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How To Buy A House In Texas


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Whether you're actively house hunting or just starting to browse homes on Zillow, it's never too early to find a great local realtor to guide you on your search. An experienced agent can help you navigate a tricky housing market, explore your financial options, and negotiate the best deal possible.


The timing of your house hunt in Texas can have a big impact on your number of options. For example, in Texas, June has historically seen the most homesfor sale. Searching in this season could give you more options and a greater likelihood of finding your dream home.


Once you find a Texas house you love, it's time to make an offer. Your real estate agent will help you write a compelling offer that gives you the best shot of convincing the homeowner to sell to you.


Allison Bethell is a writer, real estate investor, broker, small business owner, and consultant and has a B.A. from Villanova University in Sociology and Business. She has over 15 years of real estate experience, including flipping properties, selling houses, property management, luxury condominium development, as well as marketing and recruiting for large real estate brokerages. She has been featured in articles by outlets such as Forbes, The New York Times, The Street, and Realtor Magazine.


As it relates to insurance requirements, each state will have different recommended coverages depending on what hazards are most common. When buying a house in Texas, most policies cover fire and lightning damage, theft, explosions, accidental water or smoke damage, and vandalism. You should consider adding flood insurance (your lender may require it) to your policy and windstorm and hail coverage, especially if the house is on the Gulf Coast. You may also want to add extra liability coverage and endorsements for things like expensive artwork or jewelry.


As with real estate investing in any other state, there are special qualifications and requirements to be mindful of. So, if you're wondering, "What is required to buy a house in Texas" then this article is the perfect piece for you.


It is common for most first-time homebuyers in Texas to be concerned that their credit score may be too low to qualify for a mortgage. And if you're wondering what credit score is required to buy a house in Texas, keep in mind that the minimum score varies from lender to lender.


More importantly, specific mortgage loan programs have special household income requirements. For example, with USDA, your total household income must be at or below 115% of the median household income for the area, and if you're applying for Fannie Mae's HomeReady or Freddie Mac's Home Possible, your income must not exceed the limit set for your area.


Your down payment is the initial portion of the purchase price of your house that you pay at closing. Your mortgage lender will pay the remaining balance. Mortgage lenders in Texas often need you to deposit 20% of the purchase price as a down payment. That works out to $57,850 for a $289,252 property, which is the average home value in Texas.


The My Choice Texas Home program offers a first mortgage with an option to add down payment assistance of up to 5%. Down payment assistance comes as a 30-year, 0% interest second mortgage. This program is available to first-time and repeat homebuyers with credit scores of 620 or better. Home purchase price and household income limits apply and vary by county.


The Texas State Affordable Housing Corporation (TSAHC) gives eligible homebuyers a grant or a deferred forgivable second loan through its Home Sweet Texas Home Loan Program. To qualify, the borrower must have a credit score of at least 620. Home purchase price and household income limits apply and vary by county.


At this time, you are not required to choose a lender. But it is advisable that you compare interest rates and pre-approval amounts from multiple lenders to ensure you're getting the most satisfactory terms possible when purchasing your Texas house.


* Home Possible and HomeR




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