Get into your first home with 3.5% down — down payment assistance may cover it all.
The Rio Grande Valley has one of the highest concentrations of first-time homebuyers in Texas — and FHA loans are the engine that gets most of them into their first home. With median home prices around $215,000 in McAllen and Edinburg, the math works beautifully: 3.5% down on $215,000 is $7,525. Pair that with TSAHC's My First Texas Home program, which offers a 3% down payment grant, and many RGV buyers get in with almost nothing out of pocket. I've helped hundreds of Valley families make this work. Let's run your numbers.
If you're buying in a new subdivision in Mission or Edinburg, ask your builder if they have a preferred lender — then compare that rate against mine. Builders' preferred lenders often offer closing cost incentives but sometimes have higher rates. I'll help you do the math.
Most RGV FHA approvals hinge on two things: documenting stable income (two years of history) and explaining any credit blemishes. I write a strong LOE (Letter of Explanation) for any derogatory items and show the underwriter the full picture of a stable, creditworthy borrower.
FHA rates in RGV are typically within 0.25–0.5% of conventional rates. MIP adds ~$85–$175/month depending on loan amount and down payment. Down payment assistance through TSAHC can eliminate most or all of your upfront costs.
Yes. TSAHC's My First Texas Home program offers a 3–5% grant that can be used toward your down payment and closing costs. There are income limits that vary by county — Hidalgo County limits are generous enough to include most RGV buyers. I'll verify your eligibility in the pre-approval conversation.
580 gets you 3.5% down. Below 580 (as low as 500) requires 10% down. But credit score is only part of the picture — I've gotten approvals for borrowers with scores in the 590s who had strong rental history and stable employment. Don't assume a low score means no.
Yes, FHA does finance manufactured homes, but the home must be on a permanent foundation and the land must also be purchased (not leased). There are specific FHA guidelines for manufactured housing — I can walk you through what qualifies in your area.
On a $200,000 FHA loan with 3.5% down ($7,000 down), you'd have an upfront MIP of $3,315 (financed into the loan) and an annual MIP of about $170/month. Total payment at current rates would be around $1,550–$1,650 depending on your insurance. I'll give you an exact breakdown.
Legal permanent residents (green card holders) are fully eligible for FHA loans. Non-permanent residents with valid work authorization (H-1B, EAD) can also qualify. ITIN holders without a Social Security number would need a non-QM loan — I offer those as well.
You served. Zero down, no PMI, competitive rates — you've earned this benefit.
Learn More →Move-up buyers and investors — conventional financing opens doors FHA can't.
Learn More →Qualify on rental income. No tax returns. Build your RGV portfolio.
Learn More →Free consultation. I'll tell you exactly what you qualify for in Rio Grande Valley and what your real monthly payment will be. Pre-approval in 24 hours.
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