Abha,It appears that the decline in oil prices has already caused all the leading indeces and economic conditions for the Houston market to slow.

Just a small suggestion, you can use a 3.5 % down payment FHA product.

If he declines, ill move on.

Many loan products also require landlord seasoning of up to 2 years.  

With all of the big hype productions of this and that its really hard for anyone like myself to know what is good information and what's not.  

January 2016 Houston Housing StatsHouston Real Estate Highlights in January Single-family home sales declined 2.1 percent compared to January, marking the fourth consecutive monthly decline;Total property sales were unchanged at 4,965 units;Total dollar volume was statistically flat at $1.2 billion;At 262,663, the single-family home average price reached its highest level ever for a January;At $200,000, the single-family home median price also achieved a January high;Single-family homes months of inventory climbed to a 3.3-months supply versus 2.5 months a year earlier;Townhomes/condominium sales rose 15.6 percent with the average price unchanged at $183,076 and the median price up 2.4 percent to $140,000;Leases of single-family homes rose 2.8 percent with rents up 4.2 percent at $1,742;Leases of townhomes/condominiums climbed 12.2 percent with rents up fractionally to $1,568.

Every city has areas that are growing, areas that are stagnant/consistent, and areas that are declining.  

I also think that the contraction in petroleum production in Texas is going to turn the market from a sellers market to a buyers.

I would suggest talking to a loan officer at your local bank to see what FHA product you may be able to qualify for. 

Know that we as lenders have our production measured based on closing loans, it matters not if it is a refinance or a purchase.