Midland Renovation Mortgage Lender
Midland Renovation Home Loans
In a competitive housing market, buyers may need more affordable options. If you’ve found the perfect Midland neighborhood but still can’t find a suitable property, why not purchase a fixer-upper and renovate it to fit your needs and lifestyle?
Home renovation loans are an excellent way to finance home improvement projects or purchase a home that needs work. You can use it to buy (or refinance) a house and cover the cost of the necessary repairs with a single mortgage. These loans typically appraise the property based on the estimated post-renovation value rather than its current value, giving you more borrowing power.
Types of Home Renovation Loans
Midland homebuyers have several home renovation loans depending on their needs and goals. If you’re interested in a renovation loan, the following are your top 3 options:
     1. FHA 203(k) Rehab Loans
FHA 203(k) loans can be used to finance the purchase or refinance of a primary residence and the cost of repairs or improvements to the property. However, you cannot use the proceeds of these loans to fund luxury amenities such as a swimming pool or an outdoor kitchen.
The 203(k) loan comes in two varieties: the streamlined and full versions, also known as the standard 203(k) mortgage.Â
A Streamline 203(k) mortgage will finance the purchase of your new home and provide you with up to $35,000 for cosmetic and non-structural improvements to the property. Standard 203(k) is an upgraded version intended for more extensive and costly home remodeling projects that typically involve structural changes to the home.
     2. Fannie Mae HomeStyle Renovation Loans
You can use Fannie Mae’s HomeStyle Renovation Loan to buy and fix up a primary or secondary residence, a vacation home, or a rental property. You can even use it to make energy-saving upgrades.Â
The Homestyle loan does not require upgrades, minimum repair costs, or restrictions on the types of repairs. Any changes made to the property, though, must be permanent and done by a licensed professional.
     3. Freddie Mac ChoiceRenovation LoansÂ
ChoiceRenovation offers homebuyers the flexibility to consolidate the costs of buying or refinancing a home and renovating it into one mortgage.
Unlike a standard home equity loan or line of credit, this mortgage option allows you to borrow against your home’s future value. Moreover, the loan is typical for primary residences. You can use it on a 1-unit second home and finance luxury additions like a pool, hot tub, tennis court, etc.
Apply for a Capital Mortgage Home Renovation Loan
A renovation loan is one of the few that will allow you to borrow based on your home’s after-improvement value.
Whether you plan on buying a fixer-upper or refinancing your current mortgage, a home renovation loan from Capital Home Mortgage will make your home your own. Our loan specialists can also help you explore other options, so you can determine if this route is truly the best for your situation.Â
Here at Capital Home Mortgage, we go to great lengths to ensure that our clients end up with a home loan that benefits their lifestyle, finances, and wealth-building goals.Â
Contact us at (432) 218-4828 to start your Midland renovation loan application.
Why Midland HomeBuyers are Choosing Capital Home Mortgage
Close On Time
Control of the Loan from Application to Funding
Great Rates & Low Fees
Direct Lender Providing Competitive Rates and Low Fees
Exceptional Customer Service
7Â 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 Fannie Mae HomeStyle RenovatioN Loan
Fannie Mae Homestyle Reno is a program that allows a homeowner multiple renovations options… from a simple luxury addition, to small cosmetic updates to a full rehabilitations.
- 95% LTV Primary Residence
- 97% LTV 1st Time Buyer Single Family
- 85% LTV on 1 Unit Investment
- 90% LTV on Second Home
- Purchase & Refinance
- As Completed Values
- Maximum Loan Amount – $715,000
- High Balance (Varies By County)
Midland Freddie Mac Choice Mortgage Loans
Freddie Mac Choice Reno is a great alternative to a new home purchase. It allows for a buyer to renovate a home as part of purchase or refinance bringing it back to life. Making your dream home come true might just be updating that older home.Â
- 95% LTV Primary Residence
- 97% LTV 1st Time Buyer Single Family
- 85% LTV on 1 Unit Investment
- 90% LTV on Second Home
- Minimum Credit Score 620
- Luxury Renovations are Eligible
- Maximum Loan Amount – $715,000
- High Balance (Varies By County)
Midland FHA 203K Renovation 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 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 FeesÂ
- 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