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Killeen FHA Home Loans

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Killeen FHA Mortgage Lender

Killeen FHA Home Loans

Homeownership is a long-standing goal for many Americans, but it cannot be easy if you have less-than-perfect credit scores. The US Department of Housing and Urban Development (HUD) makes it easier to access the home financing you need through its federal mortgage assistance program — the Federal Housing Administration (FHA).

Are you looking to obtain an FHA home loan in Killeen? We can help you get the necessary funding here at Capital Home Mortgage. These loans can be an excellent option for first-time homebuyers or those who want to purchase homes but struggle with less-than-perfect credit.

Killeen FHA Loan Requirements

To qualify for an FHA loan in Killeen, you’ll need to meet specific criteria laid out by the HUD.

Starters need a credit score of 580 or higher – this is lower than the minimum requirement for most conventional loans. You’ll also need a down payment of 3.5% of the home’s purchase price, depending on how good your credit history is. Meanwhile, a borrower with a credit score from 500 to 579 may also be eligible for an FHA loan, provided you provide at least 10% as a down payment.

Since a home loan is a significant investment, your credit history will be checked thoroughly before approval. So, if you have bad or limited debt obligations such as taxes that need to get settled before applying for this opportunity, make sure they are paid off first, so these do not affect how likely we’ll approve the application.

Killeen FHA Loan Limits

The FHA loan limit is the maximum amount homebuyers can finance through the Federal Housing Administration’s mortgage insurance program. These loan limits are set at the county level and fluctuate yearly based on changes in median home values across the country.

FHA home loans in Killeen have loan limits based on the number of units in the home and the county’s median home price. According to the FHA website, its low-cost area range starts from $420,680 to approximately $809,150. On the other hand, its high-cost area ranges from $970,800 to $1,875,275.

Remember that checking with the FHA website every year is the only way to know if your limits have changed.

Types of FHA Loans in Killeen

Besides having loan limits, the FHA also offers different home loans that are perfect for borrowers. At Capital Home Mortgage, we offer a variety of loans for your home. You can choose from the standard FHA loan or Section 203(b), a renovation loan or Section 203(k), an energy-efficient mortgage program (EEMP), and a growing equity mortgage or Section 245.

  • 203(b)

The FHA 203(b) is the most popular home loan program, also known as the “regular” FHA loan. It is perfect for first-time homebuyers, requiring only a minimum down payment of 3.5%, and has more flexible credit requirements than others.

  • 203(k)

The “rehab” or “renovation” FHA 203(k) loan allows you to purchase a home and finance the repairs all in one loan. This type of mortgage can be perfect for buyers looking at fixer-uppers or foreclosure properties.

  • EEMP

The energy-efficient mortgage program helps borrowers finance energy-efficient home improvements into their mortgages. Acquiring this type of loan is an excellent option for those who want to make their homes more eco-friendly.

  • Section 245

The growing equity mortgage is for borrowers who expect their income to go up. Your monthly payments with this kind of loan start modest and progressively rise as you build equity in your home.

Apply for an FHA Loan in Killeen

If you think an FHA loan is perfect for you, don’t hesitate to contact Capital Home Mortgage. We’re a trusted mortgage company in Killeen that can help you through home buying. We’ll be with you every step, from finding the right home to obtaining the loan without hassles. 

Call us today at (254) 213-7343 to get started! 

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 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

Killeen 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)

Killeen 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

Killeen FHA 203K Loan

Not Sure? Take a Look at Other Killeen Mortgage Programs

Killeen Mortgage Team

Conor Hayhurst

Managing Director
NMLS 743506

Damon Embler

Sr Loan Officer
NMLS 882260

Chris Erwin

Loan Officer
NMLS 914064

Dale Gremillion

Manager
NMLS 210325

Killeen Mortgage Company Reviews

What is a Killeen 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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