Capital Home Mortgage Midland

Midland FHA home loans

Midland FHA Mortgage Lender

Midland FHA Home Loans

Since its inception, the FHA loan program has helped millions of people across the country achieve the American dream of homeownership. The program has been instrumental in assisting credit-challenged borrowers in finally purchasing a home.

An FHA mortgage may be your best option if you’re a first-time homebuyer in Midland or have been turned down for a conventional loan due to credit or financial concerns. 

Advantages of an FHA Loan

The FHA home loan is well-known for its easy qualification process, but there’s so much more to this government-backed mortgage program than that. 

The following FHA loan benefits will help you understand why it’s such a hit among first-time homebuyers:

     1. Lenient Credit Score Requirement

Conventional mortgage applications are often rejected due to applicants’ low credit scores. To get a conventional loan, your credit score needs to be at least 620. The FHA, however, maintains that “the lack of a credit history, or the borrower’s decision not to use credit, may not be used as the basis for rejecting the loan application.”

Borrowers with credit scores as low as 500 can qualify for an FHA loan, but we recommend aiming for at least 580, so you can get better loan rates and terms.

     2. Low Down Payment

Borrowers with a credit score of 580 or higher are only required to make a 3.5% down payment. However, the down payment requirement jumps to 10% of the home’s purchase price for those with credit scores of 579 and lower.

     3. Higher Debt-to-Income Ratio

The ideal debt-to-income ratio for conventional loans is 36%, but borrowers with excellent credit are allowed up to 43%.  

However, a DTI of 43% is more than enough to get approved for an FHA loan. Some FHA lenders will even accept DTI ratios as high as 50% if the borrower can make up for it with a high credit score or a more significant down payment. People who want a home loan but don’t have perfect credit won’t have to pay a higher interest rate.

It’s common for FHA borrowers with a 660 FICO score to get the same mortgage interest rate as conventional loan borrowers with a 740 credit score. 

     4. Assumable

The fact that an FHA loan is assumable increases its marketability. When a home under the FHA loan program is sold, the buyers can take over the seller’s existing FHA loan instead of taking out a new mortgage.

Also, homeowners with FHA-insured loans have access to the FHA Streamline Refinance Program, which allows them to refinance their mortgages at a lower interest rate.

     5. Permits Fixer-Upper

If you’re looking to buy or refinance a home that needs repairs, the FHA 203(k) loan can help you do it all with one loan. The FHA 203(k) comes in two versions: the Streamline 203(k), which allows up to $35,000 in repair costs, and the Standard 203(k) for more significant and more expensive renovations.

Is an FHA Loan The Best Option For You?

No loan program is perfect, and the FHA loan is no exception. One of the major drawbacks of FHA loans is the mortgage insurance premium (MIP) that you’ll have to pay each month for the life of your loan, which raises your mortgage’s overall cost by a significant amount. But if you’ve been turned down for a conventional loan more than once, an FHA loan could make your dream of owning a home come true.

For a better insight into FHA loans, call us at Capital Home Mortgage and speak to one of our mortgage experts. As one of the most experienced FHA lenders in Midland and the state of Texas, we can provide you with all the information and guidance you need to make the right choice. 

You can reach us at (432) 218-4828 to start your Midland FHA application. 

Why Midland HomeBuyers are Choosing Capital Home Mortgage
Close On Time

Complete Control from Application to Funding

Low Rates & Low Fees

Direct Lender with Competitive Rates and Low Fees

Exceptional Service

7  Day a Week Support 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 FHA Home Purchase Loans

FHA Purchase Mortgage 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
  • Smaller Down Payment
  • Seller Paid Closing Costs
  • Flexible Underwriting
  • Higher Debt to Income Ratios Allowed
  • Lower Credit Scores Allowed
  • Manufactured Housing OK

Midland FHA Refinance Home Loans

FHA Refinance Mortgage Loans

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.

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

Midland FHA Renovation Home Loans

FHA 203K Mortgage Loans

FHA offers both a Steamline and Full Rehabilitation Loans.  This is a great option for 1st time homebuyers looking to purchase a home that needs a little TLC.

  • Purchase & Refinance Options
  • Primary Residences Only
  • Single, Multi Family & Condo’s
  • As-Is Improved Renovated Value
  • 203K Streamline
  • Less < 35K, Cosmetic Repairs Only
  • 203K Full Rehab
  • Greater > 35K, No Restrictions
Texas Mortgage Programs

Texas Home Purchase

Thinking of Buying a Texas Home?

Looking to Purchase a Home? We have the loan program for you… Call today to speak with a loan officer to discuss your personal mortgage options.

  • Primary, Secondary, Investment
  • FHA, VA, USDA, Native American
  • Conventional, Jumbo, Non QM
  • Reverse, Renovation, Manufactured

Texas renovation home loans

Looking to Rehab a Texas Home?

Want the Charm of an Older Neighborhood? But want a new place or a fresh look? Why not look at a renovation loan?  Purchase the Perfect Home and make it your own. Call today.

  • Remodel, Renovate or Repairs
  • FHA 203K Streamline or full
  • fannie mae homestyle reno
  • freddie mac home choice reno

Texas FHA Home Loans

Great for 1st Time Texas Homebuyers

FHA Home Loans are great for first time home buyers, buyers with less than perfect credit, or buyers needing less out of pocket.   Call today to get started.

  • Smaller Down Payment
  • Flexible Underwriting
  • Higher Debt to Income Ratios
  • Lower Credit Scores OK

Texas VA Home Loans

100% Financing for Texas Veterans

Proudly Serving Active Duty servicemen and women, as well as, retired and disabled veterans. Call today to speak with a VA loan officer.

  • Simply Qualifying for Veterans
  • No Down Payments Requirements
  • Lower Credit Scores Accepted
  • Manual Underwriting Allowed

Texas Conventional Home Loans

Flexibility for Texas Homebuyers

Conventional Home Loans are the best option for flexibility of property types and for mortgage loan terms. Call today to get speak to a Loan Officer.

  • Primary, 2nd Home, Investment
  • Great Rates & Low Fees 
  • Single Family and Multi-Family
  • Renovation Loan Programs

Texas Jumbo Home Loans

Texas Non Conforming Loans

Jumbo Home Loans also called Non Conforming Home Loans are great options for buyers needing financing outside of agency limits.  Call today to speak to a loan officer.

  • Primary Residence and 2nd Homes
  • Higher Loan Amounts – 3 Million
  • Great Interest Rates
  • Investor Specific Guidelines

Texas USDA Home Loans

100% Rural Texas Home Loans

USDA Loans are a great option for families wanting to live outside of the city.  Call today to speak with a loan officer to discuss your personal loan options.

  • Rural Properties Only
  • Primary Residence Only
  • Geographic Restrictions
  • Income REstrictions

Texas Native American Home Loans

Texas HUD 184 Home Loans

HUD 184 Home Loans are solely for Native American and offer a variety of benefits.  Call today to speak with a loan officer to find out more.

  • Primary Residence Only
  • Manual Underwriting for All Loans
  • No Credit Score Requirements
  • Tribal Grants Allowed

Texas Manufactured Home Loans

Great Alternative Texas Housing

Manufactured Home Loans offer options to purchase an existing residence or build your dream home on your own land. Call today to speak to a Loan Officer.

  • Existing Purchase or Refinance
  • OTC Land/ Home Combo
  • Lock Rate Before Completion
  • FHA, VA, USDA, & Native Loans

Texas reverse mortgages

Your Texas Home at Work

Reverse Mortgage Loans offer seniors options to use their home’s equity for cash or to eliminate payments. Call today to get speak to a Reverse Loan Officer.

  • primary residence only
  • simple qualifying – equity based
  • credit scores not applicable
  • Minimum age 62

Texas Non QM Home Loans

Making Texas Mortgages Possible

Looking for Non Traditional Home Mortgage Loan?  Contact a Loan Officer Today to discuss the alternative mortgage options currently available.

  • Purchase, Rate and Term & Cash-out
  • Primary, Secondary and Investment
  • Full Doc & Bank Statements Programs
  • Corporations OK

Texas One Time Close mortgages

Build Your Texas Dream Home

Want to Build? But unsure of what the future looks like? Remove the risk with a One Time Close Construction Loan.  Call today to see how a OTC loan works.

  • Primary Residence Only
  • Close Once
  • Lock Rate at Contract
  • Traditional Final Mortgage

Texas Refinance Mortgage Loans

Texas Rate & Term Refinance

Refinancing can be a hard decision and the payback can sometimes be confusing.  Call today and let our Loan Officers walk you through the process.

  • Reduce Mortgage Term
  • Lower Monthly Payments
  • Appraisal Waivers
  • Streamline Options Available

Texas Cash-out Home mortgages

Texas Equity Mortgage Loans

Cash-Out Mortgage Loans make use of the equity in your home by allowing you to refinance the current mortgage and access this equity to use as you see fit.

  • Debt Consolidation
  • Investment Opportunities
  • Home Improvement
  • Vacation or Education

Midland Mortgage Team

Dale Gremillion

Manager / Sr Loan Officer
NMLS 210325

Conor Hayhurst

Manager / Sr Loan Officer
NMLS 743506

Brad Rund

Director Native American Lending
Director Manufactured Housing

Midland Mortgage Company Reviews

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