Calculating Credit Score Mortgage RequirementsIf you live in Texas or want to relocate to the state of Texas and are looking into obtaining a home mortgage, there is a number of different ways, such as, an FHA Loan, a Conventional Loan, a VA Loan, a Home Purchase Loan, and a Home Equity to buy a home in Texas or Refinance a home in the Lonestar State.

Best Credit Score for Buying a Home

It is standard practice that two of the three credit reporting companies must report your credit score to be at least 620 or above in order to qualify for a home loan. If you know this to be true with your credit score, you can start the process for application by offering an E-signature to your online application.

You can look into mortgage options such as, a Refinance Loan, a Fixed Rate of Interest Loan, a Reverse Mortgage Loan, an Adjustable Rate of Interest Mortgage, an Interest-only Loan, or a Jumbo loan within the state of Texas. No matter what kind of loan you want, you need that magic credit number of at least 620.

There may be certain programs made available by the Texas government for first time home buyers in service of their country. If you hold your Texas security license, are in active duty law enforcement, or have served in the military, contact your Texas county representative to see what programs (if any) are available, and if you quality for them.

Along with these different types of Texas homeowner loans comes methods of financing such as:

  • First time home buyers can get a 96.5 percent financing
  • Credit collections offer a 96.5 percent financing is available
  • Through consumer credit counseling a 96.5 percent financing
  • A 96.5 percent financing is available three years after the Foreclosure on any FHA Loans
  • Conventional financing offers a 95 percent financing with a credit score of 680 or above
  • A 620 credit score is acceptable for FHA Loans in Texas
  • ┬áIf you ever filed a Chapter 7 bankruptcy, you must have a credit score of 640 or above for a financing with FHA, two years after the bankruptcy. Financing is 96.5 percent.
  • If you filed a Chapter 13 bankruptcy in the past year, are paying mortgage payments on time, and your credit score is at least 640 or above you have a 96.5 percent financing available

All VA Loans are offered at 100 percent financing available

  • There are three different time periods for loans to be paid off and they are as follows
  • 30-year fixed rate of interest at 3.750 percent and 3.920 percent
  • 15-year fixed rate of interest at 3.000 percent and 3.390 percent
  • 5-year ARM with an interest rate of 3.625 percent and 3.625 percent