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/Approved Gift Fund)
* Closing Costs – Seller paid (up to 6%)
* In-house Flexible Underwriting
* Higher Debt-to-Income Ratios OK
* Lower Credit Scores OK
* 600 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.
$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
50%*
Except Ons To 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.
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Low Rates for First Time Home Buyers in Texas
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We specialize in first time home buyer loans in TX.
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First Time Home Buyers in Texas
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.
- 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.
For 2024, the FHA loan limit for a single-family home in Texas is $498,257, with higher limits for multi-unit properties.