Capital Home Mortgage Abilene

Abilene USDA Home Loans

Abilene USDA Mortgage Lender

Abilene USDA Home Loans

With the high average initial costs and stringent requirements for most mortgage loans on the market today, it is not difficult to understand why many people prefer renting to purchasing a home. Not all mortgages, however, are financially demanding. Government-backed programs, such as the USDA home loan, make affordable housing available to people from all walks of life, giving them a fighting chance to become homeowners.

What are USDA Home Loans?

The USDA home loan is a mortgage program backed by the U.S. Department of Agriculture (USDA). It is designed to provide accessible home loan options to moderate-income and low-income households wishing to purchase a primary home in qualified rural areas.

If you’re looking to buy a home in a rural area but were denied a conventional mortgage, you may want to try your luck with a USDA Direct or a USDA Guaranteed Home Loan.

The 2 Types of USDA Mortgages

The USDA Direct and USDA Guaranteed loans provide no-down-payment mortgage financing in rural areas, but they are two very different programs. 

  • USDA Direct Home Loan

The U.S. Department of Agriculture itself originates USDA Direct Home Loans. Still, they are only available to low-income and very-low-income borrowers who cannot qualify for any mortgage loan without decent, safe, sanitary housing. The typical loan term for a USDA Direct loan is 33 years, up to 38 years for very low-income applicants.

  • USDA Guaranteed Home Loan

Low-to-moderate-income families earning less than 115% of their area’s median income can avail of the USDA Guaranteed mortgage from an approved USDA lender. The USDA guarantees 90% of the mortgage amount, making it possible for qualified borrowers to obtain a 30-year fixed-rate mortgage with zero down payment.

Capital Home Mortgage offers USDA-guaranteed home loans in Abilene, which you can use to buy, construct, repair, renovate, or relocate a primary residence in qualified areas across the state.

Qualification Requirements of USDA-Guaranteed Loan

1. Down payment 

USDA-guaranteed loans do not require a down payment, but borrowers must pay a loan guarantee fee of 1%.

2. Debt-to-income ratio

The ideal DTI ratio is 41% or lower. Borrowers with DTIs over 41% may still qualify if they have a history of meeting all their financial obligations despite their high debt-to-income ratio.

3. Credit score

Most lenders want to see a credit score of 640 or higher. But because the USDA doesn’t require a credit score, borrowers with poor credit or no credit history may still qualify if they can demonstrate the ability and willingness to repay the loan. 

Positive rental payment history or other nontraditional credit that supports your application can increase your chances of getting a loan.

4. Income

The applicant must be employed for at least one year or have a two-year self-employment history. Moreover, the program is only for individuals and households with incomes not exceeding 115% of their area’s median income. 

5. Property location

The property must be located in an eligible rural area. 

6. Property type

The loan is solely for the purchase of primary residences. Second homes and investment properties are not allowed. Also, the property must not have an in-ground swimming pool.

Reasons to Avail of a USDA-Guaranteed Mortgage

USDA-guaranteed loans offer the following benefits to qualified borrowers:

  •  No Money Down, 100% Financing

USDA Loans are among the last mortgages with no down payment and 100 percent financing. It’s an ideal option for families needing a home but with little money saved for the upfront costs.

  • Ample Eligible Locations

The USDA’s definition of “rural” is quite broad. Many small towns, suburbs, and communities on the outskirts of major U.S. cities qualify as “rural” by USDA standards.

  • Lenient Requirement

The USDA Loan program has established more forgiving eligibility requirements to facilitate the home-buying process for households earning a low to moderate income. 

  • Competitive Rates

USDA mortgage rates typically have more competitive 30-year fixed rates than conventional and FHA-backed loans.

How To Obtain a USDA Loan in Abilene

Are you considering a USDA-Guaranteed Home Loan? Get in touch with one of Capital Home Mortgage’s mortgage specialists today! 

We’ll provide you with the information and guidance you need, so you can better understand your options and what you can afford. If a low-down payment mortgage is what you’re looking for, we have other government-backed options, like the FHA and VA loans, that may better suit your needs and budget. 

Contact us at (325) 387-8387 for more information about mortgage products in Abilene, TX.

Why Abilene 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

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

Abilene USDA Mortgage 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.

  • Guaranteed by US Depart of Agriculture
  • Rural Properties Only
  • 100% Financing
  • No Restrictions on Seller Concessions
  • Low Monthly Mortgage Insurance
  • Acreage Up to 30% of Total Value
  • FHA/USDA Certified Appraisers only
  • Guarantee Fee May be Rolled In
  • New Manufactured Home Only
Texas Mortgage Programs

Texas Home Purchase

Thinking of Buying a Texas 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

Texas renovation home loans

Looking to Rehab a Texas 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

Texas FHA Home Loans

Great for 1st Time Texas 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

Texas VA Home Loans

100% Financing for Texas 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

Texas Conventional Home Loans

Flexibility for Texas 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

Texas Jumbo Home Loans

Texas 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

Texas USDA Home Loans

100% Rural Texas 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

Texas Native American Home Loans

Texas 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

Texas Manufactured Home Loans

Great Alternative Texas Housing

Texas reverse mortgages

Your Texas 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

Texas Non QM Home Loans

Making Texas 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

Texas One Time Close mortgages

Build Your Texas 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

Texas Refinance Mortgage Loans

Texas 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

Texas Cash-out Home mortgages

Texas 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

Dale Gremillion

Sr Loan Officer
NMLS #210325

Conor Hayhurst

Branch Manager
NMLS #743506

Sam Klaburner

Sr Loan Officer
NMLS #140132

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