There is a program for your situation
We work with seventeen financing programs. Plenty of people think only one exists, which is why they assume they do not qualify.
Prime programs
These are backed by the government or by Fannie Mae and Freddie Mac. When your profile qualifies, they carry the best rates on the market.
FHA Loan
The most accessible path to your first home
The FHA loan is backed by the Federal Housing Administration and accepts lower credit scores and smaller down payments than any conventional loan. It is how most Hispanic families in Houston buy their first home.
- Down from
- 3.5%
- Minimum score
- 580
- Documentation
- Taxes and W2s
Conventional Loan
The best rate once your credit is healthy
Backed by Fannie Mae or Freddie Mac, this loan carries the most competitive rate on the market once your score and income qualify. Its big advantage over FHA is that the mortgage insurance drops off when you reach 20% equity.
- Down from
- 3%
- Minimum score
- 620
- Documentation
- Taxes and W2s
Down Payment Assistance
Up to 5% of the price with nothing to pay back
Texas runs several programs that cover your down payment and part of your closing costs. Some work as grants that you never repay. They can be combined with an FHA, conventional, VA or USDA loan.
- Down from
- 0%
- Minimum score
- 620
- Documentation
- Taxes and W2s
VA Loan
Zero down for those who served
Guaranteed by the Department of Veterans Affairs, this is the best loan available if you qualify. It asks for no down payment, charges no monthly mortgage insurance and carries rates below conventional financing.
- Down from
- 0%
- Minimum score
- 580
- Documentation
- Taxes and W2s
USDA Loan
Zero down outside the urban core
The Department of Agriculture backs loans with no down payment in eligible rural and suburban areas. A good share of the counties around Houston fall inside the map.
- Down from
- 0%
- Minimum score
- 640
- Documentation
- Taxes and W2s
Essential Worker Assistance
Forgivable grants for those who serve the community
These are down payment assistance programs reserved for the people who hold the community together. In Texas the TSAHC Homes for Texas Heroes program hands out grants that you never repay.
- Down from
- 0%
- Minimum score
- 620
- Documentation
- Taxes and W2s
Alternative programs
These are for anyone who does not fit the traditional mold: no Social Security number, self employment income or buying to invest.
ITIN and DACA Loan
Buy a home without a Social Security number
If you file taxes with an ITIN or you hold DACA status, you can buy a home. These loans do not come from the government but from banks that accept your ITIN as valid tax identification.
- Down from
- 10%
- Minimum score
- 620
- Documentation
- Taxes and W2s
Bank Statement Loan
Qualify on what comes into your account
When you work for yourself, your tax returns show far less than you actually earn because deductions bring the number down. This program looks at your account deposits instead of your tax returns.
- Down from
- 10%
- Minimum score
- 620
- Documentation
- Bank statements
Profit and Loss Loan
One document from your accountant
This one is built for business owners whose real income never shows up on their tax returns. You qualify with a profit and loss statement prepared by an accountant and no bank statements get reviewed.
- Down from
- 15%
- Minimum score
- 640
- Documentation
- Profit and loss
Employment Verification Loan
Just one signature from your employer
This is the shortest process available for a salaried employee. The lender verifies your job directly with the company and asks you for no other income document.
- Down from
- 10%
- Minimum score
- 660
- Documentation
- Employment letter
DSCR Investment Loan
The property is what qualifies
The lender checks whether the rent covers the monthly payment and never looks at your personal income. This is the tool investors use to build a rental portfolio without running into a debt ceiling.
- Down from
- 20%
- Minimum score
- 660
- Documentation
- No income documents
Hard Money Loan
Close in days with the property as collateral
This is short term financing that leans on the value of the property rather than on your credit. Investors use it to beat cash offers and to buy, renovate and then refinance out.
- Down from
- 25%
- Minimum score
- Not applicable
- Documentation
- Property value
Construction Loan
From lot to keys in a single closing
This finances a custom build or a major renovation. With the single closing structure you pay closing costs once and the loan converts into a mortgage on its own when the work is finished.
- Down from
- 20%
- Minimum score
- 680
- Documentation
- Taxes and W2s
Land Loan
Lock in the lot now and build later
This finances the purchase of undeveloped land. Traditional banks rarely touch it because vacant land produces no income and houses nobody.
- Down from
- 25%
- Minimum score
- 680
- Documentation
- Taxes and W2s
Commercial Loan
Your business location under your own name
This finances the purchase, construction or renovation of commercial property. You stop paying a landlord and that same monthly payment starts building equity that belongs to you.
- Down from
- 25%
- Minimum score
- 660
- Documentation
- No income documents
Manufactured Home Loan
The most affordable way into ownership
This finances a manufactured home, either on land you own or inside a park. It is the lowest entry price into property ownership anywhere in the Houston area.
- Down from
- 5%
- Minimum score
- 620
- Documentation
- Taxes and W2s
Reverse Mortgage
After 62 your home pays you
This converts part of your home equity into cash without you having to sell or move out. For as long as you live there, there is no monthly mortgage payment.
- Down from
- Not applicable
- Minimum score
- Not applicable
- Documentation
- Property value
Let us see what you qualify for
It takes three minutes, we run no hard credit inquiry and you commit to nothing. We respond within 24 business hours with the programs that fit you.
Electi Financial Solutions manages and supports your financing application. Loans are originated and funded by our lending partner under its own NMLS license. Electi is not a bank or a lending institution.
The figures shown are general parameters of each program and do not constitute a loan offer or a commitment to lend. Down payment, score and documentation requirements are set by the lender and vary based on your profile, the property and market conditions. All approvals are subject to full underwriting.
Equal Housing Opportunity. We comply with the Fair Housing Act and with the Equal Credit Opportunity Act.