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
What sets it apart
- Zero down on any property that sits inside the eligibility map
- The guarantee fee costs less than FHA mortgage insurance
- Each county sets its own household income limit
- Near Houston the eligible areas include parts of Waller, Liberty and Chambers counties
Who it is for
Moderate income families willing to buy outside the urban core.
Does this sound like your situation?
Prequalify in three minutes and we will confirm whether this is the right program for you or which one suits you better.
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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.
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 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.
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.