Down payment requirements vary by loan type. FHA loans require as little as 3.5% down. Conventional loans can start at 3%. And with Texas Down Payment Assistance programs, you may qualify for grants or forgivable loans that cover part or all of your down payment and closing costs.

Texas offers several DPA programs including: TSAHC (Texas State Affordable Housing Corporation), TDHCA (Texas Department of Housing and Community Affairs), city-specific programs, and lender-funded down payment assistance. Irene can help you determine which programs you qualify for.

While most programs require some down payment, combining loan programs with DPA grants can significantly reduce or potentially eliminate your out-of-pocket costs. VA loans (for eligible veterans) offer 0% down. USDA loans offer 0% down in eligible rural areas. Contact us to explore your options.

Qualification typically depends on income limits, purchase price limits, credit score requirements, and buyer education completion. Many first-time buyers qualify, but some programs are available to repeat buyers as well. M&I TX Home Team evaluates your eligibility and connects you with the best programs.

It depends on the program. Some DPA programs offer grants (no repayment required), while others offer forgivable loans (forgiven after a set period) or deferred second mortgages. Irene explains all the terms before you commit to any program.