New Mexico FHA Mortgage Lender
FHA Home Loans In New Mexico
Many people put off purchasing a home because obtaining a loan can be very difficult, mainly if you are not financially stable. As a result, many people choose to put off purchasing a home.
Are you worried that your credit score will possibly prevent you from obtaining a mortgage because of its low rating? Do you believe that you will be unable to afford the monthly payment? Have you ever been bankrupt or had your home foreclosed before?
FHA loans are an option if you have always aspired to be a homeowner but have yet to be prevented from doing so due to the above circumstances.
What is an FHA Loan?
An FHA loan is a government-backed mortgage loan that allows you to purchase a home with less stringent financial requirements. The Federal Housing Administration, an entity that falls under the jurisdiction of the Department of Housing and Urban Development, is the agency that provides insurance and backing for FHA loans.
Benefits of an FHA Home Loan
Easier Credit Qualifications
This type of government loan is popular among borrowers because the credit requirements are less stringent than those for a conventional loan. It’s one of the most lenient loans to obtain, especially if your credit is less than perfect.
FHA loans only require a mortgage FICO score of 580 to qualify for a 3.5% down payment. Borrowers with credit scores below 580 down to 500 may still be eligible with a 10% down payment, and certain restrictions will apply.
Higher Debt-to-Income Ratio Requirement
The difference between your debt and income is your debt-to-income (DTI) ratio. The standard DTI ratio for FHA loans is 43% but may go as high as 50% for some borrowers. Borrowers with compensating factors may even qualify with a 55% back-end ratio.
Low Down Payment
FHA requires a 3.5% down payment. Both first-time homeowners and those with limited funds prefer the FHA low down payment mortgage. It is acceptable to ask for assistance if you lack the funds for a down payment.
Lenient Gift Funds
When compared to conventional loans, FHA guidelines are more lenient. Family, close friends, an employer, a union, or government down-payment assistance programs can provide gift funds. On the other hand, Conventional loans accept gift funds from relatives. These include anyone related by blood, a spouse, a domestic partner, or a fiancé.
Affordable Mortgage Insurance
The FHA does not make loans or lend money. They provide mortgage insurance to lenders. This protects lenders against default and increases their willingness to approve loans and lend money. There would be fewer proud homeowners nationwide if not for this insurance.
Apply for an FHA Loan in Florida
Capital Home Mortgage Florida is a direct Florida mortgage lender and servicer that offers a complete line of Florida mortgage products to meet every need. We are an FHA-approved lender in Florida.
Whether you’ve lived in Florida your whole life or just moved here, our highly experienced home loan team will assist you in finding the best loan program to fit your budget and needs. Call us at (505) 448-8884 to speak with our FHA Loan Specialists.
FHA Home Loans In Florida
Many people put off purchasing a home because obtaining a loan can be very difficult, mainly if you are not financially stable. As a result, many people choose to put off purchasing a home.
Are you worried that your credit score will possibly prevent you from obtaining a mortgage because of its low rating? Do you believe that you will be unable to afford the monthly payment? Have you ever been bankrupt or had your home foreclosed before?
FHA loans are an option if you have always aspired to be a homeowner but have been prevented from doing so due to the above circumstances.
What is an FHA Loan?
An FHA loan is a government-backed mortgage loan that allows you to purchase a home with less stringent financial requirements. The Federal Housing Administration, an entity that falls under the jurisdiction of the Department of Housing and Urban Development, is the agency that provides insurance and backing for FHA loans.
Benefits of an FHA Home Loan
-
Easier Credit Qualifications
This type of government loan is popular among borrowers because the credit requirements are less stringent than those for a conventional loan. It’s one of the most lenient loans to obtain, especially if your credit is less than perfect.
FHA loans only require a mortgage FICO score of 580 to qualify for a 3.5% down payment. Borrowers with credit scores below 580 down to 500 may still be eligible with a 10% down payment, and certain restrictions will apply.
-
Higher Debt-to-Income Ratio Requirement
The difference between your debt and income is known as your debt-to-income (DTI) ratio. The standard DTI ratio for FHA loans is 43% but may go as high as 50% for some borrowers. Borrowers with compensating factors may even qualify with a 55% back-end ratio.
-
Low Down Payment
FHA requires a 3.5% down payment. Both first-time homeowners and those with limited funds prefer the FHA low down payment mortgage. It is acceptable to ask for assistance if you lack the funds for a down payment.
-
Lenient Gift Funds
When compared to conventional loans, FHA guidelines are more lenient. Family, close friends, an employer, a union, or government down-payment assistance programs can provide gift funds. On the other hand, Conventional loans accept gift funds from relatives. These include anyone related by blood, a spouse, a domestic partner, or a fiancé.
-
Affordable Mortgage Insurance
The FHA does not make loans or lend money. They provide mortgage insurance to lenders. This protects lenders against default and increases their willingness to approve loans and lend money. There would be fewer proud homeowners nationwide if not for this insurance.
Apply for an FHA Loan in Florida
Capital Home Mortgage Florida is a direct Florida mortgage lender and servicer that offers a complete line of Florida mortgage products to meet every need. We are an FHA-approved lender in Florida.
Whether you’ve lived in Florida your whole life or just moved here, our highly experienced home loan team will assist you in finding the best loan program to fit your budget and needs. Call us at (239) 310-5599 to speak with our FHA Loan Specialists.
Why New Mexico HomeBuyers are Choosing Capital Home Mortgage
Close On Time
Complete Control from Application to Funding
Low Rates & Low Fees
Direct Lender with Competitive Rates and Low Fees
Exceptional Service
7 Day a Week Support Application to Final Mortgage Payment
New Mexico 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 the mortgage Securities
- Property securing the mortgage
- occupancy of the property
- Loan to value of the property
- Borrower’s credit worthiness
New Mexico FHA Home Purchase Loans
- Simple Qualifying
- Smaller Down Payment
- Seller Paid Closing Costs
- Flexible Underwriting
- Higher Debt to Income Ratios Allowed
- Lower Credit Scores Allowed
- Manufactured Housing OK
New Mexico FHA Refinance Home Loans
FHA offers a streamline refinances that simply reduces the interest rate and lowers the payment or shortens the term of the loan. This rate and term option can be fully documented loans, or can be reduced documentation. The other FHA option is a cash-out refinance allowing homeowners the ability to access the equity in the property.
FHA Standard Refinance
- Appraisal Required
- 97.75% Max Loan to Value
- Closing Costs Can Be Rolled In
- 80% Max Loan to for Cash-out
- Cash-out Option Available
- County Loan Limits Apply
FHA Streamline Refinance
- FHA to FHA
- No Income Qualification
- No Appraisal Required
- Closing Costs Cannot Be Rolled In
- No Lates on Mortgage in Last Year
- Payment Must Drop on Fixed Rates
New Mexico FHA Renovation Home Loans
FHA offers both a Steamline and Full Rehabilitation Loans. This is a great option for 1st time homebuyers looking to purchase a home that needs a little TLC.
- Purchase & Refinance Options
- Primary Residences Only
- Single, Multi Family & Condo’s
- As-Is Improved Renovated Value
- 203K Streamline
- Less < 35K, Cosmetic Repairs Only
- 203K Full Rehab
- Greater > 35K, No Restrictions
New Mexico Mortgage Programs
New Mexico Home Purchase
Thinking of Buying a New Mexico 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, Secondary, Investment
- FHA, VA, USDA, Native American
- Conventional, Jumbo, Non QM
- Reverse, Renovation, Manufactured
New Mexico renovation home loans
Looking to Rehab a New Mexico Home?
Want the Charm of an Older Neighborhood? But want a new place or a fresh look? Why not look at a renovation loan? Purchase the Perfect Home and make it your own. Call today.
- Remodel, Renovate or Repairs
- FHA 203K Streamline or full
- fannie mae homestyle reno
- freddie mac home choice reno
New Mexico FHA Home Loans
Great for 1st Time New Mexico 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 Payment
- Flexible Underwriting
- Higher Debt to Income Ratios
- Lower Credit Scores OK
New Mexico VA Home Loans
100% Financing for New Mexico Veterans
Proudly Serving Active Duty servicemen and women, as well as, retired and disabled veterans. Call today to speak with a VA loan officer.
- Simply Qualifying for Veterans
- No Down Payments Requirements
- Lower Credit Scores Accepted
- Manual Underwriting Allowed
New Mexico Conventional Home Loans
Flexibility for New Mexico 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
- Great Rates & Low Fees
- Single Family and Multi-Family
- Renovation Loan Programs
New Mexico Jumbo Home Loans
New Mexico Non Conforming Loans
Jumbo Home Loans also called Non Conforming Home Loans are great options for buyers needing financing outside of agency limits. Call today to speak to a loan officer.
- Primary Residence and 2nd Homes
- Higher Loan Amounts – 3 Million
- Great Interest Rates
- Investor Specific Guidelines
New Mexico USDA Home Loans
100% Rural New Mexico 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.
- Rural Properties Only
- Primary Residence Only
- Geographic Restrictions
- Income REstrictions
New Mexico Native American Home Loans
New Mexico 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
New Mexico Manufactured Home Loans
Great Alternative New Mexico 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
- OTC Land/ Home Combo
- Lock Rate Before Completion
- FHA, VA, USDA, & Native Loans
New Mexico reverse mortgages
Your New Mexico 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
- credit scores not applicable
- Minimum age 62
New Mexico Non QM Home Loans
Making New Mexico Mortgages Possible
Looking for Non Traditional Home Mortgage Loan? Contact a Loan Officer Today to discuss the alternative mortgage options currently available.
- Purchase, Rate and Term & Cash-out
- Primary, Secondary and Investment
- Full Doc & Bank Statements Programs
- Corporations OK
New Mexico One Time Close Home Loans
Build Your New Mexico 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 Residence Only
- Close Once
- Lock Rate at Contract
- Traditional Final Mortgage
New Mexico Refinance Mortgage Loans
New Mexico 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.
- Reduce Mortgage Term
- Lower Monthly Payments
- Appraisal Waivers
- Streamline Options Available
New Mexico Cash-out Home mortgages
New Mexico 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
- Vacation or Education
