Capital Home Mortgage Amarillo

Amarillo FHA Home Loans

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Amarillo FHA Mortgage Lender

Amarillo FHA Home Loans

FHA home loans help American applicants access mortgage financing.

Many mortgage applicants in the United States, especially first-time borrowers, may not have outstanding credit scores or enough cash for a sizable down payment. If the credit score is low, borrowers will be subject to higher interest rates. Moreover, a low down payment automatically triggers mortgage insurance. 

Capital Home Mortgage offers FHA home loans to interested individuals and families in Amarillo. If you think this loan product suits your needs, contact our mortgage officers to get started with the application.

Types of FHA Loans in Amarillo

Loans insured by the Federal Housing Administration (FHA) can be broken down into several categories. They are all available from Capital Home Mortgage. Please read our brief explanations of four types of FHA loans to choose the right one. To receive comprehensive product information, please get in touch with our Amarillo lending specialists.

  • FHA 203(b)

An FHA 203(b) is the standard FHA loan. You can choose an FHA 203(b) if you’re in the market to buy a brand-new home. We recommend choosing this if you’re in the market for a new home but don’t have a good credit history. FHA loan requirements are more liberal than conventional loans because it has government backing.

  • FHA 203(k)

If you have an existing house that needs renovation, you can finance these renovations through an FHA 203(k). There are two kinds of 203(k) loans: standard or limited. A standard 203(k) has no loan ceiling, but it must be at least $5,000. If your estimated budget for renovation is below $30,000, you can instead get the limited 203(k) with a maximum loanable amount of $35,000.

  • Energy Efficient Mortgage Program (EEMP)

Shifting to cleaner energy is becoming popular because it can reduce your monthly electric bill. Through the EEMP, homeowners can finance energy-efficient home improvements without paying a large sum upfront. 

  • HUD Section 245 

The Section 245 loan is the graduated-payment mortgage (GPM) program. You might find this suitable if you expect your income to increase. Your mortgage payments are still low in the early years but will gradually increase.

Amarillo FHA Loan Requirements

A credit score of at least 580 is required if you want to pay a down payment that goes as low as 3.5 percent. Some lenders accept a credit score as low as 500 but need at least a 10 percent down payment. You must also prepare documents showing your income and employment, such as pay stubs, tax returns, bank statements, or employment certification. There might be more requirements, so please coordinate with our loan officers for a complete list.

Amarillo FHA Loan Limits

The limit for 2022 is $420,680 for low-cost areas and $970,800 for high-cost areas. Amarillo limits are $420,680 for singles, $538,650 for duplex, and $651,050 for triplex.

Get an FHA Loan in Amarillo Today

At Capital Home Mortgage, we understand obtaining a home loan can often be complex. We’ve made it our mission to ensure you don’t go through a similar experience. As direct lenders, we make all the decisions in the FHA home loan process. Call our Amarillo loan officers at (806) 589-3428 to start your 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 FHA 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 FHA Purchase Loan

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
  • Small Down Payment
  • Seller Paid Closing Costs to 6%
  • Flexible Underwriting
  • Higher Debt to Income Ratios Allowed
  • Lower Credit Scores Allowed
    • 580 with 3.5% Down Payment
    • 500 with 10% Down Payment
  • Manufactured Housing OK (Subject to Restrictions)
FHA Purchase Home 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
  • Small Down Payment
  • Seller Paid Closing Costs to 6%
  • Flexible Underwriting
  • Higher Debt to Income Ratios Allowed
  • Lower Credit Scores Allowed
    • 580 with 3.5% Down Payment
    • 500 with 10% Down Payment
  • Manufactured Housing OK (Subject to Restrictions)

Amarillo FHA Refinance Loan

FHA offers a streamline refinance program 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. (Not Allowed in Texas)
  • Streamline – Rate and Term Only
    • No Appraisal
    • No Income Verification
  • Full Documentation
    • Rate and Term
    • Closing Costs Can be Rolled In
    • Lower Credit Scores Allowed
      • 580 with 3.5% Down Payment
      • 500 with 10% Down Payment
    • Manufactured Housing OK (Subject to Restrictions)
FHA Home Refinance Lender

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. (Not Allowed in Texas)

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

Amarillo FHA 203K Loan

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

Amarillo Mortgage Company Reviews

What is an Amarillo FHA Mortgage Loan?

FHA stands for “Federal Housing Administration” which is part of HUD ”Housing and Urban Development”.Established in 1934 and prompted by the great depression FHA had one goal: to make homeownership affordable. A great step in our nation’s history as the majority of Americans were renters, not having large down payments that traditional banks required.It is important to understand that FHA doesn’t lend money.  FHA instead provides lenders a guarantee that covers the lenders from loss in the event of a foreclosure. It simple terms FHA insures the portion of the loan that a buyer would have would normally had to put down to qualify for a traditional loan, allowing for small down payments to purchase.  All FHA loans require mortgage insurance.  The mortgage insurance comes in an upfront fee, which can be financed into the loan and a monthly fee made through the mortgage payment.  These installments from the payments support the guarantee fund and makes FHA loans possible.  This fee is fixed for the term of the loan and is the same regardless of credit. 

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