Most first-time buyers in McAllen can get into a home with 3.5% down or less, about 2–5% more in closing costs (often negotiable), and about 30–45 days from accepted offer to keys. Here's how it works in the Rio Grande Valley.
How much do I need for a down payment?
FHA loans need 3.5% down. Some conventional loans allow 3%. VA and USDA loans can be 0% for buyers who qualify. On a $275,000 McAllen home, 3.5% down is about $9,600.
What are closing costs?
Closing costs cover lender fees, title insurance, the appraisal and prepaid taxes and insurance. They usually run 2–5% of the price. In today's market, many sellers agree to pay part of them. I negotiate for that on almost every offer I write.
Are there programs for first-time buyers in Texas?
Yes. Texas has down payment assistance through TSAHC and TDHCA, plus some local city programs. Eligibility depends on income, credit and the home price. A local lender can tell you in one call which ones you qualify for.
How long does it take?
- Get pre-approved (1–3 days)
- Tour homes and make an offer (1–4 weeks)
- Option period and inspection (usually 7–10 days)
- Appraisal and loan approval (2–3 weeks)
- Close and get your keys (30–45 days after your offer is accepted)
Where should first-time buyers look?
It depends on your budget and commute. Edinburg, Pharr, Donna and Weslaco often have more homes in the low-to-mid $200s. North McAllen tends to cost more. New-construction communities across the Valley are worth a look too. Builders often help with closing costs, and their buyer's agent is usually paid by the builder.
Do I need an agent?
In most cases, having your own agent costs you little or nothing, and you get someone negotiating for you. That includes new builds.
¿Hablas español?
Sí. Te ayudo en español desde la primera visita hasta el cierre.
Ready to start? Call or text Jose Mendez at (830) 872-8142. Jose is a bilingual Realtor with SANETI Realty Group LLC, Texas License #759099.
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