Saving up money in order to buy a home can be a struggle sometimes. Especially for those just starting out or recently employed in the public sector such as police, firefighters, and teachers. However, in Texas there are programs designed for all first-time buyers that not only allow little or NO down payment but also have great terms as well.
The most popular options are the 100% USDA Rural Housing loan and FHA home loan.
These $0 down and low down payment loans offer a great way for Texas teachers purchase a home without a huge amount of savings. Texas teachers may apply for an FHA loan with a down payment as low as 3.5% and even lower if the home is located in a revitalization area. These down payment requirements may be as little as $100 for one of these homes and can qualify to have certain closing costs waived at the closing table. The USDA Rural Development loan is 100% financing for any home located in a qualified USDA eligible area. Most towns just outside of the major cities are approved.
Again, these government backed mortgage programs addresses the needs to Texas teachers and public service workers who are experiencing some difficulties in saving up for a down payment and closing costs. Many conventional loans now require a min a 10% down payment, which is out of reach for many.
In addition, these programs are not limited to public schools only. Teachers at private Texas schools can also qualify as long as they are full-time employees. If you’re a Texas teacher and you want some assistance in buying your next home, look no further than the mortgage program for Texas teachers.
Contact us above to learn more about qualifying requirements, we are available to assist home buyers 7 days week.