Home Purchase Loans In Lubbock

Lubbock is the 11th most populous city in the United States state of Texas and the county seat of Lubbock County. The city is also the 86th most populated in the United States, with a population of 257,141 in 2020.

Lubbock is the economic, educational, and health-care core of the multicounty region north of the Permian Basin and south of the Texas Panhandle, known as the South Plains, hence its nickname, “Hub City.” The region is the world’s largest cotton-growing region and relies mainly on water from the Ogallala Aquifer for irrigation.

Lubbock has a stable real estate market. Lubbock home values have improved by 19.3% in the last year and 38% since 2017. The median listing price for a property in Lubbock is $245,000. Lubbock has a median listing price per square foot of $129. Are you looking to purchase a home in Lubbock? Capital Home Mortgage can help make your dream a reality.

Home Loans In Lubbock

     – Conventional Loan

A conventional mortgage or conventional loan is any type of home loan not granted or guaranteed by a government agency. Private lenders, such as banks, credit unions, and mortgage agencies, offer conventional mortgages as an alternative. However, the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) can guarantee selected traditional mortgages.

     – FHA Loans

The Federal Housing Administration insures FHA loans, which shield lenders from financial risk. Lenders must meet specific criteria for their loans to be labeled “FHA-approved,” after which the FHA guarantees the loans issued by the lender if a borrower defaults on the mortgage. Borrowers must meet certain eligibility conditions to be eligible for one of these loans.

     – VA Loans

A VA loan is a mortgage loan in the United States guaranteed by the Department of Veterans Affairs (VA). The program is available to American veterans, military members currently serving in the United States military, reservists, and certain surviving spouses. VA loans are used to purchase single-family homes, condominiums, multi-unit properties, manufactured homes, and new construction. The VA does not originate loans; instead, it establishes who may qualify, gives minimum norms and qualification requirements, and financially guarantees loans that meet the program’s requirements. 

The primary goal of the VA home loan program is to provide home financing to eligible veterans and to assist veterans in purchasing houses with no down payment. Qualified VA-approved lenders may issue the loan.

     – USDA Home Loans

The Home Loans Program of the United States Department of Agriculture (USDA) provides mortgages to low-income residents of rural areas who, under normal circumstances, cannot acquire a traditional mortgage.

The primary goal of the USDA home loan program is to assist low-income rural residents living in unsanitary or unsafe situations to enable them to purchase a home equipped with modern services and sufficient living space.

If you reside in a rural location and cannot qualify for a conventional loan, you might be eligible for a USDA Guaranteed Loan or a USDA Direct loan.

     – Non-Qualified Mortgage

A Non-Qualified Mortgage (Non-QM) is a loan that does not meet the qualifications of a qualified mortgage and relies on non-traditional means of income verification to enable a borrower to obtain a home loan. These loans are intended for borrowers who have unusual income qualification situations.

Non-QM loans do not meet the requirements of the Consumer Financial Protection Bureau (CFPB) to be considered qualified mortgages. A qualified mortgage complies with the CFPB’s “ability to repay” regulation, which mandates that lenders evaluate your financial situation and set loan terms that you are likely to be able to repay.

Apply for a Home Purchase Loan in Lubbock

Capital Home Mortgage is a full-service home mortgage company that provides a comprehensive range of mortgage products, including FHA, VA, Conventional, USDA, Jumbo, HUD Native American, and Reverse Mortgages. Thank you for considering Capital Home Mortgage, your full-service mortgage lender. We look forward to assisting you with your home loan needs. Call (806) 589-3428 to speak with one of our Home Loan Specialists.