If you are a first time homebuyer, and have limited funds to purchase a home- an FHA loan may be for you. FHA mortgages allow for a low payment usually 3% of the FHA appraisal value or purchase price, whichever is lower. 100% of the funds needed to close can be a gift from a family member or close friend. FHA mortgages have flexible lending guidelines. There are no maximum income limitations. The maximum loan amount in Travis County is $142,500 and varies from county to county.