Buying your first home is an exciting endeavor. However, before you start scheduling showings and picking out furniture, the most important part of the process is finding the right mortgage lender for your needs. As a first-time home buyer, you have additional options when it comes to financing, and your loan officer can help you make the best decision for your situation.

Who is Considered a First-Time Home Buyer in Texas?

Anyone who has not owned a home within the last three years. However, it is important to note that the three year restriction is waived for those who have only owned a home with a previous spouse.

First-Time Home Buyer Financing Options in the Dallas Area

There are a few beneficial financing options that first-time homebuyers have access to. Of course, a rural development loan can be another type of mortgage for a first-time homebuyer. Rural development or USDA loans can have a down payment as low as 0%. It also has income and location eligibility requirements. Rural development loans feature reduced monthly mortgage insurance payments and require a 640 credit score.

A conventional mortgage is always another option. Conventional loans feature a minimum down payment that can be reduced to 3%, as well as a discounted mortgage insurance premium with a first-time home buyer class. However, with a 20% down payment, mortgage insurance can be avoided altogether. A conventional mortgage requires a minimum credit score of 640.

When the time comes to buy your first house, your next house, or to refinance your home, the experts at Standard Mortgage (NMLS#: 44912) are here to help.