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TYPES OF MORTGAGE LOANS​

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Texas State Affordable Housing Corporation

Do you qualify for help buying a home?

Our down payment assistance and mortgage tax credits can help you purchase a home anywhere in Texas.

The New House

Conventional Loan

- Credit Score at least 620; typically 680 (varies)

- Down payment at low as 3% (1st Buyer) or 5%

- Debt-to-income (DTI) ratio max 43% (varies) (Debt can be up to 43% of your Gross Income)

FHA Loan

- Credit Score at least 580

- Down payment at low as 3.5%

- Debt-to-income (DTI) ratio max 43%(varies)

VA Loan

-Credit Score at least 620 (varies w/lender)

- Down payment Zero

- Debt-to-income (DTI) ratio max 41-48%(varies) (No PMI (private mortgage insurance)

USDA Loan

- Credit Score at least 640 (varies w/lender)

- Down payment Zero

- Property has to be in a Rural area (approved by USDA)

- Maximum buyer income requirement

- Debt-to-income (DTI) ratio max 41-48%(varies)

- MI (mortgage insurance) is Minimal compared to FHA & Conventional Loans

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