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Lubbock FHA Home Loans

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Lubbock FHA Mortgage Lender

FHA Home Loans In Lubbock

An FHA-insured loan is a mortgage loan backed by the Federal Housing Administration’s (FHA) mortgage insurance and is offered by a lender that the FHA has approved. FHA mortgage insurance protects lenders against a future default by the borrower. In the past, they have made it possible for people in the United States with lower incomes to borrow money and buy homes they otherwise could not afford.

During the Great Depression of the 1930s, when foreclosures and defaults grew significantly, the federal government created a program to provide lenders with sufficient insurance. The program’s origins may be traced back to this period. Although the federal government provided funding for specific FHA programs, the agency’s primary objective was to become financially independent by collecting borrowers’ insurance premiums.

Qualification Requirements of FHA Loans

There are specific requirements to qualify for an FHA loan. Among them are the following:

  • The property must be a primary residence;
  • A down payment of 3.5% is required for borrowers with a credit score of 580;
  • Borrowers with scores below 580 down to 500 may qualify with 10% down, and certain restrictions will apply;
  • All FHA loans carry Mortgage Insurance Premium (MIP) for the life of the loan;
  • Borrowers must meet the debt-to-income ratio requirement;
  • The amount financed must not exceed the county loan limit;
  • Borrowers must have a 2-year verifiable work and residence history
  • Complete documentation is required to underwrite FHA loans.

Is an FHA Loan right for me?

FHA home loan is the most straightforward and most lenient home loan program. Because FHA mortgages are easier to qualify for, they are especially appealing to people in the following situations:

  • First-time homebuyers;
  • Borrowers with marginal credit and low scores;
  • Low-income earners;
  • Homebuyers with relatively small savings;
  • Homebuyers with high debt-to-income ratio;
  • Homebuyers that need extra seller concessions;

Apply for an FHA Loan in Lubbock

Capital Home Mortgage provides a comprehensive array of mortgage solutions to meet any requirement as a direct mortgage lender and servicer. Capital Home Mortgage’s FHA Loan Specialists will work with you to determine the best suitable loan terms for your needs and budget.

You can get prequalified and preapproved for an FHA loan in Lubbock by applying online or calling the office at (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 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

Lubbock 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)

Lubbock 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

Lubbock FHA 203K Loan

Not Sure? Take a Look at Other Lubbock Mortgage Programs

Lubbock 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

Lubbock Mortgage Company Reviews

What is a Lubbock 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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