Capital Home Mortgage Springfield

Springfield Home Loans

Apply Now in Minutes
Refinance Now and Save

Springfield Illinois Mortgage Lender

Home Loans In Springfield, Illinois 

Springfield is the capital city of Illinois and the home of Abraham Lincoln, the 16th President of the United States. The housing market in Springfield has mirrored the real estate situation across the country — gradually recovering following the effects of the pandemic. 

Are you planning to move to Springfield? You’ll likely need a home loan to make the deal happen. One of the best loan options available is the FHA home loan. Thanks to its lower credit score and down payment requirements, it is ideal for first-time borrowers. This makes it accessible even to low- and moderate-income families.

If you’re considering getting an FHA home loan in Springfield, we can help. At Capital Home Mortgage, we offer flexible underwriting and competitive interest rates for FHA loans. Let’s do a quick walkthrough of what the FHA home loan program is all about. 

  • What Is An FHA Loan?

An FHA loan is a loan insured backed by the Federal Housing Administration under the arm of the Department of Housing and Urban Development, aka HUD. 

The primary purpose of FHA loans is to help families with low- to moderate-income afford homeownership. 

In an FHA home loan, the federal government insures your loan against future default to reduce the risks that lenders shoulder to borrowers. The maximum loan-to-value limit for FHA loans is 96.5%.

FHA Loan Requirements

Per FHA guidelines, borrowers with credit scores of 500 and above may qualify for an FHA loan. 

FICO scores ranging from 500 to 579 may secure an FHA loan as long as the borrower can afford a 10% down payment, and certain restrictions will apply. However, if you have a credit score of 580 or higher, you can enjoy a lower down payment as low as 3.5%.

Lenders will also want to see your credit transactions for the past two years and evaluate your payment patterns. Late payments, defaults, foreclosures, and bankruptcy can make your credit report look bad.

You’ll need to submit tax returns, paycheck stubs, last two years’ W2s, or an employment offer letter for proof of income. Business owners may submit the latest balance sheet and profit and loss statement along with their last two years’ personal and business tax returns.

Our home loan specialists at Capital Home Mortgage will walk you through the complete list of eligibility requirements. 

Loan Relief Benefit

A great benefit of an FHA loan is the loan relief program. Borrowers who’ve experienced legitimate financial difficulties or business reverses may ask for loan relief. Loan payments may be reduced to help the borrower pay off the loan.

Mortgage Insurance

A prominent drawback with FHA loans is mortgage insurance. Since FHA loans accept low down payments, borrowers may have to pay insurance payments to the FHA. 

  • VA Home Loan

The Department of Veteran Affairs helps servicemembers, veterans, and eligible surviving spouses become homeowners. The VA provides a home loan guaranty benefit and other housing-related programs to support a servicemember buying, building, repairing, or retaining and adapting a home for a primary residence.

A VA home loan requires no down payment and no mortgage insurance. It also offers limited closing costs that a lender may charge the borrower. The VA home loan is a lifetime benefit and doesn’t expire; you can use the guaranty multiple times.

Springfield, Illinois Home Loans

An FHA loan is an affordable and accessible solution to individuals who can’t afford more exclusive loans like conventional mortgages or Jumbo loans. Our mortgage experts at Capital Home Mortgage will help you understand how FHA loans work and determine what type of FHA loan suits you.

We also offer USDA Guaranteed Home Loans, Jumbo home loans, Native American home loans, and non-qualified mortgage loans.

We are direct Springfield mortgage lenders, meaning we handle, process, and fund all loan applications. This puts us in the best position to process your loan quicker and provide on-time closings. 

Get A Home Loan In Springfield 

Finance your dream home in Springfield with an FHA loan from Capital Home Mortgage. We understand how tasking the loan process can be, so we’ve taken the necessary steps to ensure a smoother experience. Get started by calling us at (630) 339-3388.

We look forward to providing you with your next home loan in Springfield. 

Why Springfield is Choosing Capital Home Mortgage...

Close On Time with True Approval

Control of the Loan from the Application to Funding.

Great Springfield Rates / Low Fees

Direct Mortgage Lender Providing Competitive Rates and Low Fees.

Springfield Customer Service

7  Day a Week Support from Application to Final Mortgage Payment. 

Springfield Mortgage Rates

Capital Home Mortgage Springfield is dedicated to offering Great Springfield Mortgage Rates. 

Call now to speak with a Loan Officer or request a no obligation custom rate quote.

Have you ever wondered why interests rates are what they are and what determines the final rate?  Why borrowers receive different interest rates? Or why rates go up and down?  Interest Rates are calculated using several factors.

  • Demand for the mortgage Securities
  • Property securing the mortgage
  • occupancy of the property
  • Loan to value of the property
  • Borrower’s credit worthiness

Springfield Illinois Mortgage Loans

Springfield Home Purchases

Buying a Springfield Home?

  • Primary, 2nd, Investment
  • Low Rates & Low Fees
  • Conventional, FHA, VA, USDA
  • Jumbo, Reno, Manufactured

Springfield Renovation Home Loans

Springfield Rehab Loans

  • Remodel, Renovate, Repair
  • FHA 203K Streamline or Full
  • Fannie Mae Homestyle Reno
  • Freddie Mac Choice Reno

Springfield FHA Home Loans

1st Time Springfield Homebuyers

  • Smaller Down Payment
  • Flexible Underwriting
  • Higher Debt to Income Ratios
  • Lower Credit Scores Allowed

Springfield VA Home Loans

100% Loans for Springfield Veterans

  • Simply Qualifying
  • No Down Payments 
  • Lower Credit Scores Allowed
  • Manual Underwriting Allowed

Springfield Conventional Home Loans

Flexibility for Springfield Buyers

  • Primary, 2nd, Investment
  • Great Rates & Low Fees 
  • Single and Multi-Family
  • Renovation Loan Programs

Springfield Jumbo Home Loans

Great Springfield Rates

  • Primary & 2nd Homes
  • Higher Amounts – 3 Million
  • Great Interest Rates
  • Investor Specific Guidelines

Springfield USDA Home Loans

Springfield Rural Properties

  • Rural Properties Only
  • Primary Residence Only
  • New Manufactured Homes
  • Closing Costs Can Be Rolled In

Springfield Native American Loans

Springfield HUD 184 Loans

  • Primary Residence Only
  • Manual Underwrite All Loans
  • No Credit Score Requirements
  • Tribal Grants Allowed

Springfield Manufactured Home Loans

Springfield Mobile Home Loans

  • Purchase or Refinance
  • New Home Purchase
  • OTC Combo Land & Home
  • FHA, VA, USDA, & HUD 184

Springfield Reverse Mortgages

Your Springfield Home at Work

  • Primary Residence Only
  • Simple Qualifying
  • Credit Scores Not Applicable
  • Minimum Age 62

Springfield Cash Out Refinance

Springfield Equity Refinance

  • Reduce Mortgage Term
  • Lower Monthly Payments
  • Appraisal Waivers
  • Streamline Options Available

Springfield Mortgage Refinance

Springfield Rate & Term Refinance

  • Purchase, Refi & Cash-out
  • Primary, 2nd & Investment
  • Full Doc & Alt Doc Programs
  • Corporations OK

Springfield Illinois Mortgage Team

Springfield Mortgage Company Reviews

Illinois Cities

Chicago Home Loans

Aurora Home Loans

Naperville Home Loans

Joliet Home Loans

Rockford Home Loans

Springfield Home Loans

Elgin Home Loans

Peoria Home Loans

Champaign Home Loans

Accessibility Toolbar