Sealy Texas Home Loans for Home Buyers

Mortgage and Lending with SMP Mortgage, Inc. NMLS# 130562 NMLS# 220593

Sealy Texas Home Loans for Home Buyers

If you are a Katy Texas Home Buyer, there are many Sealy Texas Home Loan programs available just for you. 

Here are some of the most common Sealy Texas Home Loans for Home Buyers. The common features of these programs are low or no down payment requirements and easier qualifying standards.  There are also many grants and assistance available (see below).

1. FHA Loans:  FHA is one of the most common home buyer loans today. FHA loans offer a low 3.5% down payment requirement, and easier qualifying standards than other types of loans.

FHA is the only program that allows for a family member to co-sign if they are not occupying the home, meaning if you need the help of a co-signer, FHA is the program for you.

There is also the advantage of low mortgage rates on FHA Loans, however, FHA carries higher mortgage insurance rates than other types of loan programs. You must also be 2 years out of a bankruptcy and 3 years out of a foreclosure to qualify for an FHA loan.  Learn more about this popular program at the FHA website (

2. Conventional Loans:  If you have a slightly larger down payment, and good credit, you may qualify for a conventional loan.  Conventional loans require a 5% down payment and have stricter qualifying standards than other types of first time home buyer loans.  Conventional rates are also slightly higher than FHA rates, but the mortgage insurance rates are so much lower that it is a good choice if you can qualify.

3. VA Loans:  Like FHA loans, VA mortgage loans offer easier qualifying standards and low rates, and are designed for active duty and retired military personnel.  VA, however, has the advantage of no down payment requirement and no monthly mortgage insurance, making for an extremely low payment.

4. USDA Loans: USDA is another popular first time home buyer loan, but is only available in rural areas.  USDA has low rates, low mortgage insurance, and no down payment requirement.  

5. Grants and Assistance:  There are many home buyer grants and down payment assistance programs available.  Whether it is tax credits or help with your down payment, you will save thousands, and we can help you determine which of these programs you will qualify for.  Most down payment and grant programs are designed exclusively for home buyers and you must meet other qualifying standards, typically income limits for your county.

One of the first steps to obtaining Sealy Texas Home Loans for Home Buyers is to get pre-approved.  It is very important to work with a lender who knows home buyer programs, and can help you understand the home buying process.

Call us in the office with your questions, we will give you honest answers and straight talk about home buyer loans. You can reach Richard Smith at  (281) 994-4240 , or visit our website HERE.




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