Capital Home Mortgage Corpus Christi
Corpus Christi Conventional Home Loans
Corpus Christi Conventional Mortgage Lender
Corpus Christi Conventional Home Loans
A Conventional loan is one of the most common mortgage products you’ll encounter when searching for a home loan. This type of loan is a staple in the mortgage market because it does not have government backing, unlike FHA and VA loans.
If you want a Conventional home loan in Corpus Christi, you’re in the right place. Capital Home Mortgage is a leading Corpus Christi lender offering a wide selection of home loan programs. Our loan offers are competitive because we finance all approved mortgages as a direct mortgage lender.
Let’s go over some of the salient features of Conventional loans, so you know what to expect when you begin your application.
Conventional Loan Requirements
Lenders are stricter regarding eligibility for Conventional loans since there is no government backing. This makes such loans a bit riskier.
However, that doesn’t mean borrowers will have difficulty getting approval. Even if requirements are rigid, the quality of submitted requirements will often be the deciding factor in the vetting process.
Firstly, Conventional loans require a credit score of at least 620 but not a guarantee of approval. A higher score is preferred for a higher chance of approval. If your score is below 620, we recommend checking out FHA loans instead.
Aside from credit scores, you must have enough money for at least a 20% down payment. Otherwise, you’ll have to pay mortgage insurance.
For proof of income and employment, you need to show the following documents at least:
- Recent 30-day paycheck stubs;
- Previous two years’ W-2 statements, 1099s, etc.;
- Recent two months’ statement of asset accounts, including checking, savings, retirement, and investment accounts.
Work with our loan experts at Capital Home Mortgage to determine the final list of requirements.
Conventional Loan Limits for 2022
Speak with our Corpus Christi Home Loan Experts to determine the loan limit of the county where you intend to buy a house.
Apply for a Conventional Loan in Corpus Christi
Getting a Conventional loan can be challenging because of the stringent requirements. Capital Home Mortgage is here to provide any assistance you may need. We are committed to making our loan processes convenient and straightforward.
As a direct mortgage lender, we make all the decisions regarding your application, which allows us to offer competitive interest rates and low processing fees.
Get a home loan in Corpus Christi with Capital Home Mortgage today. Give us a call at (361) 724-3166 to get the process started.
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Corpus Christi Conventional 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
Corpus Christi 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%
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%
Corpus Christi 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%
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%
Corpus Christi 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
- 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 Corpus Christi Mortgage Programs
Corpus Christi Mortgage Team
Corpus Christi Mortgage Company Reviews
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