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First-time home buyer programs in Waco, TX

Quick answer

First-time buyers in Waco, TX can use 3%-down conventional loans (up to the $832,750 McLennan County conforming limit), 3.5%-down FHA, or VA and USDA where eligible. On the $199,600 median home, 3% down is about $5,988 and the estimated payment is $1,894/month at 7.18%.

By Purchase Mortgage Loan Editorial Team Checked against official sources per our editorial standardsData last updated

Median household income: $51,468; value-to-income ratio 3.88. Waco ranks 167 by home value and 24 by population among 267 places in our TX dataset.

What does a first-time buyer loan cost on a typical Waco home?

ItemWaco
Median home value (Census ACS)$199,600
Texas median home value$260,400
Down payment (3%)$5,988
Loan amount$193,612
Estimated monthly payment (PITI + MI)$1,894
Income needed (28% / 36%)$82,000 / $64,000
McLennan County 2026 conforming limit (1 unit)$832,750
Max purchase price at the limit$858,000

Rate assumption: 7.18% (Freddie Mac PMMS 30-year fixed average, week of November 5, 2026). Change it in the payment calculator.

Payment includes Texas's 1.58% effective property tax rate (Census ACS), $2,864/yr homeowners insurance (NAIC state average) and an estimated 0.5% PMI.

What is the 2026 conforming loan limit in Waco?

Waco is in McLennan County. Conventional 3%-down loans go up to the $832,750 conforming limit (price ≈ $858,000); FHA loans go up to $541,287.

The Waco median home value of $199,600 is 23% below the Texas median, and within what the county limit supports.

Which down payment assistance programs can Waco buyers use?

No applicable programs have been verified for this city yet. Check the state housing finance agency for current assistance.

First-time buyer loans in nearby cities

BellmeadHewittRobinsonTempleGatesvilleBelton

First-time buyer loan FAQs for Waco

On the $199,600 median: 3% conventional ≈ $5,988, 3.5% FHA ≈ $6,986, and 0% for eligible VA or USDA buyers. Conventional loans above $832,750 in McLennan County become jumbo loans.

At the $199,600 median value (below the Texas median of $260,400), the estimated payment of $1,894/month at 7.18% needs about $82,000 a year under the 28% housing guideline, or $64,000 if your total debts stay under 36%.

0 city-level, 0 county-level and 0 statewide programs are verified for this city (0 total). Check each official administrator's eligibility rules and available funds.

Sources

Data last updated October 23, 2026.

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Figures on this page are estimates for educational purposes only and are not a loan offer or commitment to lend. Rates, loan limits, fees and assistance programs change frequently and vary by lender, location and borrower profile. Confirm current terms with a licensed loan officer.