Capital Home Mortgage Lubbock

Lubbock Conventional Home Loans

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Lubbock Conventional Mortgage Lender

Conventional Home Loans In Lubbock

A conventional mortgage or loan is any mortgage not issued or guaranteed by the government. Instead, private lenders offer conventional mortgages. The Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation (Freddie Mac) may guarantee some conventional mortgages. 

Conventional loans can be used to purchase or refinance an existing loan. It may have either a fixed or an adjustable interest rate. The federal government does not guarantee typical mortgages and loans, so financial institutions and creditors impose stricter lending standards.

What is a Conforming Loan?

Conforming mortgages are those whose underlying terms and circumstances satisfy Freddie Mac’s and Fannie Mae’s funding standards. The Federal Housing Finance Agency establishes yearly lending limits for conventional mortgages. Any mortgage that exceeds the FHFA-established lending restrictions is labeled a “Non-Conforming Loan.”

Conforming lenders evaluate and fund the loans before selling them to investors such as Fannie Mae and Freddie Mac. Once the loans have been securitized, they are sold to investors on the open market. Conforming loans often have lower interest rates than non-conforming loans due to their liquidity and regulatory controls.

All conforming loans are conventional loans, but not all conventional loans are conforming loans. A jumbo loan is a loan that exceeds the conforming loan limit. Although jumbo loans meet the definition of a conventional loan, it is considered a non-conforming loan since it exceeds the loan limit set forth by the Federal Housing Finance Agency. 

Qualification Requirements of a Conventional Loan

Fannie Mae and Freddie Mac stipulate that all conventional loans must meet specific minimum requirements. Each lender may, however, impose its own, more stringent requirements, known in the industry as “lender overlays.” What lenders are prohibited from doing is setting criteria that would constitute mortgage discrimination.

Every borrower must meet the minimum eligibility requirement of a conventional loan.

  • A credit score of 620 or above is required for conventional-conforming loans. Depending on the borrower’s credit scores, a down payment of 3 to 5 percent of the purchase price is required. Every borrower must have a stable and verifiable job history of at least two years.
  • A debt-to-income ratio must not exceed 45%.
  • Must provide the source of funds needed to close on the loan. 

Apply for a Conventional Loan with Capital Home Mortgage

Capital Home Mortgage is a direct mortgage lender in Lubbock that offers home loans to various consumers, including first-time homebuyers and individuals contemplating refinancing. Contact us if you have any queries about conventional mortgages, and we will be happy to help. Start by calling (806) 589-3428.

Why Lubbock is Choosing Capital Home Mortgage...

Close On Time with True Approval

Control of the Loan from the Application to Funding.

Great Lubbock Rates

Direct Mortgage Lender Providing Competitive Rates and Low Fees.

Lubbock Customer Service

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

Lubbock 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

Lubbock 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
Save Today
Have Questions?
Conventional Home Loan Benefits

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%

Lubbock 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%

Lubbock 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 Lubbock Mortgage Programs

Lubbock 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

Lubbock Mortgage Company Reviews

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