Capital Home Mortgage Corpus Christi

Corpus Christi FHA Home Loans

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Corpus Christi FHA Mortgage Lender

Corpus Christi FHA Home Loans

A house can be expensive if you don’t have stellar credit scores and history. Many Americans don’t have vast amounts of cash in the bank for a sizable down payment under conventional loans. 

The FHA (Federal Housing Administration) home loan program was created to help Americans achieve the dream of home ownership. If you want to obtain mortgage financing without putting down a significant amount or don’t have stellar credit, an FHA loan is something you need to consider. 

Fortunately, you’re in the right place. Capital Home Mortgage offers FHA loans in Corpus Christi, and we will work with you to obtain the financing you need. 

Here’s some quick information about FHA loans:

Corpus Christi FHA Loan Requirements

FHA loans require a credit score of 580 to qualify for a down payment of as low as 3.5%. If your credit score is 500, you may still be considered for the loan, provided you can make a down payment of at least 10% of the home purchase price. 

However, the 3.5% or 10% down payment is just the minimum requirement.

Before applying for a loan, try to settle all outstanding debts, including credit card dues, so that these will not impact your application. Avoid using your credit card during the application period. Gather income and employment documents such as certificates of employment and tax returns. These documents serve as proof of your ability to pay the loan.

Corpus Christi Loan Limits

Loan limits change yearly, so visit the FHA.gov website for updates or call today.

Types of FHA Loans in Corpus Christi

If you want to buy a brand new house, an FHA 203(b) loan is the appropriate loan product to choose. It is commonly called an FHA Home Purchase loan. However, this loan might not be suitable if you have an existing home that needs renovation. There are standard and limited FHA 203(k) loans depending on the scope of the renovation. 

FHA mortgage payments are fixed monthly, but you can get Section 245 loans where monthly payments are low initially but gradually increase over time. There is also an energy-efficient mortgage program (EEMP) if you want to buy an energy-efficient home or remodel your existing home to be energy efficient.

Get an FHA Loan in Corpus Christi 

At Capital Home Mortgage, we pride ourselves on providing a convenient and straightforward home loan process from start to finish. Speak with our experienced loan officers for more details about FHA loans. Get in touch by calling (361) 724-3166 and let us help you get your next FHA home loan in Corpus Christi. 

Why Corpus Christi is Choosing Capital Home Mortgage...

Close On Time with True Approval

Control of the Loan from the Application to Funding.

Great Corpus Christi Rates

Direct Mortgage Lender Providing Competitive Rates and Low Fees.

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

Corpus Christi 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

Corpus Christi 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)

Corpus Christi 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

Corpus Christi FHA 203K Loan

Not Sure? Take a Look at Other Corpus Christi Mortgage Programs

Corpus Christi 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

Corpus Christi Mortgage Company Reviews

What is a Corpus Christi 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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