Credit score:

520 or less = No Programs Available

520 to 580 = No Programs Available

580 to 620 = 20% down payment

620 to 680 =  3.5% to 5% down payment

680+  = 3% down payment

(Closing cost funds are needed in addition to the down payment)

If your credit score is less than 620 you may not qualify for a mortgage, even with a very large down payment.

This is constantly changing, and there are exceptions, but it gives an idea of how your credit score is directly related to your down payment needed.  

If you don’t know what your credit scores are we can check this for you at no charge. Then we can suggest a mortgage program to fit your needs.

 If your current credit and funds available are insufficient the next option would be to save up a larger down payment and/or improve your credit file.

 Credit Repair For Texas Mortgages  

It is usually not necessary to pay a company a large sum to repair your credit.  At Texas Capital Mortgage we can give you information on how to improve your credit scores. Here are some of the things we can do to help you get a good mortgage program:

• Evaluate your credit situation and create a repair plan if needed. This is done prior to loan submission.
• Help correct any outdated or incorrect information in your credit reports
• Excess inquiries can reduce your score. If there are inquires on your report that you didn’t authorize, they may be able to be removed.
• If you have any good credit that is not on your report we may be able to help you have that information added.
• We will advise you on any strategy that could improve your score.
• We want to help you get the funding you want. There are other things that can be done depending on your needs. Please take advantage of a free, no obligation, and consultation by phone or at our office.