According to Zillow, the median listing price for homes in Texas is approximately $279,000. And, home values have been on the rise, a trend that is not likely to stop anytime soon as residents of California and other states gravitate to the Lone Star State. This trend not only affects the cost of homes, but the mortgage terms and down payment for a home in Texas. And, the conforming loan limit has been raised to $510,400 in all counties, and higher in some, making it easier than ever for more diverse buyers to purchase homes in Texas.

That said, these factors should not deter you from achieving your goals of homeownership. Griffin Funding offers a variety of home loans in Texas with more flexible terms and competitive rates. And, the application process is easy, so owning a home is just a few steps away.

Areas We Serve

Whether you’re looking to purchase a home in the city or out in the country, Griffin Funding can help you purchase a home with the right loan for you. As the second largest state in the U.S., you have plenty of places to choose from when buying a home in Texas. Fortunately, we serve buyers throughout the Lone Star State, including:

We serve the following areas:
  • Houston
  • San Antonio
  • Dallas
  • Austin
  • El Paso
  • Fort Worth
  • Arlington
  • Corpus Christi
  • Plano
  • Laredo

Choosing where to put down roots can be difficult, but choosing your mortgage lender doesn’t have to be. Griffin Funding provides competitive rates and customer-centric service to make your home-buying experience a pleasant one.

What Are the Options for a Home Loan in Texas?

With home values and prices expected to continue to rise, time is of the essence if you are buying a home in Texas. If you think you are not ready because you do not qualify for a traditional mortgage, we urge you to consider our Texas home loan options, including:

Our Texas Mortgage Programs

Bank Statement Loans: Our bank statement loans in Texas are well-suited for self-employed individuals whose income is not accurately reflected on W2s and their taxes. With these loans, you are able to use your bank statements to qualify for a mortgage.

DSCR Loans: For real estate investors, a Texas DSCR loan offers a strong alternative to a traditional investment loan. These loans enable borrowers to use the rental income of the property to qualify for the loan, instead of employment history and tax returns.

Home Equity Loans: When there is equity built up in an existing home, Texas homeowners can often benefit from a Home Equity Loan, or HELOAN. A second mortgage can turn equity into liquidity without changing the rate of the first mortgage.

FHA Loans: FHA loans for first-time buyers allow you to purchase a home with as little as 3.5% down because the loan is insured by the Federal Housing Administration.

VA Home Loans: Veterans and their families should consider a VA home loan. A VA home loans in Texas is insured by the U.S. Department of Veterans Affairs, allowing for lower interest rates and zero down payment.

USDA Loans: USDA loans in Texas are well-suited for individuals who are considered low income. These loans are designed to help low-income homebuyers purchase property in rural development areas with 0% down.

Asset-Based Loans: An asset-utilization loan in Texas enables retirees, or high-net-worth individuals qualify for a mortgage based on the value of their assets instead of employment history and tax documents.

ITIN Loans: An ITIN loan in Texas can help non U.S. residents purchase a home, without needing a Social Security Number (SSN).

Not sure which type of mortgage loan is best-suited for you? Our knowledgeable loan officers can help you make the best decision for your circumstances.

Buying a House in Texas: Requirements and What to Expect

There are certain requirements to buy a home in Texas. You will typically need to meet these requirements to qualify for a mortgage, including:

Requirements to buy a home in Texas
  • Minimum credit score
  • Proof of sufficient income
  • Minimum down payment

For certain prospective buyers, these factors can present a challenge.

What Credit Score Is Needed to Buy a House in Texas?

Typically, loan applicants will need a minimum credit score of 620 to buy a home in Texas. However, that does not mean you have no hope of buying a house if your credit score is lower.

In fact, Griffin Funding provides loans for individuals with credit scores as low as 580 as well as mortgages that do not even require a credit check.

How Much Money Do You Need to Buy a House in Texas?

The required income level to purchase a house in Texas depends on the cost of the home you want to buy, the loan you are applying for, and the down payment percentage you are required to put down. This amount can vary greatly depending on a variety of factors, including your credit score.

You will also need to consider closing fees and other hidden costs of homeownership, such as homeowners association (HOA) fees, to determine whether you are able to buy a house based on your current salary.

What Is the Current Mortgage Interest Rate in Texas?

The average interest rate in Texas can change day by day or even moment by moment. And, it’s important to note that Texas mortgage rates aren’t one size fits all. In fact, the interest rate on a mortgage depends on a variety of factors. Typically, the better your credit score and the higher the down payment you can put down, the better interest rate you will be able to secure.

How Much Do You Need for a Down Payment
for a House in Texas?

The standard recommended down payment for buying a home anywhere in the U.S. is typically 20%. Based on the median listing price for a home ($279,000), a 20% down payment for a house in Texas would be $55,800. If that sounds out of your reach, you are not alone.

Many potential homebuyers are discouraged by the misconception that you need a 20% down payment. There are some mortgage lenders in Texas, like Griffin Funding, who offer loans with more flexible terms.

For instance, you can qualify for a much lower down payment, putting down as little as 10% with a bank statement loan or even 3.5% with an FHA loan. A lower down payment can be the difference between being able to purchase a home now and waiting years to save while prices continue to increase.

Can You Buy a House in Texas without a Down Payment?

Yes, there are certain programs that allow you to buy a house in Texas without a down payment. Griffin Funding offers several types of loans in Texas that require no down payment, including VA loans and USDA loans.

If you have been struggling to save for a down payment, speak with one of our loan officers about your options.

Are There Any First-Time Homebuyer Incentives in 2019?

There are programs available through the Texas Department of Housing and Community Affairs (TDHCA), that provide 30-year fixed-rate mortgage loans and down payment assistance for first-time homebuyers throughout Texas.

However, there are requirements and restrictions to qualify for these programs, including:

First-Time Buyer Program Requirements
  • 620 minimum credit score
  • Income limits
  • Home price limits

And, you cannot have owned a home within the last three years. If these terms disqualify you from eligibility, you still have options including an FHA loan through Griffin Funding.

Is It A Good Time to Buy a House in Texas?

If you are planning to buy a home in Texas, there is no time like the present. While the housing market is currently cooling, Texas remains a desirable place to live. If you have a specific area or home in mind, acting now is the best way to ensure that you end up where you want to be.

At Griffin Funding, we aim to complete the entire Texas home loan process within 30 days or less so that you do not miss out on the real estate opportunity of your dreams.

Begin the application online or request a free quote today!

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Apply for Your Texas Home Loan

When it comes to Texas mortgage lenders, they are not all created equal. Griffin Funding is the right choice for those who want a collaborative, efficient, and friendly experience when applying for a home loan in Texas.

Apply for a mortgage online or call us at (855) 394-8288 to work with an experienced loan officer today.