Who this is for
First-Time Homebuyer in Texas
Buying your first home is a big step. Bert goes through the steps, the loan types and the costs with you before you make an offer on a home in Texas.
Common goals for first-time buyers
- Know what you can afford each month
- Look at low-down-payment options
- Get pre-approved before you shop
- Not much saved for a down payment
- Not knowing what comes next
- Not knowing what closing costs cover
What can get in the way for first-time buyers
The steps, in order
A first conversation, then a review of your goals and finances, then comparing loans. After that come a secure application, your documents, underwriting, and final approval and closing. No approval is implied before underwriting.
- 1.A first conversation
- 2.A review of your goals and finances
- 3.Comparing loans
- 4.A secure application
- 5.Your documents
- 6.Underwriting
- 7.Final approval and closing
Loan types
Loans first-time buyers often look at
FHA
A government-backed loan many first-time buyers look at.
Conventional
A home loan with no government agency behind it.
USDA
A loan for homes in eligible rural and some suburban areas.
VA
A home loan benefit for eligible veterans, service members and surviving spouses.
DPA
Programs that may help with the down payment and closing costs.
Before you call
Questions for first-time buyers to bring to Bert
- What monthly payment would I be comfortable with?
- Which down-payment assistance programs could I be eligible for?
- How much cash will I need at closing?
Educational disclaimer
This page is general information and does not imply automatic eligibility or a commitment to lend. Eligibility depends on your complete scenario and underwriting review. Discuss your situation with Lending 11 Up.