First-time buyers in McKinney hear three program names and pick the one a friend used. Nate Carver at ProLendingMortgage puts FHA, conventional, and VA on the same page with the same taxes, insurance, and HOA dues. The cheaper payment wins. The overlay that the property cannot meet gets dropped.
That comparison is the first-call job. It is not a brochure.
FHA
FHA is often the path when the down payment is light and credit is still rebuilding. Mortgage insurance is part of the payment and it does not automatically fall off. Condos have to be acceptable. Older homes have to meet property rules. If conventional is cheaper once insurance is in the payment, FHA is not the default just because it is familiar.
Conventional
Conventional can win with stronger credit and a slightly larger down payment because mortgage insurance pricing and cancellation rules differ. Gift funds, reserves, and student-loan treatment still have to underwrite. A McKinney new-build with a builder credit can look like a conventional win until the rate tied to that credit is in the payment. If you are stretching to 3 percent down, ask what mortgage insurance does to the payment versus waiting one more bonus cycle and putting 5 percent down. Those two files are not the same overlay.
VA
Eligible veterans and service members should see VA on the page even if they were told they need a down payment. Entitlement, occupancy, and residual income still have to work. A funding fee may apply. Nate is an Army veteran and treats that file as a primary product, not a side conversation. If VA is open, it often beats FHA on the same house. Partial entitlement after a prior VA loan is a separate math problem. Bring the existing note if you still have one.
What first-time still has to bring
Pay stubs, two months of asset statements, credit authorization, and a target payment. If a parent is gifting funds, say that early. If you are looking at new construction in Celina, Frisco, or Prosper, bring the builder contract. If you have not been in the same job for two years, bring the dates anyway. Gaps are explainable. Surprises at appraisal are not.
Down payment assistance and Texas first-time programs can sit on top of these three first-mortgage lanes. They have income caps, education certificates, and occupancy rules. They do not rescue a file that cannot stand on FHA, conventional, or VA by itself. If the listing wants a 10-day close, a second-lien partner may not fit the clock.
Student loans, auto payments, and childcare still hit residual income on a VA file and debt-to-income on the other two. Bring the full monthly picture, not just the house payment you saw on a listing flyer last weekend.
Call (972) 832-5761 or visit natecarver.com to run the three programs on one payment. Nate Carver, NMLS #2004738. ProLendingMortgage, LLC. Equal Housing Lender. All loans subject to credit approval. Programs and guidelines can change. This is not a commitment to lend.