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Midland Conventional Home Loans

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Midland Conventional Mortgage Lender

Midland Conventional Home Loans

Knowing that so many options are available to finance a home purchase can be comforting and intimidating. One of them is the conventional loan. Over sixty percent of all mortgage applicants choose conventional mortgages because they are the most widely available and widely offered by lenders. 

What are Conventional Loans?

Conventional loans are home loans not guaranteed by a government agency (like the Federal Housing Administration for FHA loans or the U.S. Department of Agriculture for USDA loans). Lenders receive no government protection or insurance if a borrower fails to repay the loan.

Conventional loans are classified into two types: conforming and non-conforming. Conforming loans adhere to Fannie Mae and Freddie Mac lending guidelines, while non-conforming loans exceed the conforming loan limits that Fannie Mae and Freddie Mac set each year.

Some Important Details About Conventional Loans

Since conventional loans don’t have a government guarantee against default, lenders take on more risk. Because of this, conventional mortgages tend to have stricter requirements than government-backed mortgages. On the other hand, securing a conventional loan should be easy if you have a solid credit history and enough money saved for a larger down payment.

Here are some basic details to be aware of if you’re considering a conventional loan to finance your home purchase:

  • Credit Score Requirement:

Even though some lenders may require a credit score of 660 or higher, it is possible to be approved for a conforming conventional loan with a 620 credit score.

  • Down Payment Requirement:

Conventional mortgage loans are available with down payments as low as 3%, and some lenders have unique programs that allow for 100% financing. But while a low down payment is tempting, you will have to pay mortgage insurance if you put down less than 20% of the home’s purchase price. 

  • Maximum Loan Amount:

In 2022, you can purchase a single-family home that costs up to $647,200 with a conforming conventional loan ($970,800 if you reside in a high-cost area). If the property you wish to purchase costs more than that, you’ll have to take out a jumbo loan.

  • Loan terms: 

Although conventional loans are typically repaid over 30 years, they can be approved for a 15- or 20-year conventional mortgage loan.

  • Interest rates: 

It’s possible to get a conventional loan with either a fixed interest rate or an adjustable one. Both your credit score and credit history will play a significant role in determining your interest rate. The better your credit is, the lower your interest rate will be.

Conventional Loan vs. Government-Backed Mortgages

Certain government-insured mortgage loans have unique features that can make them a good fit for certain homebuyers. For example, VA and USDA loans have no down payment, while FHA loans only require 3.5% down from people with credit scores of 580 or higher. Also, government-backed mortgages typically have lower qualifying credit and income requirements, making them more accessible to the average American. 

Conventional and government-guaranteed loans have advantages and disadvantages, so it’s essential to carefully consider your financial situation before making a decision. Even though government-backed loans are generally easier to obtain, borrowers with excellent credit or those who can afford to pay larger down payments may find better terms with a conventional loan. 

Apply for a Conventional Loan in Midland

Whether this is your first or fifth time getting a home loan, Capital Home Mortgage can help you buy the property you want.

We understand how challenging it can be to get approved for a home loan, even more so if you’re a first-time homebuyer. With our distinct advantage as a direct mortgage lender in the state, we can help you secure the perfect mortgage for your lifestyle and budget. We have the tools and resources to expedite the loan process and close the loan without delays. 

Let’s talk about your home loan options. Call us today at (432) 218-4828.

Why Midland is Choosing Capital Home Mortgage...

Close On Time with True Approval

Control of the Loan from the Application to Funding.

Great Midland Rates

Direct Mortgage Lender Providing Competitive Rates and Low Fees.

Midland Customer Service

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

Midland 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

Midland 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%

Midland 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%

Midland 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 Midland Mortgage Programs

Midland 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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