A First-Time Homebuyer’s Guide to Loan Programs at TLP Mortgage

Buying your first home is one of the most exciting and sometimes overwhelming milestones of your life. At TLP Mortgage, we’ve been guiding first-time homebuyers through this journey since 2003, and we know that one of the biggest questions on your mind is: “What kind of loan is right for me?

The good news? You have options, a lot of them. This guide breaks down every loan program we offer, what each one means for you as a buyer, and how to know which path fits your situation best.

“At TLP Mortgage, homeownership isn’t just about today’s loan, it’s about lifelong guidance, trusted advice, and a team that has your back through every stage of growth.”

1. FHA Loans: The First-Timer’s Best Friend

If you’re a first-time buyer with limited savings or a credit score that’s still building, an FHA loan is likely your best starting point. Backed by the Federal Housing Administration, FHA loans are specifically designed to make homeownership more accessible.

What You Need to Know:

•        Down payment as low as 3.5% with a credit score of 580 or higher

•        More flexible credit and property requirements than conventional loans

•        Mortgage insurance is required, but it’s built into your monthly payment

•        Great for buyers who don’t have a 20% down payment saved

FHA loans are one of the most popular programs we use with first-time buyers here in San Antonio. They’re forgiving on credit history and allow you to get into a home sooner rather than later.

2. Conventional Loans: The Straightforward Path

A conventional mortgage is the most common type of home loan and is ideal if you have solid credit and some savings for a down payment. These loans are not government-backed but follow guidelines set by Fannie Mae and Freddie Mac.

What You Need to Know:

•        Loan amounts up to $548,250 (conforming limit), with higher limits in some areas

•        Fixed interest rates with 15- or 30-year term options

•        No private mortgage insurance (PMI) required if you put down 20%

•        Best for buyers with a strong credit profile and consistent income

If you have a credit score above 700 and can put 10–20% down, a conventional loan often gives you the best long-term value, lower overall costs and no government fees.

3. VA Loans: A Thank You to Those Who Served

San Antonio is home to one of the largest military communities in the country, and VA loans are one of the most powerful mortgage benefits available to veterans, active-duty service members, and qualifying surviving spouses.

What You Need to Know:

•        No down payment required in most cases

•        No private mortgage insurance (PMI)

•        Competitive interest rates

•        Available exclusively to eligible veterans, active duty, and surviving spouses

At TLP Mortgage, we have deep experience working with the military community. If you’ve served, this program is a remarkable benefit, and we’re honored to help you use it.

4. USDA Loans: Rural & Suburban Homeownership Made Easy

Dreaming of a home with a little more space outside the city? USDA loans, backed by the U.S. Department of Agriculture, are designed for buyers in rural and suburban areas and offer outstanding benefits.

What You Need to Know:

•        No down payment required

•        Designed for low-to-moderate income buyers

•        Properties must be in eligible rural or suburban areas

•        Competitive rates with low mortgage insurance costs

Many areas around San Antonio, including communities in Bexar, Medina, and Atascosa counties, may qualify. Ask us about USDA eligibility for the area you’re considering.

5. Down Payment Assistance Programs: Help Getting to the Closing Table

One of the biggest hurdles for first-time buyers is coming up with a down payment. Texas has several powerful programs designed to help you bridge that gap.

My First Texas Home

•        30-year fixed mortgage with up to 5% in down payment and closing cost assistance

•        Available statewide to veterans and first-time homebuyers

•        Can be combined with the Texas Mortgage Credit Certificate (MCC) for additional tax savings

•        Minimum credit score of 620 required

Texas Mortgage Credit Certificate (MCC)

•        Dollar-for-dollar reduction in your federal tax liability

•        Save up to $2,000 per year on income taxes

•        Available as long as you owe on your mortgage and live in the home

TSAHC Programs

•        Up to 5% assistance for down payment and closing costs

•        Not limited to first-time homebuyers

•        Available statewide through participating lenders like TLP Mortgage

These programs can make a significant difference in your ability to buy sooner. Our team will walk you through every option and help you find the best combination for your situation.

6. Construction Loans: Build the Home You’ve Always Envisioned

Can’t find the perfect home on the market? Build it. TLP Mortgage specializes in Build on Your Lot construction loans and has helped Texas families close over $150 million in construction financing.

What You Need to Know:

•        Covers both the construction phase and the permanent mortgage

•        Our construction team has a combined 60+ years of experience

•        Tailored solutions, whether you’re working with a builder or going independent

Building a custom home is complex, but our dedicated construction team has seen nearly every scenario. We’ll guide you from financing your lot to closing on your completed dream home.

7. Additional Loan Programs

Beyond the core programs above, TLP Mortgage also offers:

•        ARM (Adjustable Rate Mortgage): A lower initial rate that adjusts over time, ideal if you plan to sell or refinance within a few years

•        Renovation Loans: Finance improvements into your mortgage before you even move in

•        Investment Property Loans: For buyers looking to grow their wealth through real estate

•        Non-QM Loans: For self-employed buyers or those who don’t fit standard Fannie Mae/Freddie Mac guidelines

•        MoveNow Program: Buy your new home before selling your current one using a unique two-loan structure

How to Choose the Right Loan Program

With so many options, it’s easy to feel unsure where to start. Here’s a simple framework:

First-time buyer with limited savings? → Start with FHA or Down Payment Assistance

Veteran or active-duty military? → VA Loan is almost always your best option

Buying in a rural or suburban area? → Explore USDA

Strong credit and 10–20% down? → Conventional may save you the most long-term

Want to build your dream home? → Ask about our Construction Loan programs

High-value property? → Look into Jumbo options

The best loan program depends on your financial picture, your goals, and the home you’re pursuing. T

“Consulting with you to make strategic mortgage decisions based on your financial portfolio, future plans, and specific goals.” — TLP Mortgage

Ready to Take the Next Step?

At TLP Mortgage, we believe every client deserves more than just a loan; you deserve a trusted partner who understands your journey and is committed to your success. Whether you’re just starting to explore or ready to apply, our team is here to guide you.