Are you looking to purchase a home in Conroe, Texas but worried that your low income might be a barrier? You may be surprised to learn that there are several options available to you. The VA, USDA, and FHA programs all offer the opportunity to purchase a home with a small down payment or even no down payment at all. To qualify for these programs, your credit and income will be checked. If you meet the requirements, the TSAHC will provide you with a mortgage loan and funds for your down payment.
You can choose to receive the down payment assistance as a grant (which does not need to be repaid) or a second deferred forgiveness loan (which only needs to be repaid if you sell or refinance within three years).If you qualify, you can get free money to help you buy a home. To take advantage of the 3.5% down payment, you must have a credit score of at least 580. However, the FHA program accepts applicants with credit as low as 500 if you make a down payment of at least 10%. Even though the FHA requires a down payment, it is possible to get a federally backed mortgage in Houston with no down payment. If you are looking for an FHA loan in Houston, you should review the agency's maximum mortgage limits for Harris County, Texas.
In addition to your credit score, an FHA lender will review your entire report to determine if you can make monthly mortgage payments. If you are buying your first home, you can also apply for a mortgage interest tax credit known as a mortgage credit certificate (MCC). HUD maintains a list of approved lenders where you can begin your search for an FHA mortgage in Texas. You must provide proof of stable income and employment on your FHA loan application, but the agency does not set specific maximum and minimum income requirements for this mortgage program. In addition, these lenders may charge higher mortgage insurance rates if you have a lower credit score.
The federal government began the FHA mortgage program, which originally required a 20% down payment, in 1934 with the National Housing Act. If you are looking for an affordable way to purchase a home in Conroe, Texas with low income, then consider applying for an FHA loan. With this program, you may be able to get free money to help with your down payment and even qualify for a mortgage interest tax credit. Be sure to review the agency's maximum mortgage limits for Harris County and find an approved lender before applying.
