FHA & VA Loans

Lower down payments are a big deal on these loans. We have options to fit your specific needs so you can buy your home without saving up a small fortune.

These two popular government-backed loan programs offer friendly financial terms that make home-buying far more affordable.


VA Loans

  • Active duty military, veterans, reservists and some military spouses are eligible
  • 0% down payment option
  • Low mortgage rates and reduced closing costs
  • No private mortgage insurance required

FHA Loans

  • Good choice for many first-time homebuyers
  • Down payments as low as 3.5%
  • Less-than-perfect credit scores acceptable
  • Higher debt-to-income ratio permitted

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Consider These Benefits

Staying Local

Even though VA and FHA loans are government backed, you'll still work with local financial professionals you can trust at CUTX.

Loan Options

Both VA and FHA loans come in fixed-rate and adjustable-rate options, and in a variety of loan lengths - up to 30 years.

Selling Advantages

VA and FHA loans are both "assumable." That means that when you sell your home, you can transfer the beneficial terms to eligible buyers.

The right mortgage is the key to good living.

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FHA & VA Mortgage FAQs

The main difference is the down payment. With conventional mortgages, lenders usually require a 20% down payment on the loan. But mortgages backed by the Federal Housing Administration allow lenders to reduce the down payment requirement without taking on too much risk.
Homebuyers must be at least 18 years of age and must live in the home. The home has to be appraised by an FHA-approved appraiser, as well. Some first-time borrowers will be able to put as little as 3.5% down with a credit score of at least 620. There are other requirements, so please talk to us to make sure you can qualify.
Yes. Many other loan types don't allow the down payment to be gifted. But with an FHA loan, you can use money given by a relative, an employer or labor union, a close friend, a charitable organization, a governmental agency or public entity. Keep in mind, any giver must meet FHA standards.
Bring along Pay stubs or W2s for at least two years, the addresses where you’ve lived for two years, information about current loans and checking and savings accounts. Our mortgage specialists can guide you through the process of the application. You'll also have to pay for a credit check.
Because of the low down payment, these mortgages require you to pay private mortgage insurance (PMI). Also, historically the interest rates on FHA loans are higher than conventional loans, but that is not always the case.
To know for certain, it's best to connect with our mortgage lending team so we can help you find the right home loan for your situation.

Along with the down payment and monthly payment, you have:

  • Closing costs, which may be between 1% and 5% of the loan
  • Property taxes
  • Home insurance

Plus, as a homeowner, you’re responsible for upkeep and maintenance, so it’s a good idea to have extra money budgeted for those expenses.

Get started above, or give us a call! A consultation with one of our mortgage lending specialists will lead to you getting pre-qualified for a loan. Our mortgage lending team can find out what loan amount you may qualify for and help you pick the best type of loan for you to buy the home of your dreams. They can also help you create a strategy for coming up with a down payment and getting your finances in order as you work towards buying your new home.

Why CUTX?

The stuff, loan team and customer service were very helpful throughout my car loan process. Credit Union of Texas was able to offer me the best rate available for my vehicle. I would highly recommended CUTX to all of my friends and family.
Abebe A.
Great folks to work with and great rates! We saved a ton on our auto loans! Thanks, CUTX!
Russell V.

I simply love this credit union location. My family has gotten several auto loans and personal loans there. I have been a member for over 30 years and my children have accounts also.

Laretha S.

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NMLS #576560 Credit Union of Texas provides mortgage loans through its affiliate Texas Mortgage Lending, LLC, NMLS #1641703. CUTX home loan programs are only available in Texas. Loans are subject to credit approval, CUTX's lending policies, and property approval. Prequalification is not a commitment to lend. Membership required.