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Texas Mortgage with No Credit Required!

In most cases your credit score is a key factor in getting a home mortgage. However some people have no record of credit on their credit report. Fortunately there are some very good programs available for those without a traditional credit history. These programs are sometimes called “first time buyers” plans.

Fannie Mae has a program called the “MyCommunity” mortgage. Customers may be able to use “non traditional” credit information if there are no records on their credit report. To qualify the borrower shows a good payment record for rent payment, insurance payments, utility payments, or other acceptable payment histories. Freddy Mac has a similar program called the “HomePossible” plan. Another option is to go with a FHA mortgage.

Each plan has some different features. Generally the borrower will need to have a job for at least two years. In some cases the job length can be less if it is in the same field of work. You will also need to have enough income to afford the property you wish to buy. As a general idea the payments for the property you buy should be about 1/3 or less of your total household income.

The down payment guideline for the FHA program is a 3% or more down payments. If may be possible to qualify for the Fannie or Freddie plan with no down payment. There are also Texas down payment assistance (DPA) programs that you may be able to qualify for. Ask your realator or loan officer for information on down payment assistance programs.

At Texas Capital Mortgage we can explain the features of these plans and help you to select the best one for your needs. Other conditions may apply so please contact us for details of these first time buyers programs. There is no cost or obligation for a consultation. We are located in Houston and offers home loans anywhere in Texas.

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We want to be your Houston first time home buyer lender! (Loans aywhere in Texas)

Texas Capital Mortgage - 28 FM 1960 West - Houston, TX 77090
Office Phone: 1- 866-433-0500 toll free Fax: 832-565-1656

Texas Mortgage Broker License #65252.

We provide service for the entire state of Texas.

If you are looking for a houston mortgage, houston refinance, or a houston mortgage broker, then you have come to the right place! We are one of the top Texas lenders.