Austin Conventional Mortgage Lender
Conventional Loans In Austin
What is a Conventional Home Loan?
The Consumer Financial Protection Bureau (CFPB) defines a conventional loan as “any mortgage loan that is not insured or guaranteed by the government, such as Federal Housing Administration, Depart of Veterans Affairs, or Department of Agriculture loan program.”
There are two types of conventional loans:
Conforming Loans –
Mortgages following the guidelines and conditions set forth by Fannie Mae and Freddie Mac are called conforming loans. Conforming Loan lenders approve and finance the loans before selling them to investors. The loans are sold to investors on open markets with lower interest rates than non-conforming loans. The 2024 conforming loan limit determined by the Federal Housing Finance Agency is $766,550 in most counties.
All conforming loans are conventional loans, but not all conventional loans are conforming loans. Conventional-conforming loans are the most common type of mortgage. Lenders require a FICO score of 620 to qualify for a conforming loan. The down payment requirement could be 3 – 5% of the purchase price. The loan must carry private mortgage insurance (PMI) if a borrower doesn’t come up with a 20% down payment.
Non-Conforming Loans –
Any other home loan that does not meet the requirements of government-sponsored enterprises (GSE) Fannie Mae and Freddie Mac is non-conforming. A loan might not conform for two fundamental reasons: (a) The loan amount exceeds the conforming loan limit, or (b) it fails to meet a condition established by the Federal Housing Finance Agency.
Types of Non-Conforming Loans
– FHA Loans
An FHA loan is a mortgage with the backing of the federal government. The Federal Housing Administration insures it under HUD’s authority or the Department of Housing and Urban Development. Many first-time home buyers use FHA home loans due to their lenient qualification requirements.
– VA Loans
The Department of Veterans Affairs partially backs or guarantees VA loans, which are zero-down mortgage options offered by private lenders. It is reserved for US servicemen and women and their eligible spouses.
– USDA Loans
USDA home loans are mortgages used to finance properties in rural areas. They offer a 0% down payment and have restrictive income and property guidelines.
– Jumbo Loans
A jumbo loan is a type of mortgage used to finance properties that are too expensive for a conventional conforming loan. According to the Federal Housing Finance Agency, the maximum amount for a conforming loan is $647,200 in most counties. A jumbo loan is needed for homes that exceed the conforming loan limit.
Apply for a Conventional-Conforming Loan in Austin
Purchasing a home is a significant accomplishment, and Capital Home Mortgage can help make the process simpler and more pleasant, as it should be. We are a full-service home mortgage company with a wide selection of mortgage solutions and a dedication to providing our customers with unmatched customer care.
Call us today at (512) 237-7400 and talk to our Austin Home Loan Specialists to get started on your path to homeownership!
Why Austin 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 Payment
Austin 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
Austin Conventional Purchase Loans
- Freddie Mac or Fannie Mae Insured
- Primary, 2nd or Investment Homes
- Single and Multi Family
- Condo’s and Manufactured Homes
- MORTGAGE INSURANCE OPTIONS
- LOWER RATES & FLExIXBLE TERMS
- MAXIMUM LOAN AMOUNT – $766,550
- HIGH BALANCE (VARIES BY COUNTY)
Austin Conventional Refinance Loans
- Freddie Mac or Fannie Mae Insured
- Primary, 2nd or Investment Homes
- Single and Multi Family
- Condo’s and Manufactured Homes
- Mortgage Insurance Options
- Lower Rates & Flexible Terms
- Maximum Loan Amount – $766,550
- High Balance (Varies By County)
Austin Conventional Renovation Loans
- 95% LTV Primary Residence
- 97% LTV 1st Time Buyer Single Family
- 85% LTV on 1 Unit Investment
- 90% LTV on Second Home
- Minimum Credit Score 620
- Luxury Renovations are Eligible
- Maximum Loan Amount – $766,550
- High Balance (Varies By County)
Austin Mortgage Programs
Austin Home Purchase
Thinking of Buying an Austin 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
Austin renovation home loans
Looking to Rehab an Austin 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
Austin FHA Home Loans
Great for 1st Time Austin 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
Austin VA Home Loans
100% Financing for Austin 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
Austin Conventional Home Loans
Flexibility for Austin 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
Austin Jumbo Home Loans
Austin 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
Austin USDA Home Loans
100% Rural Austin 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
Austin Native American Home Loans
Austin 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
Austin reverse mortgages
Your Austin 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
Austin Non QM Home Loans
Making Austin 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
Austin One Time Close Home Loans
Build Your Austin 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
Austin Refinance Mortgage Loans
Austin 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
Austin Cash-out Home mortgages
Austin 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
