Home Loans In Galveston, Texas

Welcome to Capital Home Mortgage Galveston. Galveston is a coastal city of the Southeast Texas coast on Galveston Island and Pelican Island. Named after the Spanish military and political leader in the 18th century, Bernado de Galvez y Madrid, it was built in 1816 by French pirate Louis-Michel Aury to help fight for independence from Spain.

The Galveston real estate market is somewhat competitive; home prices were up 9.4% in December of 2021 compared to the prior year, with a selling median price of $315k.

 For many first-time homebuyers, buying a home has become more overwhelming than ever. With the majority of the millennial generation burdened with student loan debt, saving for a down payment and improving one’s credit rating has become extremely difficult.

But while it can be a little more challenging, first-time homebuyers can get approved for a mortgage. There are flexible home loan programs tailored to make homeownership a reality for many Americans.

A Quick Guide to First-Time Homebuyer Loans and Programs

The government has designed several home loan programs to aid first-time homebuyers. These home loans generally offer lower down payments, interest rates, and credit requirements — the most prevalent issues plaguing first-timers. 

The top four government initiatives geared towards assisting first-time homebuyers include the following:

1. FHA Loans

The Federal Housing Administration insures FHA Loans, an agency of the U.S. Department of Housing and Urban Development agency. This guarantee provided by the government safeguards mortgage lenders if a borrower defaults on their mortgage.

FHA loans demand lower down payments and have better interest rates and closing fees than conventional loans. You may be able to put down as little as 3.5 percent of the purchase price of your home if you have a credit score of 580 or better. These factors make FHA loans an excellent choice for first-time homebuyers who want to purchase a property but have less-than-ideal credit or don’t have enough money to make a substantial down payment.

2. VA Loans

VA loans are a popular financing option for military personnel. These loans are guaranteed by the United States Department of Veterans Affairs and are available to active-duty military personnel, surviving spouses, and veterans. The VA guarantees a portion of this loan and offers attractive interest rates. They do not require a down payment, making this loan an attractive option for service members with little finances.

3. USDA Loans

The United States Department of Agriculture has a home loan program that offers assistance to people who want to buy homes in specific rural locations around the country. First-time homeowners are eligible for zero-down financing on USDA loans.

The credit score criteria for USDA loans are slightly higher than FHA loans. Homebuyers with a credit score of 640 or higher usually qualify for a USDA loan with a straightforward application process. Those with scores below 640 may still apply but will almost certainly need to comply with more requirements.

Also, the USDA loan program has income restrictions that vary by location. If your income exceeds the limit, you may not obtain a USDA loan.

Galveston, Texas Mortgage Lender

Home loans aren’t a one-size-fits-all product.  Prospective homeowners have a great deal to consider when comparing the many forms of mortgage loans available. Your credit score, income, debt, and the location of the property you want to acquire have some bearing on the home buying process and the types of mortgages available to you.

Our home loan experts at Capital Home Mortgage will help you understand your options and assist you in making the best possible choice for your situation. As a full-service home mortgage company, we offer a comprehensive range of mortgage options from conventional loans, FHA loans, VA loans, USDA loans, Jumbo loans to Non-Qualified mortgage loans.

Start Your Homeownership Journey With Us!

Capital House Mortgage understands that purchasing a home is a significant milestone, and that is why we do our best to make the process easier and more convenient for our clients.

You can expect competitive rates, reasonable fees, and a stress-free home buying experience when you work with us. We are dedicated to offering superior customer service and facilitating a seamless transaction from application to closing. 

Call us at 800-960-4565 to get started.