New first time home buyer loan program has lower down payment

mortgage preapproval for Spring Texas home loanWere you thinking about buying your first Spring Texas home in 2014 but didn’t due to a high down payment and a high credit score requirement?   If so, you will want to learn about a new first time home buyer loan program.  It might just turn you into a new Spring Texas homeowner.

The outline of the program is below:

  • Conventional loan with a minimum down payment of 3% which is 2% less than a typical conventional loan
  • Lower mortgage insurance than a typical conventional loan.
  • Funds (down payment, closing costs, and prepaids) can be gift funds
  • Must have not owned a home within the past 3 years.  If a married couple only one of the buyers has to meet the first time home buyer requirement.
  • Must attend home buyer education and counseling session.
  • Maximum annual household income of $66,600.
  • Minimum credit score of 620

Before you renew your lease, call me at 281.804.8626.  I work with a team of lenders who are up to date on the latest loan programs.  Let’s make 2015 the year you buy your first Spring Texas home.

Read also: