population won’t be able to save money in CA.

Home Loan Programs Texas

  • Conventional mortgage – Fannie Mae and Freddie Mac both back the Conventional mortgage program, which only requires 5 percent down Click Here to qualify. Like most conventional low-down payment mortgage programs, the borrower is also required to pay for (PMI) Private Mortgage Insurance, which will be an additional cost with their monthly mortgage payment.

  • HomeReady mortgage – Fannie Mae’s HomeReady mortgage program also requires just 3 percent down (with PMI, although it might be less expensive), and offers more flexible underwriting.

  • Home Possible mortgage – Freddie Mac’s Home Possible mortgage program is similar to the HomeReady mortgage, with a 3 percent minimum down payment.

  • FHA Loans Texas (Federal Housing Administration): FHA loans are government-backed loans designed for first-time homebuyers with lower credit scores. They require a smaller down payment (3.5%) but come with mortgage insurance premiums.

    VA Loans Texas (Department of Veterans Affairs): VA loans are available to eligible veterans, active-duty service members, and certain surviving spouses. These loans offer 100% financing and generally have competitive interest rates.

     USDA Loans (United States Department of Agriculture): USDA loans are intended for rural and suburban homebuyers with low to moderate incomes. They provide 100% financing and often have lower interest rates.

    Jumbo Loans Texas: Jumbo loans are used for high-value properties that exceed conventional loan limits. They typically require larger down payments and have stricter credit requirements.

  • Fixed-Rate Mortgages: Fixed-rate mortgages have a constant interest rate over the loan term, providing predictable monthly payments. Common terms include 30, 20, or 15 years.

  • Adjustable-Rate Mortgages (ARMs): ARMs have interest rates that can fluctuate after an initial fixed period. They often start with lower rates but can increase over time based on market conditions.

    Interest-Only Loans: Interest-only loans allow borrowers to pay only the interest for a specified period, typically 5 to 10 years. Afterward, payments increase to cover principal and interest.

    Reverse Mortgages: Reverse mortgages are designed for seniors aged 62 and older. They allow homeowners to convert home equity into cash, with loan repayment deferred until the homeowner sells the home, moves out, or passes away.

    Non-Qualified Mortgage (Non-QM) Loans: Non-QM loans Texas are for borrowers who don’t meet conventional mortgage standards are self employed or do not have a w2 to possibly tax return to show income. Various types include:

    Profit and Loss (P&L) Loans:  Suitable for self-employed individuals who may have fluctuating income. Closest thing to a no doc loan.

    Statement Loans: Based on bank statements rather than tax returns, beneficial for those with non-traditional income documentation.

    Foreign National Loans: Tailored for non-U.S. citizens or non-permanent residents.

    Asset Depletion Loan: Uses assets like retirement savings, trust funds, treasuries, etc.,  to qualify you for a loan.

    DSCR Loans Texas: A DSCR loan is typically used when purchasing under an LLC or company and can provide up to 85% LTV. The DSCR loan is based on the assets income and not focused primarily on the borrower. There is no borrower income or employment requirement.

    Fix and Flip Loans Texas: Fix and flip loans are short-term financing options for real estate investors purchasing, renovating, and reselling properties. These loans often have higher interest rates but shorter terms. The can close in as fast as 5 days and provide up to 90% LTV.

ABOUT TEXAS – Texas is a state in the South Central region of the United States. At 268,596 square miles, and with more than 29.1 million residents in 2020, it is the second-largest U.S. state by both area and population. Texas ranks among the fastest-growing states in the US, and for a good reason. An affordable cost of living, temperate weather, promising job market, and plenty to see and do makes Texas a win for newcomers.

Housing costs that are below the U.S. average, low taxes, and an affordable cost of living make Texas a great place to live and invest. Median sale prices of a home in Texas have increased 20% in 2022 while inventory is down 22% to just 1.4 months.

Texas population in 2022 is estimated to be 29.9 million and its second populous state in US after California. Geographically second largest with an area of 268,820 square miles(696,200 sq km).

There’s no doubt about it — Texas is one of the most tax-friendly states in the country. In addition to Texas’s low cost of living and affordable cities, the state doesn’t require that residents pay taxes on their personal income. Instead, it relies on sale and property taxes.

We are serving all the locations of Texas including Houston, San Antonio, Dallas, Austin, Fort Worth, El Paso, Arlington, Corpus Christi, Plano, Laredo, Lubbock, Irving, Garland, Amarillo, Grand Prairie, McKinney, Frisco, Brownsville, Pasadena, Killeen, McAllen, Mesquite city, Midland, Denton, Waco, Carrollton, Round Rock, Pearland, Abilene, Odessa, Richardson, Sugar Land, Beaumont, College Station, The Woodlands, Lewisville, Tyler, League City, Wichita Falls, Allen, San Angelo, Edinburg, Conroe, Bryan, New Braunfels, Mission, Longview, Atascocita, Flower Mound, Pharr, 

Cedar Park, Temple, Baytown, Georgetown, Missouri City, Mansfield, North Richland Hills, Victoria, Rowlett, Harlingen, San Marcos, Pflugerville, Spring, Leander, Euless, Port Arthur, Grapevine, DeSoto, Wylie, Galveston,  Houston, San Antonio, Dallas, Austin, Fort Worth, El Paso, Arlington, Corpus Christi, Plano, Laredo, Lubbock, Irving, Garland, Amarillo, Grand Prairie, McKinney, Frisco, Brownsville, Pasadena, Killeen, McAllen,

 Mesquite city, Midland, Denton, Waco, Carrollton, Round Rock, Pearland, Abilene, Odessa, Richardson, Sugar Land, Beaumont, College Station, The Woodlands, Lewisville, Tyler, League City, Wichita Falls, Allen, San Angelo, Edinburg, Conroe, Bryan, New Braunfels, Mission, Longview, Atascocita, Flower Mound, Pharr, Cedar Park, Temple, Baytown, Georgetown, Missouri City, Mansfield, North Richland Hills, Victoria, Rowlett, Harlingen, San Marcos, Pflugerville, Spring, Leander, Euless, Port Arthur, Grapevine, DeSoto, Wylie, Galveston

 

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