Most of the Teachers in Texas purchasing homes tend to be first time home buyers. Like most first time home buyers, down payment is often the main obstacle when purchasing a home. Most first time buyers just don’t have 10 or 20 percent down payment lying around for a mortgage down payment. Well the good news is you still have options with USDA Rural Housing assuming you meet the basic eligibility criteria. The USDA 502 Guaranteed mortgage still allows for 100% financing in select rural defined locations around Texas. This government backed 30 year loan is perfect for teachers, police, firefighters or any other Texas public service worker that has little to no savings to purchase a home. Please call us at Ph: 800-743-7556 anytime with questions, or just submit the quick contact form on this page.
USDA really only has two key factors to determine if you are eligible – location of the home and household income. Basically the house (single family home) must be located in a USDA approved area according to the USDA eligibility map here. Remember, USDA is not concerned about who the seller of the home is, just where the home is located as it must be a rural defined location. It’s also a good idea not to automatically assume your location is not “rural eligible” You can easily check the property address on the map link above, some buyers are surprised to learn even certain outlying suburbs of cities like Dallas, Houston, Austin, San Antonio may still be eligible. If you need assistance finding USDA approved homes in Texas, please contact us below.
In addition to the actual location of the house, the income for the entire household must be below the USDA income limits found here.
If you find you meet the two key USDA loan eligibility factors above, everything else comes down to loan qualifying. Getting pre approved for a Rural Development loan is pretty much the same as other loan programs. Your credit score must be a min of 620 to be accepted by most banks and lenders. Your income should be documented with a stable job history as well. Since USDA doesn’t have set loan amount limits, your monthly debt to income ratios will determine the purchase price amount you qualify for.
Have questions? Contact us by calling ph: 800-743-7556 or just submit the Quick Contact form located on this page for a fast response.
We serve home buyers across the U.S., include TX.