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Killeen Conventional Home Loans

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Killeen Conventional Mortgage Lender

Killeen Conventional Home Loans

You’ve probably heard of conventional home loans, but you may not know what they are. Conventional loans are not government-backed and are a popular mortgage option for many homebuyers because they offer various benefits, such as low-interest rates, flexible repayment terms, and low down payment requirements.

Conventional loans could be a good option if you are considering buying a home in Killeen, TX. 

Conventional Loan Requirements

Mortgages that are not government-backed are known as conventional loans. However, a private lender is the one who issues it. And because of this, conventional loans often have stricter requirements than other types.

– Assets and Reserves

A conventional loan requires you to have enough assets and cash reserves to pay for your down payment, closing costs, and any unexpected expenses that may come up during the home-buying process. To prove so, you need to present bank statements of your checking, investment, or savings accounts.

Unfortunately, the downside to a conventional loan is that you are on the hook for expenses out of your pocket. So, we recommend you ensure you are set with cash for closing costs or haggle who will shoulder them.

In addition to the funds for closing, you should also show your asset reserves and provide the following asset documentation:

  • Last two months’ bank statements;
  • Most recent retirement account statements, 401k, IRA, etc. 

– Credit 

A strong credit score is vital to qualify for a conventional loan. We will look at your credit report and credit score to get an idea of your financial history and see how likely you are to repay your loan on time. A higher credit score indicates that you are a lower-risk borrower, which could result in a loan with a cheaper interest rate.

Remember that the minimum credit score for a conventional loan is 620, but if you have a lower credit score, it may be best to consider FHA loans instead.

– Employment 

We might call your current employers to verify that you are indeed employed and what position, if any. Self-employed applicants must also submit additional paperwork supporting their business income. Meanwhile, a letter from the CPA who prepared the last two years’ tax returns should suffice but is only necessary until we have confirmation of credentials via other means.

– Income

Income is considered the bread and butter of any mortgage application. After all, a lender wants to see that you have the capacity to repay your loan. The following documentation is usually requested as part of your application:

  • W-2s for the last two years;
  • Pay stubs for the last 30 days;
  • 1099s for the previous two years;
  • Business and personal tax returns in the last two years plus year-to-date profit and loss statements for self-employed borrowers;
  • Final divorce decree copy plus social security benefits letter if these are applicable.

Conforming Loan Limits

For your loan to be considered a conventional loan, it must fall within the maximum conforming loan limits regulated by the Federal Housing Finance Agency to be acquired by Fannie Mae and Freddie Mac.

For 2022, the conforming loan limit for a one-unit property is $647,200, depending on where you live in the United States. If your area has high living costs as Killeen does, then be sure to contact our Capital Home Mortgage experts to learn about any changes that may have happened since limits change yearly.

Apply for a Conventional Home Loan in Killeen

Capital Home Mortgage is here to help you every step of the way. We have a team of experienced mortgage professionals who can answer any questions you may have and guide you through the loan process.

Call us at (254) 213-7343 to get started with a no-obligation quote. We look forward to providing your next Conventional home loan in Killeen. 

Why Killeen is Choosing Capital Home Mortgage...

Close On Time with True Approval

Control of the Loan from the Application to Funding.

Great Killeen Rates

Direct Mortgage Lender Providing Competitive Rates and Low Fees.

Killeen Customer Service

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

Killeen 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

Killeen 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%

Home Purchase
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Conventional Refinance Lender

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%

Killeen 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%
Mortgage Conventional Refinance Lender

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%

Killeen 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
Renovation Freddie Mac Choice Home Lender
  • 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 Killeen Mortgage Programs

Killeen 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

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