Think you need 20% down to buy your first Austin home? Most first-time buyers do not. Mark Prendergast (NMLS 280440) at CMG Home Loans helps first-time buyers across Austin understand their real options — and their real numbers.
Before you fall in love with a house, know three numbers: your purchase budget, your comfortable monthly payment, and your cash to close. Mark runs this test with every first-time buyer so there are no surprises later.
Income stability, debts, down payment, and reserves. That is the short list. Everything else is paperwork — and Mark tells you exactly which paperwork, up front.
No. Most first-time buyers in Austin put down far less. Conventional loans can go as low as 3% down for qualified buyers, FHA loans start at 3.5%, and eligible veterans can use a VA loan with 0% down.
It depends on the program. Conventional loans generally favor higher scores, while FHA loans are more flexible. Rather than guessing, have a lender pull your credit and tell you exactly where you stand — many buyers qualify sooner than they think.
The Texas State Affordable Housing Corporation offers programs for eligible Texas homebuyers, including down payment and closing cost assistance. Income and purchase-price limits apply, and not every buyer qualifies — a Texas lender can check your eligibility.
Once you are preapproved and find a home, most purchases close in 21 to 30 days. The full timeline — from first conversation to keys — often runs 60 to 90 days for first-time buyers.
Possibly. Texas and local assistance programs exist for qualifying buyers, each with its own rules on income, price, and buyer education. Ask a local lender which ones you may be eligible for before you assume you need a big down payment.
Get a straight answer on what you qualify for — no pressure, no obligation.
Call 512-587-4959