USDA Loans in Houston, Texas
There are several 100% financing No Money Down Programs. Below are some of the Loan Options available. The first step is to fill out the inquiry form and a lender will call you right away to see which loans you are eligible for. You can buy an existing home, have a new home built or even buy a foreclosed property. The first step is to get pre-approved for the loan with us so you know what programs you qualify for. Next, you start looking for a home. One of our approved realtors can help you find a home or you can search online. Once you find the home we process and close the loan. Your total move-in expenses are usually around $1,000. All the loan programs have the lowest fixed rates so your payment will be very affordable and the rate will never change. It only takes about two days to get you pre-approved. It takes about forty-five days to close and move into the home. If you have additional questions please call 888-979-USDA (8732)
First Time Home Buyer with No Money Down
The program offered by TSAHC, this nonprofit organization receives private donations to sell bonds which are tax-exempt in order to fund the housing program. Program related investments are utilized from financial institutions and other foundations. The success rate totally depends on property donations received. TSAHC partners with nonprofit local organizations for housing in redeveloping properties for affordable housing.
The Mortgage Credit Certificate Program has been created by the Texas State Affordable Housing Corporation for obtaining a Texas home loan. This program provides housing assistance to homebuyers. A Mortgage Credit Certificate is a tax credit issued by the federal government to assist with affordable homeownership.
Any qualified person with a Texas home loan is eligible in a tax write off of the annual interest on mortgage as a special tax credit which cannot exceed $2,000. Federal income taxes are reduced which result in an increase in the homebuyer’s earnings.
In order to qualify for this program, borrowers will need to complete a pre-purchase education course for homebuyers. This requirement must be met by participating in one on one counseling provided by TSAHC’s network or any certified Texas Homebuyer Education Provider. There are online courses also available through mortgage insurance companies which are also approved.
Texas Home Loan Options
There are many resources such as federal, state and local agencies to assist possible home buyers with finding the best home loan programs in states such as Oklahoma. There are programs designed to help with down payments, building a home from ground up, or simply obtaining a home loan.
VA Home Loan
The U.S. Department of Veterans Affairs (VA) Home Loan Guaranty Service is a government guaranteed loan which is available to any veteran who has served in the armed forces. VA loans do have some guidelines which allot more people to qualify. There are many VA loans that do not require a down payment. These loans do have specific amounts but most of the borrowed amounts are typically enough to cover homes with a moderate price throughout the United States. These loans are available through private lenders which makes this one of the best home loan programs for buying. There is a guaranty which states that VA protects lenders from any loss if the borrower fails to repay the loan.
USDA Home Loan
The U.S. Department of Agriculture Rural Development Housing and Community Facilities Program offers many options for financing for home buyers who are located within rural and semi-rural areas. Home ownership opportunities, along with programs that assist with housing repairs and renovations, are offered through the Rural Housing Service.
Down Payment Assistance
The American Dream Down payment Assistance Initiative may also be one of the best home loan programs for any person(s) residing in Texas. This assistance program authorizes down payment assistance. In order to be eligible for this program, the buyer must apply on a first come first serve basis and must also be a first time home buyer. A first time home buyer can qualify if he or she hasn’t bought a home within the past three years. The funds from this program can be utilized in purchasing a one to four family housing unit. Any person who qualifies must have an income that doesn’t exceed 80 percent of the median income.
FHA Home Loan Programs
FHA 1st Time Buyer
We are pleased to announce that we offer FHA for homebuyers! This is a fantastic program that you can take advantage of. A lot of people really like this option when compared with the USDA because the USDA is limited to rural areas only. With the FHA you can buy a home in urban or rural areas so there are a lot more options available when looking for a home. .
Here are the Benefits:
Can buy home in urban or rural area
Can buy new home, existing, or have one built brand new
Previous home owners can take advantage of a tax credit amounting to no more than $6,500.
Refinance loans offer refinancing of the home for up to 97.75 percent of the total home value. One great detail is that the FHA offers cash out up to 85 percent and this makes this the highest amount of any home loan program available.
Debt consolidation is a great idea for any potential buyer who is experiencing high monthly payments such as personal loans, 2nd liens, car payments, credit cards or any other debt. Utilizing the FHA loan, these debts can be consolidated into one single mortgage payment. This allots your consolidated payment to be exceedingly lower than your total individual payment amounts. In addition, your interest may very well be a tax deduction.
Streamline financing is another loan option within this loan program. If you already have this type of loan, you can qualify for refinancing of your property with a lower rate. While there is some minimal paperwork involved, a new home appraisal is not required.
There are special loans designed for mobile and manufactured homes. This provides affordable housing to many people.
Under the Federal Housing Development Authority, there are also 203K loans available. This is ideal for buyers who wish to purchase and remodel an existing property. For this loan, a borrower can obtain one single loan for a long term fixed rate or opt for an adjustable rate. The mortgage amount is based on the estimated home value once all work is complete.
Texas Fixed Rate Mortgage
A fixed rate mortgage in Texas maintains an interest rate which doesn’t change for the term of the loan. Most first time buyers who live Texas choose this type of mortgage because it offers stability in financial planning as well as a predictable budgeting.
USDA Loans Direct can offer low interest rates with the fixed rate mortgage loan. If you have a stable income and plan to own your purchased home for more than 10 years, this is the best deal for you. With a fixed rate mortgage loan in Texas, you will likely enjoy a cozy retirement if you elect to sell your home upon retiring.
Fixed rate loans cost more in the earlier years but still have a number of advantages over other loan types in Texas. These loans allow you to not worry about interest rate changes and there are no worries about the loan going into negative amortization.
In addition, a fixed rate mortgage in Texas offers security for any first time home buyer. This type of mortgage is suited for people who like prediction in their monthly expenses and also for people who want to live in their home for a very long time.
A fixed rate mortgage in Texas also offers protection from inflation. When inflation occurs, home purchase prices increase and the value of the dollar is thus reduced. The good news is that the mortgage payment will not change so when the value of the dollar declines, you are actually paying less on your mortgage.
Regardless of the economy, you can find an excellent fixed rate mortgage by maintaining a high credit rating. By paying your bills on time and keeping your debt to credit ratio at an even keel, you can achieve getting a lower rate.