The fast and furious housing market in the Dallas-Fort Worth Metro area still favors sellers with the median home price expected to increase by nearly 16% this year, according to For potential first-time home buyers, their first instinct might be to sit this one out and keep paying rent.

While the Dallas Real Estate market is on fire, it is still surprisingly affordable. But buying a home, especially for the first time, can feel like a daunting process. Fortunately, mortgage interest rates are still low, and an abundance of financing programs designed for first-time home buyers can make the process less complicated.


One of the most popular mortgage financing solutions for first-time home buyers is the FHA loan. Insured by the government, and provided by FHA-approved lenders, FHA loans are often easier to qualify for than conventional loans due to lower down payments (3.5%), and less restrictive credit requirements.


VA loans are backed by the U.S. Department of Veterans Affairs and are available for qualifying active-duty members, reservists, and veterans of the armed forces. VA loans are attractive to qualified borrowers because they offer low or no down payment options and do not require monthly mortgage insurance, a unique benefit for most home loans without a weighty down payment.


USDA home loans are designed for borrowers seeking to purchase homes in eligible rural areas (which includes approximately 97% of the nation’s landmass). Like VA home loans, USDA loans do not require a down payment. The USDA does not set a minimum credit score, but most lenders require a minimum score of 640 (subject to change, call for the most up-to-date information).

HomeReady and Home Possible

Fannie Mae HomeReady and Freddie Mac Home Possible mortgages are conventional home loans that appeal to first-time buyers with a low 3% down payment and lower income requirements. Both have unique guidelines and requirements that borrowers need to meet before they can take advantage of the benefits.

If you’re in the market for your first home, reach out to our team to see how we can help.