Home Loans In High Point, North Carolina

Situated in the Piedmont Triad region of North Carolina, High Point is a city with no shortage of exciting attractions. Little wonder the city is dubbed “North Carolina’s International City.” 

High Point’s housing market remains somewhat competitive despite the ups and downs introduced by the pandemic. So if you’re planning to own a home here, now may be a good time to start looking at some options. 

First, you’ll want to know how to finance the deal. For most people, this means obtaining a mortgage. It’s essential to know which home loan option to apply for based on your needs and eligibility. Let’s walk you through what you need to know to make an informed decision.  

Types of Home loans in High Point, NC

     1. Conventional Loans

These are mortgage products that are not insured or backed by the federal government. Conventional loans can be used to fund the purchase of primary homes, second homes, or even investment properties. They also require a lower minimum down payment, usually between 3% – 5%. 

On the flip side, borrowers are expected to have a minimum FICO credit score of 620 or higher. Also, down payments lower than 20% typically incur private mortgage insurance (PMI) payments. 

A conventional home loan might be right for you if you have a strong credit score and can afford to make a down payment of at least 20%. The most popular option available today is the 30-year, fixed-rate conventional mortgage. 

     2. Government-Insured & Guaranteed Loans

As the name implies, these are home loans backed by various federal government agencies. The most common is the Federal Housing Administration (FHA), the U.S. Department of Agriculture (USDA), and the U.S. Department of Veterans Affairs (VA) home loans.

FHA home loans are an excellent option for homebuyers who don’t have pristine credit or cannot raise a sizable down payment. Some lenders can accept a FICO credit score of 580 or even lower. 

USDA home loans are available to borrowers looking to purchase a home in a qualified rural area. In some instances, homebuyers with low incomes may apply for a USDA loan without a down payment. 

VA home loans are a low-interest mortgage product available only to U.S. military personnel (active duty and veterans) and their families. These loans do not require a down payment, and in some cases, the seller covers part of the closing costs. 

     3. Jumbo Loans

These loans exceed the loan limits set by the Federal Housing Finance Agency (FHFA). They are used to finance the purchase of super expensive properties or homes in high-cost areas. 

Because of the high amounts involved, lenders require more stringent qualification requirements. For instance, borrowers may need to have a minimum FICO credit score of 700 and can afford a down payment of no less than 10% to 20%. 

High Point, North Carolina Mortgage Lender 

Capital Home Mortgage is one of the leading mortgage lenders in High Point. We pride ourselves on working closely with homebuyers to provide the right home loan program that best suits their needs. 

More than that, we ensure a seamless homebuying experience from the moment they pick up their application forms to release the funds. As a direct lender, we can make quicker decisions on home loan applications and offer lower rates and fees. 

Find The Right Home Loan in High Point, NC Today!

Call Capital Home Mortgage High Point now at (910) 500-6017 to connect with our experienced loan officers. We’re happy to walk you through the entire process and provide any professional assistance needed on your journey to homeownership.