Home Purchase Loans In El Paso

Finding the best mortgage is essential in buying your first home, and there are many things to consider. Even though seemingly endless financing alternatives are available to first-time homebuyers, taking the time to learn the fundamentals of real estate financing can help you save a lot of time and money.

You might benefit financially if you understand the local market where the property is situated. You may ensure that you receive the mortgage that meets your demands. First-time homeowners need to know some crucial information. Capital Home Mortgage is here to assist you in every step. 

Home Loans In El Paso

– Conventional-Conforming

The most likely candidates for conventional mortgages are homebuyers with established credit histories in good standing and financially stable. To be eligible for a conventional-conforming loan, a borrower must have a minimum credit score of 620. The debt-to-income ratio of a conventional loan must be no more than 45% and have a minimum of 5% down payment.

– FHA

In El Paso, Texas, FHA loans offer a fantastic opportunity to purchase a home. The Federal Housing Administration (FHA) was established to give the typical American a chance to own a home. The low down payment option offered by FHA loans is one of the most popular. For consumers with credit scores of 580, FHA loans let you buy houses with 3.5% down.

– VA

A VA loan is a mortgage loan guaranteed by the Department of Veterans Affairs (VA). VA loans are originated by lenders who meet the requirements set by the Department of Veterans Affairs. It was created to provide long-term finance to qualified American veterans or their surviving spouses.

– USDA

To encourage home ownership in rural areas, the United States Department of Agriculture sponsors a USDA loan program open to qualified homebuyers. USDA Loans, referred to as “RD Loans,” offer 100% financing possibilities on qualifying rural properties.

With a USDA loan, buyers can get better-than-average home mortgage rates while funding 100% of the cost of the home. Rates for USDA home loans are lower than those for other low-downpayment loans.

– Non-Qualified Mortgage

Non-Qualified Mortgage (Non-QM) loans are typically for borrowers with unique circumstances and those who don’t fit the typical “qualified-mortgage box.” Often these loans are for borrowers with non-traditional circumstances like fluctuating income, self-employed independent business owners, contractors, entrepreneurs, artists, etc.

Apply for a Home Purchase Loan in El Paso

Providing a comprehensive range of mortgage products, Capital Home Mortgage is a full-service home mortgage company that offers FHA, VA, Conventional, USDA, Jumbo, Native American Home Loans, and Reverse Mortgages, among others.

Our objective is to offer our clients exceptional mortgage rates, affordable costs, and a stress-free experience. This can be done by Capital Home Mortgage, which manages the entire mortgage procedure from application to funding. Quick, sensible approvals and on-time closings are made possible by our in-house loan processing and underwriting.

Call us at (915) 283-3949 to speak with our Home Loan Specialists.