First time home buyer information

Are you ready to stop renting and become a homeowner? If you’re paying rent, you are paying a mortgage, just not your own. Texra agents have a proven track record of helping renters to become homeowners. In working with renters and buyers we commonly see a few home buyer myths that prevent renters from taking the first steps to homeownership.

Myth:

Buyers need a 10-20% downpayment to get a mortgage.

Truth:

Most mortgages require a minimum down payment of 3-5% additionally there are mortgage options with no down payment requirement or buyers can use down payment assistance programs to cover their down payment and some of their closing costs.

Myth:

Down payment assistance programs are only for low-income borrowers.

Truth:

While some programs are designed for low-income borrowers there are many programs designed for borrowers with moderate incomes meaning borrowers with income up to 115% of the median family income of the greater metro area.

Myth:

Student loan debt will keep me from qualifying for a mortgage

Truth:

While student loan debt is a factor in getting preapproved for a mortgage, working with a Texra agent that specializes in first time buying will help you with mortgage resources for every lending situation. Not all lenders and loan types have the same approach to calculating student loan debt when making a lending decision, our Texra agents can direct you to the best lender and down payment program for your financial situation.

Ready to stop renting and invest in your future? Fill out this form for one of your agents to contact you for a home buyer consultation.