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Various Texas home loan programs and grants that are available

When it comes to homeownership, money issues are the main thing that tends to stand in the way of many people. Even though there are many millennial out there want to own their very own homes, the fact that they cannot be able to afford it is one of the main reasons as to why it is close to impossible for them to be able to achieve this dream. However, what most of these people do not realize is the fact that there are a number of Texas home loan programs and grants that they can take advantage of when buying a home for the first time. Before you give up on yourself and lose all hope, it is advisable that you have a look at these options and see if you can be eligible to get the kind of assistance that you are desperately in need of.


Below are the various Texas home loan programs and grants that can come in handy for you.

  • FHA loan

When you decide to get an FHA loan, the Federal Housing Administration is the one that is going to insure the loan. The backing by the FHA is what offers lenders a kind of protection which means that even if a given borrower decides to default on their payment, then the lender is not going to experience any kind of loss. However, an important point that you need to keep in mind about these Mortgage Loans Arlington TX programs is the fact that they tend to come with interest rates that are highly competitive, the closing costs are usually lower and thee down payments are usually smaller compared to the other conventional loans. On top of this, if you have a credit score that is at 580 or higher, then you should be able to pay a 3.5% discount of the total purchase price of your home. If you have a credit score that is lower than 580, you may still be able to qualify for this loan provided you are able to make a down payment of 10%.

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  • VA loans

This is another type of Texas home loan programs and grants that are available. The United States Department of Veterans Affairs also known as VA is the one that helps those active duty military members, surviving spouses, and veterans to be able to buy decent homes. What the VA does is that they guarantee to offer part of the needed loan by making it possible for approved lenders to be able to offer some of the special features that they have. Also, VA loans tend to come with an interest rate that is highly competitive even though there is really no down payment that is usually required. You are also not going to be required to pay for private mortgage insurance (PMI). For you to be eligible, you are also going to be required to have a minimum credit score under your name. If you start having a difficult time when it comes to the paying off your mortgage, then the VA can go ahead and start negotiating with the lender on your behalf.

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  • USDA loan

  • Even though this Texas home loan programs tend to focus on homes that are in given rural areas, this does not go to say that you need to either run or buy a farm for you to become eligible for the loan. What happens is that the USDA grantees the borrower the loan. There is usually no down payments that are required and on top of this, the loan

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  • payments are usually fixed.  For those applicants who have a credit score that is at 640 or higher, they are able to get what is known as streamlined processing. If you have a credit score that is below 640, you may still be able to qualify for this loan even though the lender is going to ask for some extra documentation regarding your payment history. You need to keep in mind that there are a number of income limitations which tend to vary greatly depending on the region that you are in.

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  • Freddie Mac and Fannie Mae

The above are government-sponsored entities which is why it is also known to be a Texas home loan programs type. What they do is that they tend to work closely with the local lenders so that they can be able to offer clients with different loan options that are available. This program is most beneficial to those moderate to low income earning families.  With this kind of backing, you will be offered with interest rates that are highly competitive and you may also be able to pay an interest rate that is as low as 3%. This program has also taken the initiative to offer educational classes to individuals who are buying a home for the very first time.

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  • Energy-efficient Mortgage

This type of program is normally designed in a manner that focuses on helping to add a few improvements to your home. These improvements are usually focused on making your entire home to be environmentally friendly. The federal government usually supports these loans by making sure that they are able to insure them through the VA and FHA programs. The main advantage that comes with it is the fact that it helps you greatly especially when it comes to creating a home that is energy efficient without making any down payments.


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