New first time home buyer loan program has lower down payment
Were 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.