Question 1

How much down payment do I need to buy a house in Texas?

Accepted Answer

Conventional loans require 3-20% down. Below 20% you pay PMI until LTV drops to 78%. FHA accepts 3.5% with credit ≥ 580. VA loans allow 0% down for veterans.

Question 2

What is the property tax rate in Texas?

Accepted Answer

Texas has no state income tax but property taxes average 1.8-2.5% of home value annually. Bastrop and the Austin metro area typically charge around 2.2% per year.

Question 3

What DTI ratio do lenders want?

Accepted Answer

DTI (debt-to-income) is your monthly debt over gross income. Conventional lenders prefer total DTI below 43%. FHA can accept up to 57% with strong credit.

Question 4

When does PMI get removed?

Accepted Answer

By federal law (Homeowner Protection Act), PMI is automatically removed when your loan reaches 78% LTV of original value. You can request removal at 80%.

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