The short answer
Prepare the borrower, occupancy and property questions that determine which financing options need review. This guide organizes 25 sourced questions for Texas Christian University.
Prepare your next decision
- Define who will occupy the home and who will borrow or hold title.
- Gather the actual price, down payment, income and complete ownership costs.
- Ask the assigned financing professional to review eligibility and terms; school guidance does not establish a loan approval.
How does CFPB define debt-to-income ratio?
Add monthly debt payments and divide by gross monthly income.
What example DTI does CFPB give?
CFPB’s example uses $2,000 of monthly debt and $6,000 of gross monthly income, producing a 33% DTI.
What does CFPB say loan type affects?
CFPB says loan type affects the required down payment, total loan cost including interest and mortgage insurance, and borrowing/house-price range.
What does CFPB say about conventional loans?
CFPB describes conventional loans as the majority of loans; they typically cost less than FHA loans but can be harder to get.
What does CFPB say about FHA loans?
CFPB says FHA loans have low down payments and are available to borrowers with lower credit scores.
Who does CFPB identify as eligible for VA loans?
CFPB identifies veterans, servicemembers, and surviving spouses as the relevant borrower group.
Who does CFPB identify for USDA loans?
CFPB describes USDA loans as for low- to middle-income borrowers in rural areas.
How do 15- and 30-year terms differ?
CFPB says a shorter term generally means a higher monthly payment but less interest over the life of the loan; its comparison includes 15- and 30-year terms.
What is the key fixed-rate versus ARM distinction?
CFPB says the choice affects whether the interest rate and monthly principal-and-interest payment can change.
When is mortgage insurance typically required?
CFPB says borrowers making a down payment of less than 20% typically need mortgage insurance.
What does CFPB say “estimated cash to close” includes?
CFPB says Estimated Cash to Close includes the down payment and closing costs, minus any deposit already paid to the seller, seller credits, and other adjustments.
What assumptions underlie CFPB’s rate comparison examples?
The examples assume a $400,000 primary residence, 10% down, a 700 credit score, a conventional 30-year fixed loan, specified discount points, and a 60-day rate lock.
What does CFPB say a higher down payment generally does?
CFPB says it typically lowers the interest rate and reduces the loan amount, lowering borrowing costs.
What tradeoff does CFPB identify for a 15-year mortgage?
CFPB says a shorter term generally has a lower rate and higher monthly payment, while more of the payment builds equity and less goes to interest.
What does a mortgage interest rate represent?
CFPB defines it as the annual cost of borrowing expressed as a percentage; it does not include fees or other charges.
Does Texas have a state property tax?
The Texas Comptroller says Texas has no state property tax.
Who sets or collects local property taxes according to the Comptroller?
The Comptroller says its office does not collect property tax or set tax rates.
What does Tarrant Appraisal District do?
TAD says it handles local property-tax appraisal and exemption administration for 73 jurisdictions or taxing units in the county.
What cap does TAD describe for a residence homestead?
TAD says a homestead exemption limits the increase in appraised value to 10% annually, subject to stated exceptions for improvements, land, or extensive renovations.
What is a residence homestead under TAD’s description?
It is a structure and land up to 20 acres owned by an individual or qualifying trust, designed or adapted for residence, used as a residence, and occupied by the owner as principal residence.
Is there a filing fee for a TAD homestead exemption?
TAD says there is no fee for filing a homestead-exemption application.
What additional school-district homestead exemption currently applies to a Texas homeowner age 65 or older or disabled?
Current Texas law provides an additional $60,000 school-district residence-homestead exemption for a person age 65 or older or disabled, on top of the general $140,000 school-district homestead exemption.
How does TAD describe an appraisal protest path?
TAD directs owners to review market value, attempt online resolution, and use the formal review/appeal procedures if needed.
Does a standard home policy cover flood damage?
Texas Department of Insurance says most home policies do not cover flood damage; a lender requires flood insurance if the home is in a designated flood zone.
Is windstorm insurance required by Texas law?
TDI says windstorm insurance is not required by law in Texas.
Sources & editorial context
University housing information is organized from the linked sources, with its original review date shown. Rates, deadlines and availability can change; use the applicable academic year and check the source before committing. CollegeHousing.ai is independent of Texas Christian University.
Get help with your next decision
Bobby Schleizer, REALTOR at Compass, is the local real estate contact. Matt Dean, NEXA Lending, NMLS #227603, is the financing contact.