A mortgage is a loan taken out to buy property or land. The property or land is used as collateral until the loan is fully repaid over a specified term.

To qualify for a mortgage, you generally need a stable income, good credit score, low debt-to-income ratio, and a down payment. Lenders also consider your employment history and the type of mortgage you’re applying for.

There are several government programs for first-time home buyers including FHA loans for lower down payments, VA loans for veterans, and USDA loans for rural property. Ask your mortgage lenders for specific Texas programs that offers down payment assistance and tax credits.