FHA - First Time Home Buyer

LONE STAR FINANCING

First Time Home Buyer in Texas

Low Rates - Only 3.5% Down

First Time Home Buyer Loans in Texas

FHA loans are a great option for first-time homebuyers, but you don’t need to be a first-time buyer to qualify. Here are some key points to know about FHA loans in Texas:

About our Texas First Time Buyer Loans:

** 2024 Max loan values up to $498,257

* Small Down Payment – Only Down 3.5%

* 100% Financing (w/ Down Payment Assistance – Gift Funds Allowed)

* Closing Costs – Seller may pay up to 6%

* In-house Flexible Underwriting

* Higher Debt-to-Income Ratios OK

* Lower Credit Scores OK

* 620 credit scores OK with 3.5% Down (can include gift funds)

Unlock the door to your Texas dream home with FHA Loans! Enjoy low down payments and flexible credit requirements that make homeownership more accessible than ever. Start your journey today! Learn more about FHA home loans in Texas FHA.com/reguirements.

FHA Guidelines

$498,257 MAX VALUE

Stable monthly payment with less money down

Minimum FICO Credit Score

620 Minimum Down Payment

3.5%

Maximum Loan To Value

96.5%*

Maximum Debt To Income

55%*

Mortgage Insurance

Yes

Years Since Bankcruptcy

2 Years Since Foreclosure

3 Years Since Short Sale

3 Special Qualification Requirements

NONE

2024 FHA loan limits: $571,500 for high-cost areas
2024 FHA loan limits: $498,257 for low-cost areas
Minimum down payment: 3.5%

First Time Home Buyers

Get a low rate on first-time buyer loans in Texas – lower credit scores and gift funds OK

Why Lone Star Financing

Close on Time

Our goal is to close every loan in 30 days or less.

Low Rates

Low Rates for First Time Home Buyers in Texas

Service

We specialize in first time home buyer loans in TX.

Jump in Front of the Line
Prequalify Today

Start your preapproval online!

First Time Home Buyers in Texas

What is a FHA First Time Buyer Loan?

An FHA first-time buyer loan is a mortgage backed by the Federal Housing Administration designed to help new homebuyers, especially those with lower credit scores or limited savings, access affordable financing. It typically requires a lower down payment and has more flexible credit requirements than conventional loans, making homeownership more accessible.

First Time Buyer Requirements

Here are some common requirements for first-time homebuyer loans in Texas:

Minimum Credit Score: Typically around 580 for FHA loans (or higher for other loans).
Down Payment: As low as 3.5% for FHA loans; other programs may vary.
Debt-to-Income Ratio: Generally should be below 43%, though some programs allow higher.
Stable Income and Employment: Consistent income over the last two years.
Property Requirements: Must be a primary residence and meet safety standards.

FHA Loan Limits

For 2024, the FHA loan limit for a single-family home in Texas is $498,257, with higher limits for multi-unit properties.

FHA Loans Guide

Best Lender for First Time Home Buyers in Texas

Read Our Reviews...

Brenda was quick to respond to questions I had and made herself available to me. She was very patient and understanding when having to resolve issues regarding my ex. The entire team, in fact, was great and a true godsend!

As a realtor here in Austin, TX, I’ve been working with Lone Star Financing for almost a decade. The loan officers at Lone Star financing are without a doubt the best communicators in the business. They provide timely updates to me and my buyers from the start of the loan to close of sale and I can't tell you how important that is during a real estate transaction. I recommend all of my clients use Lone Star financing because unlike a lot of mortgage companies they can close loans on time. During one of the most critical times of my customers lives, it's imperative that all links of the chain are strong. Having the right lender in place is key. Thanks Lone Star!

I was thoroughly impressed with the customer service from start to finish. I had a lot of questions and they were all answered. I recommend lone star to first time home buyers as well as those who have note done it before.

Making me feel comfortable through the entire process as I was a bit nervous but Keith’s ways with his words and staying professional never made me feel overwhelmed, as well as the staff members that also helped me. The whole process was a smooth ride with no bumps and that was a great feeling making this single mother very happy with the outcome!!! Thanks!!!

I have gone through the home financing five times, and this is my second re-finance. The team at Lone Star Financing was the best experience I've ever had going through the mortgage process. The previous finance company I used to purchase my home was the worst experience I'd ever had in getting a mortgage. I was extremely hesitant to go through the re-finance process, but with the interest rates being so low I knew I would be saving a lot of money. I did the research to find a highly reviewed local financing company, and Lone Star Financing was the best. They did an outstanding job helping me through the process, made it incredibly easy and quick. More...

Thanks for helping us through the loan refinance process. P.S. The only reason we can't refer family and friends is we don't live in Texas or have any contacts there!

First Time Home Buyer in Texas

First Time Home Buyer Loans in Texas

$498,257 MAX VALUE

Minimum FICO Credit Score

620

Minimum Down Payment

3.5%

Maximum Loan To Value

96.5%*

Maximum Debt To Income

55%*

Mortgage Insurance

Yes

Years Since Bankcruptcy

2

Years Since Foreclosure

3

Years Since Short Sale

3

Special Qualification Requirements

NONE

2024 FHA loan limits: $571,500 for high-cost areas

2024 FHA loan limits: $498,257 for low-cost areas

Minimum down payment: 3.5%

First Time Home Buyers

Get a low rate on first-time buyer loans in Texas – lower credit scores and gift funds OK

Why Lone Star Financing

Close on Time

Low Rates

Service

Jump in Front of the LinePrequalify Today

First Time Home Buyers in Texas

Best Lender for First Time Home Buyers in Texas

Read Our Reviews...

Latest Mortgage Blogs

The Fed Is Cutting Rates Soon. When Should I Buy?

Mortgage Rates Plunge to Lowest Level in Over a Year

3 Things to Negotiate when Buying a House, Experts say

Buying Down Mortgage Rates

Lone Star Financing | Texas Home Loans

Jump in Front of the Line
Prequalify Today