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.

Read also:

• Steps to buying your first home