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Frequently Asked Questions
Common questions about mortgages in Texas
What is the average mortgage rate in Texas in 2026?
As of 2026, the average 30-year fixed mortgage rate in Texas ranges between 6% and 7%, depending on credit score, down payment, and lender. Rates for 15-year fixed mortgages are typically 0.5-0.75% lower.
How much house can I afford in Dallas, Texas?
Financial experts recommend your monthly mortgage payment should not exceed 28% of your gross monthly income. In Dallas, with a median home price around $400,000, you would typically need a household income of $100,000+ for comfortable affordability.
What is the property tax rate in Dallas, Texas?
Property taxes in Dallas County average around 2.2% of the home's assessed value, which is higher than the national average of 1.1%. This means a $500,000 home would have approximately $11,000 in annual property taxes.
How much down payment do I need for a home in Texas?
While 20% down payment is ideal to avoid PMI, many Texas loan programs accept as little as 3% down for conventional loans and 0% down for VA and USDA loans. FHA loans require 3.5% down payment.
Does Texas have a state income tax?
No, Texas does not have a state income tax, which is one of the financial benefits of living in the state. However, property taxes tend to be higher than the national average to compensate.