Capital Home Mortgage Abilene

Abilene FHA home loans

FHA Mortgage Lender Abilene Texas

FHA Home Loans, Abilene Texas

The Federal Housing Administration established the FHA Home Loan Program to assist individuals and families with low to moderate incomes purchase their own homes.

FHA loans are affordable and easy to qualify for. They can also be used to buy, renovate, or refinance a home or even finance purchasing a manufactured home and the land it will sit on. This flexibility, combined with its more lenient credit and qualification requirements, makes the FHA home loan program one of the most attractive mortgage options for first-time homebuyers.

Pros and Cons of FHA Home Loans

Despite its popularity, the FHA loan is not without drawbacks. If you’re considering using this type of financing to buy a new home, you should carefully weigh the pros and cons of an FHA loan

  • Benefits of the FHA Loan

          1. Lower Down Payment and Credit Score

Conventional loans typically require a down payment between five and twenty percent. Moreover, it’s almost impossible to qualify for a conventional mortgage with a credit score below 620.

On the contrary, an FHA loan technically allows borrowers with credit scores of at least 580 to put down 3.5% of the home’s purchase price. It’s also possible to obtain an FHA loan with a credit score as low as 500 if you’re willing to pay more upfront.

          2. Higher Debt-to-Income Ratio

Even if your monthly debt payments are pretty high, you may still be able to get an FHA loan. To qualify for most mortgages, a household’s monthly debt payments should not exceed 43% of its gross monthly income. On the other hand, you may be eligible for an FHA loan with a DTI of up to 50%.   

          3. No Income Limits

Anybody may apply for an FHA loan as long as they have a stable source of income, at least two established credit accounts, and no unpaid federal debts or debt related to previous FHA-insured mortgages.

          4. Allows Seller Concessions

FHA loans allow sellers to pay up to 6 percent of the loan amount toward the buyer’s closing costs. This is of great help to many first-time buyers who may have money for a down payment but don’t have enough to cover the closing costs. 

          5. Competitive Interest Rates

Rates for FHA mortgages are typically lower than those for conventional loans. The FHA does not use a risk-based pricing structure that would disadvantage those with less-than-perfect credit. The interest rate is the same for all qualified borrowers.

  • Drawbacks of the FHA Loan

          1. Restrictive Housing Standards

The HUD has guidelines for what kinds of properties can be bought with FHA loans. The FHA loan can be used to purchase a single-family home, a multi-family home, a condominium, or even a mobile home, as long as the property will be used as a primary residence and meets minimum health and safety requirements. 

If you are planning to purchase a second home or an investment property, you may want to check out other mortgage options.

          2. Lower Loan Limits

FHA lending limits are typically 65% of conforming loan limits in a given area, making it difficult to purchase a home in high-cost areas with an FHA-backed loan. For 2022, the FHA loan limit for a single-unit home in Taylor county is $420,680, while the conventional loan limit is $647,200.

          3. Expensive mortgage insurance

High insurance premiums have always been the biggest drawback of FHA loans. An FHA loan’s mortgage insurance premiums (MIP) come in two forms: an upfront MIP and an annual MIP. 

In addition, regardless of how much equity the borrower builds up, they will have to continue paying for mortgage insurance for the life of the loan. With a conventional loan, you won’t have to pay insurance after paying 20% of your home’s equity. 

FHA Loans in Abilene, TX

The FHA loan may not be the most cost-effective option, but it’s one of the few mortgages that meet the needs and budget of low-to-average income households and first-time homebuyers.

Contact us today at (325) 387-8387!

Why Abilene HomeBuyers are Choosing Capital Home Mortgage
Close On Time

Control of the Loan from Application to Funding

Great Rates & Low Fees

Direct Lender Providing Competitive Rates and Low Fees

Exceptional Customer Service

7  Day a Week Support Application to Final Mortgage Payment

Abilene 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

Abilene FHA Home Purchase Loans

FHA Purchase Mortgage Lender
FHA Home Loans are mortgage loans for 1st time home buyers, buyers with limited credit, buyers with less than perfect credit and buyers with higher debt to income ratios.  As the goal of FHA is to make homeownership more attainable, FHA underwriting guidelines are less strict than other mortgage loan programs.  This FHA flexibility allows for easier loan qualification making the barrier to homeownership less challenging.
  • Simple Qualifying
  • Smaller Down Payment
  • Seller Paid Closing Costs
  • Flexible Underwriting
  • Higher Debt to Income Ratios Allowed
  • Lower Credit Scores Allowed
  • Manufactured Housing OK

Abilene FHA Refinance Home Loans

FHA Refinance Mortgage 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

Abilene FHA Renovation Home Loans

FHA 203K Mortgage 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
ABilene Mortgage Programs

Abilene Home Purchase

Thinking of Buying an Abilene Home?

Looking to Purchase a Home? We have the loan 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

Abilene renovation home loans

Looking to Rehab an Abilene 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

Abilene FHA Home Loans

Great for 1st Time Abilene 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

Abilene VA Home Loans

100% Financing for Abilene 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

Abilene Conventional Home Loans

Flexibility for Abilene 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

Abilene Jumbo Home Loans

Abilene 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

Abilene USDA Home Loans

100% Rural Abilene 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

Abilene Native American Home Loans

Abilene 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

Abilene Manufactured Home Loans

Great Alternative Abilene 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

Abilene reverse mortgages

Your Abilene 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

Abilene Non QM Home Loans

Making Abilene 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

Abilene One Time Close mortgages

Build Your Abilene 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

Abilene Refinance Mortgage Loans

Abilene 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

Abilene Cash-out Home mortgages

Abilene 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

Abilene Texas Mortgage Team

Conor Hayhurst

Manager
NMLS 743506

Damon Embler

Sr Loan Officer
NMLS 882260

chris erwin

Sr Loan Officer
NMLS 914064

Dale Gremillion

Manager
NMLS 210325

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