Capital Home Mortgage Amarillo

Amarillo Conventional Home Loans

Home Purchase
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Amarillo Conventional Mortgage Lender

Amarillo Conventional Home Loans

Conventional loans are the standard mortgage loans you’ll find in the market today. If you go to a lending institution, they probably offer you a conventional loan. Conventional loans can be at your advantage if you have the proper requirements. 

At Capital Home Mortgage, we aim to balance risk and reward. We can offer competitive interest rates if you show us an excellent history of honoring debts. A conventional loan is the best product if you have a strong credit background. Otherwise, we recommend checking FHA loans if you have past debt issues.

Conventional Loan Requirements

Conventional loans are the basis of other home loans like FHA loans. You can use conventional loan requirements to assess if you have what it takes to qualify for this loan type. If you can’t tick most of the requirements, we suggest checking government-insured loans since they are more liberal. 

  • Credit Score

The minimum credit score of 620 is required on conventional loans. However, having a score of 620 is not a guarantee of approval. According to Experian, a score of 620 is considered fair, and it is the second to the last score group. If you want to increase your chances of approval, strive to improve your score to at least 670 in the Good score group. It would be much better if you could reach 740 to 799.

  • Down Payment

At Capital Home Mortgage, we always look at our client’s convenience. We recommend you put a 20% down payment to skip private mortgage insurance (PMI). Mortgage insurance is an added financial burden to your monthly amortization. As much as possible, try your best to gather 20% upfront cash to save between 0.5% to 5% in mortgage premiums.

  • Debt-to-income Ratio

Your debt-to-income ratio says a lot about your credit habits. It’s impossible to live a debt-free life. At some point, you’ll have to touch your credit limit to make purchases. The debt-to-income ratio will depict the percentage of debt concerning your income. Ideally, the front-end DTI ratio should be no more than 28%, and the back-end DTI ratio not higher than 36%. Try settling or consolidating some debts first before you apply.

  • Proof of Income and Employment

Prepare your pay stubs, W-2, and certificate of employment as the basic requirements. If you’re a business owner, we want to see your business’s financial statements, federal tax returns, and bank statements. Reach out to our Amarillo mortgage specialists to get a complete list of requirements.

Conforming Loan Limits

The conforming loan limits for Amarillo in Armstrong County are between $420,680 for single homes to $809,150 for four-plex homes.

Apply for a Conventional Loan in Amarillo

As a direct mortgage lender, Capital Home Mortgage oversees all applications from start to finish. We strive to make applications easy and painless. Get qualified for a conventional loan in Amarillo today. Call (806) 589-3428 to start your loan application.

Why Amarillo is Choosing Capital Home Mortgage...

Close On Time with True Approval

Control of the Loan from the Application to Funding.

Great Amarillo Rates

Direct Mortgage Lender Providing Competitive Rates and Low Fees.

Amarillo Customer Service

7  Day a Week Support from Application to Final Mortgage Payment. 

Amarillo 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

Amarillo Conventional Purchase Loan

Conventional Purchase Loans are one of the most popular types of loans and a great choice for many home buyers. Conventional mortgages can be used to purchase any type of occupancy, while FHA, USDA, VA and Native American Loans are restricted to primary residence only. Conventional mortgages are great for borrowers that have higher credit scores and typically have easier qualifying.  

Conventional Mortgage Benefits

  • Freddie Mac and Fannie Mae Insured
  • Primary, Second or Investment Property
  • Single and Multi Family, Condo’s & Manufactured Homes
  • Mortgage Insurance Options
  • Lower Rates and Better Terms
  • Maximum Loan Amount – $715,000
  • Conforming High Balance – By Area

Conventional Mortgage Maximum Loan to Values

Primary Residence

  • Single Family – 95% First Time 97% 
  • Duplex – 85%
  • Tri / 4 Plex – 80%
  •  

Secondary Residence

  • Single Family – 90%
  • Duplex – N/A
  • Tri / 4 Plex – N/A
  •  

Investment Residence

  • Single Family – 85%
  • Duplex – 75%
  • Tri / 4 Plex – 75%

Home Purchase
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Conventional Refinance Lender

Conventional Purchase Loans are one of the most popular types of loans and a great choice for many home buyers. Conventional mortgages can be used to purchase any type of occupancy, while FHA, USDA, VA and Native American Loans are restricted to primary residence only. Conventional mortgages are great for borrowers that have higher credit scores and typically have easier qualifying.  

Conventional Mortgage Benefits

  • Freddie Mac and Fannie Mae Insured
  • Primary, Second or Investment Property
  • Single and Multi Family, Condo’s & Manufactured Homes
  • Mortgage Insurance Options
  • Lower Rates and Better Terms
  • Maximum Loan Amount – $715,000
  • Conforming High Balance – By Area

Conventional Mortgage Maximum Loan to Values

Primary Residence

  • Single Family – 95% First Time 97% 
  • Duplex – 85%
  • Tri / 4 Plex – 80%
  •  

Secondary Residence

  • Single Family – 90%
  • Duplex – N/A
  • Tri / 4 Plex – N/A
  •  

Investment Residence

  • Single Family – 85%
  • Duplex – 75%
  • Tri / 4 Plex – 75%

Amarillo Conventional Refinance Loan

Conventional Highlights

Conventional Refinance Loans are used for more refinances than any other type of mortgage loan.   This is due to Conventional loans allowing for all occupancy and property types and typically don’t require any mortgage insurance due to loan to value requirements. Conventional mortgages due require higher credit scores but offer better rates.  

  • Freddie Mac and Fannie Mae Insured
  • Primary, Second or Investment Property
  • Single, Multi-Family, Condo’s & Manufactured Homes
  • Rate and Term

Primary Residence

  • Single Family – 95% 
  • Duplex – 85%
  • Tri / 4 Plex – 80%

Secondary Residence

  • Single Family – 90% 
  • Duplex – N/A
  • Tri / 4 Plex – N/A

Investment Residence

  • Single Family – 85% 
  • Duplex – 75%
  • Tri / 4 Plex – 75%

Cash Out Refinance

Primary Residence

  • Single Family – 80% 
  • Duplex – 75%
  • Tri / 4 Plex – 75%

Secondary Residence

  • Single Family – 75% 
  • Duplex – N/A
  • Tri / 4 Plex – N/A

Investment Residence

  • Single Family – 75% 
  • Duplex – 70%
  • Tri / 4 Plex – 70%
Mortgage Conventional Refinance Lender

Conventional Highlights

Conventional Refinance Loans are used for more refinances than any other type of mortgage loan.   This is due to Conventional loans allowing for all occupancy and property types and typically don’t require any mortgage insurance due to loan to value requirements. Conventional mortgages due require higher credit scores but offer better rates.  

  • Freddie Mac and Fannie Mae Insured
  • Primary, Second or Investment Property
  • Single, Multi-Family, Condo’s & Manufactured Homes
  • Rate and Term

Primary Residence

  • Single Family – 95% 
  • Duplex – 85%
  • Tri / 4 Plex – 80%

Secondary Residence

  • Single Family – 90% 
  • Duplex – N/A
  • Tri / 4 Plex – N/A

Investment Residence

  • Single Family – 85% 
  • Duplex – 75%
  • Tri / 4 Plex – 75%

Cash Out Refinance

Primary Residence

  • Single Family – 80% 
  • Duplex – 75%
  • Tri / 4 Plex – 75%

Secondary Residence

  • Single Family – 75% 
  • Duplex – N/A
  • Tri / 4 Plex – N/A

Investment Residence

  • Single Family – 75% 
  • Duplex – 70%
  • Tri / 4 Plex – 70%

Amarillo Conventional Renovation Loan

  • Up to 97% LTV of “As-Completed”
  • Owner-occupied 1–4 unit Primary 
  • Owner-occupied 1–4 unit Condos 
  • 85% LTV on a 1-unit Investment 
  • 90% on a 1-unit Second Home
  • Credit Scores Down to 620
  • Luxury Renovations are Eligible
Renovation Freddie Mac Choice Home Lender
  • Up to 97% LTV of “As-Completed”
  • Owner-occupied 1–4 unit Primary 
  • Owner-occupied 1–4 unit Condos 
  • 85% LTV on a 1-unit Investment 
  • 90% on a 1-unit Second Home
  • Credit Scores Down to 620
  • Luxury Renovations are Eligible
Not Sure? Take a Look at Other Amarillo Mortgage Programs

Amarillo 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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