Mortgage rates for Houston, Texas go down to 3.00%

Mortgage rates for Houston, Texas on Lender411 for 30-year fixed-rate mortgages are at 3.00%. That dropped from 3.00% to 3.00%. The 15-year fixed rates are now at 2.56%. The 5/1 ARM mortgage for Houston, Texas is now at 4.56%.

Houston is the largest city in Texas and the fourth largest city in the United States. Houston is well known for its participation in the oil and aerospace industries. The Port of Houston is also well known for its role in trade. Houston does not have the same kind of zoning laws as most cities, and as a result has five business districts as opposed to one central downtown.

Houston FHA Loans

The Federal Housing Administration (FHA) insures loans that have long been favorites of first time buyers and those with smaller cash reserves thanks to its low down payment requirement and relaxed credit standards. If you qualify, you'll be subject to the following requirements:

• Down payment, loan-to-value (LTV): 3.5%, 96.5%.
• Credit score minimum: Typically 580 or greater. 
• Debt-to-income (DTI): Typically 45-50% or less. 
• Upfront mortgage insurance of 1.75% the base loan amount is required. 

Annual mortgage insurance premiums of varying percentage are also required, and paid monthly. New FHA borrowers, however, will receive annual MIP rates of half a percent lower than the original rate, typically 1.35%.

Houston First Time Homebuyer Loan Programs

If you are looking to buy a first home in Houston, you have several options that are available to help you be able to afford a home including homebuyer and down payment assistance programs through the City of Houston. To learn more about these programs and your eligibility, visit Lender411's page for Houston first mortgage.

Houston VA Loans

VA loans are insured by the Department of Veteran Affairs, or VA, and available exclusively to veterans of the United States Armed Forces. They feature benefits seen in no other program. To learn more about this program, visit Lender411's page for Houston VA loans. 

Statewide Grant and Assistance Programs

The Texas Department of Housing and Community Affairs (TDHCA) offers the My First Texas Home loan program, which offers a low down payment, fixed-rate mortgage with down payment and closing cost assistance for as much as 5% of the loan. Regional income and property price limits apply. 

The My First Texas Home option can be used in conjunction with the Mortgage Credit Certificate program, which allows participants to decrease the federal withholding in every paycheck, better enabling them to make a monthly mortgage payment. Annual savings can go up to $2,000, or about $166 per month. Participants must be purchasing in a targeted area. 

Lenders in: Houston, Texas.