Capital Home Mortgage Hoover

Hoover home purchase loans

Home Purchase lender Hoover Alabama

Home Purchase Loans In Hoover Alabama

The housing market in Hoover is currently characterized as a seller’s market. This implies a situation where the demand for housing exceeds the supply, resulting in more prospective buyers than the available housing units.

Purchase Loan Programs in Hoover

Home buyers in Hoover have plenty of home loan options when buying a house. The most common among them are the following:

  • Hoover Conventional Home Loans

A conventional mortgage is neither insured nor guaranteed by a government agency. Private lenders such as banks, credit unions, and mortgage companies offer it. Fannie Mae and Freddie Mac, two government-sponsored enterprises, established loan limits and the minimum credit score requirements for conventional home loans nationwide, including Hoover, Alabama.  A minimum credit score of 620 is typically required to qualify for a conventional mortgage, but a higher score may result in a better interest rate.

There are two types of conventional loans: conforming and non-conforming. Conforming loans are mortgages that adhere to Fannie Mae and Freddie Mac’s lending standards and maximum loan amounts. Conforming loans are safer for lenders and more marketable to borrowers because they can be sold in the secondary market to free up more capital. Non-conforming loans fall outside Fannie Mae and Freddie Mac’s parameters and cannot be sold to them. A greater down payment and interest rates are possible with a non-conforming loan.

To qualify for a conforming loan in Hoover, Alabama, you typically need a credit score of at least 620, a debt-to-income ratio (DTI) of less than 45%, and a 5% down payment. However, highly-qualified debtors may get by with only a 3% down payment. Conforming loans feature low interest rates and a two-year employment and income stability requirement. They can put as little as 3% down, but private mortgage insurance is required when the down payment is less than 20%.

The 2023 conforming loan limits in Hoover are $726,200 for a one-unit home, $929,850 for a duplex, $1,123,900 for a triplex, and $1,396,800 for a quadplex.

  • Hoover FHA Home Loans

An FHA home loan is a mortgage insured by the Federal Housing Administration (FHA) and made available through a bank or other lender certified by the agency. FHA loans in Hoover, Alabama, are intended to assist low- to moderate-income households in achieving homeownership. They are especially popular among first-time homebuyers. FHA loans provide a smaller minimum down payment than conventional loans, and applicants with lower credit ratings may be eligible.

The primary distinction between an FHA loan and a conventional loan is whether or not they are federally insured. The Federal Housing Administration insures FHA loans, making them less risky for lenders and allowing them to offer more relaxed qualification conditions. Conventional loans, on the other hand, are not guaranteed or insured by the federal government. These loans have stricter lending rules and require a more significant down payment than FHA loans. However, private mortgage insurance (PMI) is required if you put less than 20% down on a conventional mortgage.

To qualify for an FHA loan in Hoover, Alabama, you must have a credit score of 500 or higher (580 or higher for a 3.5% down payment), stable work and income for at least two years, and the home must be your principal residence. FHA loans feature low interest rates and require as little as 3.5% down for people with credit scores of 580 or better. Borrowers must, however, pay mortgage insurance premiums (MIP), which safeguard the lender in the event of a default.

The 2023 FHA loan limits in Hoover, Alabama, are $472,030 for a one-unit home, $604,400 for a duplex, $730,525 for a triplex, and $907,900 for a quadplex.

  • Hoover VA Home Loans

In Hoover, Alabama, a VA home loan is a mortgage loan guaranteed by the Department of Veterans Affairs (VA). It provides several important features designed to aid in the home-buying process for eligible military veterans, active-duty service members, and specific categories of spouses. Unlike conventional mortgage options, these loans typically feature lower interest rates, no down payment requirements, and reduced closing costs.

The benefits of VA home loans are numerous. Notably, they do not require mortgage insurance, which could result in reduced monthly payments. They also offer options for refinancing existing loans to save money. Even more, the VA guarantees the lender, which typically results in more favorable terms and conditions for the borrower. In addition, these loans are assumable, which allows a future purchaser to assume the mortgage under the same terms, adding a layer of flexibility.

The eligibility criteria for a VA home loan encompass specific military service prerequisites, such as prescribed durations of active-duty service or an honorable release. In addition to satisfying the lender’s financial standards, including credit score and income prerequisites, the borrower must also meet these conditions. The VA considers Regional conditions when issuing loans, and it is essential to note that local standards may also be applicable. To verify one’s eligibility, acquiring a Certificate of Eligibility (COE) from the Department of Veterans Affairs (VA) is possible.

  • Hoover USDA-Guaranteed Home Loans

A USDA-Guaranteed home loan is a mortgage program backed by the United States Department of Agriculture and offered in Hoover, Alabama. The loan primarily intends to assist low- to moderate-income families in purchasing homes in qualifying rural locations. The ability to finance up to 100% of the appraised value of the property, liberal credit requirements, and competitive interest rates are key characteristics.

There are numerous advantages to this loan program. Borrowers can initially purchase a property with no down payment. In certain circumstances, the program also permits the addition of closing costs to the loan amount. Additionally, the loans are assumable, which can be advantageous when selling a property. The USDA guarantees the loan, reducing the lender’s risk and frequently resulting in more beneficial terms for the borrower.

The eligibility criteria mostly revolve around income, creditworthiness, and geographical location. The applicant’s income must adhere to predetermined thresholds, which may differ depending on the county. Compared to conventional loans, credit score restrictions tend to be more forgiving. To meet the requirements, the property must be situated in a rural area that meets the eligibility criteria set forth by the United States Department of Agriculture (USDA). To ascertain eligibility, prospective borrowers can use the USDA Eligibility website for a thorough evaluation.

  • Hoover Jumbo Home Loans

A jumbo home loan in Hoover, Alabama, is a mortgage that exceeds the Federal Housing Finance Agency’s (FHFA) conforming loan limits. Unlike conventional loans, which are typically acquired by government-sponsored entities such as Fannie Mae and Freddie Mac, jumbo loans are usually retained by the lending institutions. Key characteristics of jumbo loans include larger loan amounts than conventional loans, a range of available terms, and the possibility of both fixed and adjustable interest rates.

One of the primary benefits of jumbo mortgages is that they allow borrowers to finance properties with a value exceeding conventional loan limits. In addition, jumbo loans typically offer competitive interest rates, albeit with slightly higher rates than standard loans. They can also be more flexible regarding loan structures, offering diverse terms and conditions to suit individual financing needs.

Jumbo loans typically have more stringent eligibility requirements than conventional loans. Typically, borrowers are required to have a credit score of 700 or higher. In addition, lenders usually require a lower debt-to-income ratio and a larger down payment, typically 20 percent of the home’s value. Given the magnitude of the financial commitment, documentation for income and assets is also more exhaustive.

  • Hoover Construction Home Loans

A construction home loan is a mortgage instrument used to fund the construction of a new home. Construction loans, as opposed to standard home loans, which provide a lump payment for the purchase of an existing property, offer a short-term line of credit to cover the expenditures of labor and supplies during the construction phase. These loans frequently have variable interest rates and may require interest-only payments during construction before converting to a regular mortgage after completing the project.

The one-time close construction loan differs from a regular construction loan by combining the construction loan and the permanent mortgage into a unified lending product. Instead of acquiring two distinct loans and incurring closing costs twice, borrowers manage a singular closing procedure and a suitable set of fees. This offers benefits in terms of both convenience and cost savings.

Construction loans in Hoover, Alabama, are distinguished by their short-term nature, often lasting only for the duration of the construction process. One-time close construction loans have the advantage of lower closing costs and more straightforward paperwork. However, traditional construction loans may provide more flexibility during construction, such as funding disbursement in stages based on project milestones.

Apply for a Hoover Home Purchase Loan

Capital Home Mortgage Hoover is a prominent mortgage lender and servicer based in Alabama, providing a diverse range of mortgage solutions tailored to meet the specific requirements of its clientele. Regardless of whether an individual is a long-time resident of Hoover or a recent arrival to the city, the team of professionals at Capital Home Mortgage Alabama will make a concerted effort to identify the most suitable loan program that aligns with their specific requirements and financial constraints. Our primary objective is to provide support and guidance in meeting your housing requirements, encompassing various financial options such as initial mortgage acquisition, refinancing, or consolidation of debts.

To start the pre-qualification process for acquiring a residential property, please contact us at (205) 352-1030.

Why Hoover HomeBuyers are Choosing Capital Home Mortgage
Close On Time

Complete Control from Application to Funding

Low Rates & Low Fees

Direct Lender with Competitive Rates & Low Fees

Exceptional Service

7  Day a Week Support Application to Final Mortgage Payment

Hoover Alabama Mortgage Rates

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

Hoover Home Purchase Loans

Looking to Purchase a Home? We have the loan program for you… Call today to speak with a loan officer to discuss your personal mortgage options.

  • Primary, Secondary, Investment
  • FHA, VA, USDA, Native American
  • Conventional, Jumbo, Non QM
  • Reverse, Renovation, Manufactured

Hoover fixed rate Home Mortgage Loans

All Fixed Rate Mortgage Loans are designed to have equal payments for the specified term. These loans offer predictability and are deemed to be less risky for borrowers. Fixed Rate Mortgage Loans are available with all mortgage products and are typically offered in 15 year and 30 year terms. However, Fixed Rate Mortgage Loans are also offer in 10 year, 20 year and 25 year terms although less common due to demand.

Hoover Adjustable Rate Mortgage Loans

Adjustable Rate Mortgage Loans known as ARM’s are  available with most mortgage products although limited with FHA, VA and USDA. ARM’s are great fit for homebuyers who plan to sell or refinance their home between 1 and 10 years and are looking for the lowest possible payment.  ARM’s offers lower rates during times where fixed rates are higher. An adjustable rate mortgage is fixed for a specific time then adjusts on a predetermined time period and a predetermined amount based on a financial index and a fixed margin.

Hoover Mortgage Programs

Hoover Home Purchase loans

Looking to Purchase a Hoover Home?

Looking to Purchase a Home? We have the loan program for you… Call today to speak with a loan officer to discuss your personal mortgage options.
  • Primary, 2nd Home, Investment
  • Low Rates & Fees, No fee Options
  • FHA, VA, USDA, Native American
  • Conventional, Jumbo & Renovation
  • Manufactured, Construction, Reverse

Hoover Renovation Home Loans

Looking to Rehab a Hoover Home?

Want the Charm of an Older Neighborhood? But want a new place or a fresh look? Why not a renovation loan? Purchase the Perfect Home and make it your own.
  • Remodel, Renovate or Repairs
  • FHA 203K Streamline 
  • FHA Full Documentation Rehab
  • Fannie Mae Homestyle Reno
  • Freddie Mac Home Choice Reno

Hoover FHA Home loans

Great 1st Time Hoover Homebuyers

FHA Home Loans are great for first time home buyers, buyers with less than perfect credit, or buyers needing less out of pocket.   Call today to get started.
  • Smaller Down Payments
  • Flexible Underwriting Guidelines
  • Higher Debt to Income Allowed
  • Lower Credit Scores – Down to 500
  • Down Payment Gifts Allowed

Hoover va Home Loans

100% Financing for Hoover Vets

Proudly Serving Active Duty servicemen and women, as well as, retired and disabled veterans. Call today to speak with a VA loan officer.
  • No Mortgage Loan Limits
  • Simple Qualifying
  • Higher Debt to Income Allowed
  • Lower Credit Scores – Down to 500
  • Manual Underwriting Allowed

Hoover Conventional Home loans

Flexibility for Hoover Homebuyers

Conventional Home Loans are the best option for flexibility of property types and for mortgage loan terms. Call today to get speak to a loan officer.
  • Primary, 2nd Home, Investment Properties
  • Single and Multi-Family Properties
  • Variable Mortgage Insurance Options
  • Low Rates & a Variety of Mortgage Terms
  • Renovation Programs Available

Hoover Jumbo Home Loans

Hoover Non-Confirming Home Loans

Jumbo Home Loans also called Non Conforming Home Loans are great options for buyers needing financing outside of agency limits. Call today.
  • Primary & 2nd Homes
  • Variety of Mortgage Programs
  • Simple Qualifying for Veterans
  • Investor Specific Guidelines
  • Credit Score Minimums

Hoover USDA Home loans

100% Rural Hoover Home Loans

USDA Loans are a great option for families wanting to live outside of the city.  Call today to speak with a loan officer to discuss your personal loan options.
  • Primary Residences
  • No Down Payment Required
  • New Manufactured Homes Allowed
  • Closing Costs / Repairs Rolled In
  • Geographic and Income Limits Apply

Hoover Native american Home Loans

Hoover Hud 184 Home Loans

HUD 184 Home Loans are solely for Native American and offer a variety of benefits.  Call today to speak with a loan officer to find out more.
  • Primary Residence Only
  • Manual Underwriting for All Loans
  • No Credit Score Requirements
  • Tribal Grants Allowed
  • Purchase, Refinance, and Renovation

Hoover Manufactured Home loans

Great Alternative Hoover Housing

Manufactured Home Loans offer options to purchase an existing residence or build your dream home on your own land. Call today to speak to a Loan Officer.
  • Existing Purchase or Refinance
  • New Construction
  • One Time Close Land/Home Combo
  • Lock at Contract
  • FHA, VA, USDA, Native American

Hoover Reverse Mortgage Loans

Your Hoover Home at Work

Reverse Mortgage Loans offer seniors options to use their home’s equity for cash or to eliminate payments. Call today to get speak to a Reverse Loan Officer.
  • Primary Residence Only
  • Simple Qualifying – Equity Based
  • No Credit Score Requirements
  • Minimum Age 62
  • Purchase, Refinance, and Cash-Out

Hoover Non QM Home loans

Making Hoover Mortgages Possible

Looking for Non Traditional Home Mortgage Loan?  Contact a Loan Officer Today to discuss the alternative mortgage options currently available.
  • Purchase, Refinance & Cash-out
  • Primary, Secondary, Investment Properties
  • Full Doc Programs
  • Alt Doc Programs
  • Corporations OK

Hoover One Time Close Home Loans

Build Your Hoover Dream Home

Want to Build? But unsure of what the future looks like? Remove the risk with a One Time Close Construction Loan.  Call today to see how a OTC loan works.
  • Primary Residences Only
  • One Time Close
  • Lock Rate at Closing
  • Traditional Final Mortgages
  • No Payments During Construction

Hoover Refinance Mortgage loans

Hoover Rate & Term Refinance

Refinancing can be a hard decision and the payback can sometimes be confusing.  Call today and let our Loan Officers walk you through the process.
  • Lower Monthly Payment
  • Shorten Mortgage Term
  • Streamline Options Available
  • Appraisal Waivers Allowed
  • VA IRRRL’s

Hoover Cashout Mortgage Loans

Hoover Equity Mortgage Loans

Cash-Out Mortgage Loans make use of the equity in your home by allowing you to refinance the current mortgage and access this equity to use as you see fit.
  • Debt Consolidation
  • Investment Opportunities
  • Home Improvement
  • Dream Vacation
  • Higher Education

Hoover Alabama Mortgage Team

Dale Gremillion

Manager / Sr Loan Officer
NMLS 210325

Conor Hayhurst

Manager / Sr Loan Officer
NMLS 743506

Brad Rund

Native American Lending
Manufactured Housing

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