Amarillo USDA Mortgage Lender
Amarillo USDA Home Loans
If you’re looking for a passport to find permanent habitation in one of the exotic areas in Amarillo, you’re in luck. USDA Guaranteed Home Loans can be your key to a brand new home to call your own in one of the many nearby beautiful rural areas.
This program is sponsored by the United States Department of Agriculture and provides guaranteed financing, meaning there’s no need to remit a down payment. Additionally, the USDA can offer low-interest rates, monthly payments, and various repayment options.
Amarillo USDA Guaranteed Home Loans are available to anyone purchasing a home in an eligible rural area. If you’re unsure whether your place is suitable, you can speak to our Home Loan Specialists at Capital Home Mortgage. We can help you know whether you qualify and guide you through the process.
USDA Home Loan Requirements
While USDA home loans offer several benefits, they are not for everyone, as there are a few requirements you’ll need to meet before you’re eligible. They also come with more terms and conditions than other types of mortgages with their 100% financing nature.
A credit score of at least 640 and an income limit based on the area median income or AMI can help approve your loan.
Borrower Eligibility
As a borrower, you can only be eligible for a USDA home loan provided you meet the following requirements:
- You agree to reside in your chosen property permanently, which means you must make it your primary residence.
- You’re a U.S. citizen, qualified alien, or non-citizen national.
- You have a household income not exceeding 115% of your area’s median household income.
Additionally, it’s essential to manifest your incapacity to acquire a conventional loan without mortgage insurance, and you must not be prohibited from joining any federal program like USDA loan programs.
Property Eligibility
Remember that not every area in the U.S. is USDA eligible, so it’s crucial to check your location before beginning the loan application process. You can use the USDA Eligibility Map to see if your chosen area qualifies.
The USDA has designated certain areas of the country as appropriate for rural properties. If you want to purchase a home in one of these zones, your property must meet U.S. Housing and Development standards. Multi-person living spaces can’t be apartments. The USDA only allows single-family dwelling units.
Limitations & Restrictions of a USDA Loan
Like other types of financing, USDA home loans have certain restrictions and limitations. In particular, this type of loan has two rules:
- It is only available at 30-year fixed rates. With this loan, you can’t enjoy the perks of a shorter loan term or an adjustable-rate mortgage.
- It only offers 100% funding based on the appraised value of the property rather than its purchase price. This financing makes buying more expensive up front if not enough equity has been built yet.
In addition, while you can use your loan proceeds towards anything you want, there are limits on their use, which are only limited to:
- buying essential household equipment
- purchasing a new or existing house as your permanent residence
- construction site preparation costs
- existing dwelling repairs
- refinancing
Apply for a USDA Home Loan in Amarillo
As a direct mortgage lender and servicer, Capital Home Mortgage offers flexible home financing products and services to anyone in Amarillo looking to purchase a home. We’ll work with you to obtain your USDA home loan and assist you through the process.
Contact us today at (806) 589-3428 to start your application!
Why Amarillo 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
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 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
The One Time Close Manufactured Home Loan offer options to purchase your dream home on your own land. Call today to speak to a Loan Officer.
- Purchase the Home and Land Together
- Include the Utilities and Home Setup
- Lock Rate at Contract
- Variety of Loan Programs to Choose From.
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