Capital Home Mortgage Midland

Midland USDA Home Loans

Texas USDA Mortgage Lender

Midland USDA Home Loans

To increase homeownership in rural America, the U.S. Department of Agriculture launched the Single-Family Housing Guaranteed Loan Program in 1991. The program expands the range of mortgage options available to low and moderate-income borrowers in rural areas who may not qualify for a conventional loan.

USDA home loans are issued by private lenders but are guaranteed by the agency if the borrower defaults. They come with desirable features and benefits, including:

  • low-interest rates
  • zero down payment
  • repayment term of up to 38 years

Due to a lack of knowledge and numerous misconceptions about the loan, homebuyers rarely consider the USDA loan and therefore miss out on a potentially good route to homeownership.

Things You Need To Know About USDA Loans

If you’ve been turned down for a mortgage by conventional lenders in Midland because of your credit history or lack of sufficient income, you may be surprised to learn that the USDA home loan may be the solution you’re looking for.

We’ve listed some of the essential features and information about USDA-backed loans to help you decide if they are a good fit for you: 

     1. USDA loans are available to more than just farmers.

The words “USDA” and “rural” probably make you think of farms and rows of crops. Still, USDA loans are available to all qualified individuals who need help buying a primary home in a USDA-designated rural area. The good news is that “rural” by USDA standards often include suburban areas –  even homes in some mid-sized cities may be eligible. You can find out if a property is USDA loan eligible here.

     2. USDA-guaranteed loans do not require a down payment.

With a USDA loan, you can finance the entire price of the home, so you don’t have to make a down payment. In addition to your own money, the USDA will accept gift funds from family and friends for a down payment. It’s also possible to get help putting together a down payment through special programs.

     3. Mortgage insurance is mandatory but reasonably priced.

When you get a loan that doesn’t require a 20% down payment, you’ll have to pay for private mortgage insurance, which can significantly increase your monthly payment. USDA loans also require mortgage insurance to keep the program going, but at a much lower rate than most mortgages. 

     4. You can use the loan to finance different types of properties. 

The USDA loan gives you plenty of options for your new home. You can finance the following types of residential properties with a USDA-backed mortgage:

  • Existing homes
  • New Manufactured Homes
  • New Construction Home
  • Condominiums
  • Modular Homes
  • Planned Unit Developments (PUDs)

However, remember that the USDA home loan is limited to primary homes only. You cannot use it for investment properties or vacation homes.

     5. You can also use it to refinance your current mortgage.

The USDA also does refinancing with a few different programs: the USDA Streamlined-Assist, USDA Non-Streamlined, and USDA Streamlined Refinance. Among the 3, Streamlined Assist is the most popular because of its simplified process that requires no credit verification. On the other hand, the USDA loan does not offer a cash-out refinance as some other loan programs do. You may apply for a USDA loan if your gross monthly income exceeds 115% of your area’s median income. You can now get a USDA loan if your gross monthly income is no more than 115% of the median income in your area.  

Qualify for a USDA Loan in Midland, TX

Fortunately, the USDA loan is meant to be as affordable and accessible as possible, and so is our application process at Capital Home Mortgage. We follow a streamlined workflow, which allows us to close loans faster and provide excellent customer service.

The mortgage application process can seem daunting, especially for first-time homebuyers and those denied a mortgage loan. That is why we ensure our clients receive all the help they need.

Your hassle-free home-buying experience starts here. Contact Capital Home Mortgage today at (432) 218-4828!

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 & 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 mortgage Securities
  • Property securing the mortgage
  • occupancy of the property
  • Loan to value of the property
  • Borrower’s credit worthiness

Midland USDA Mortgage 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.

  • Guaranteed by US Depart of Agriculture
  • Rural Properties Only
  • 100% Financing
  • No Restrictions on Seller Concessions
  • Low Monthly Mortgage Insurance
  • Acreage Up to 30% of Total Value
  • FHA/USDA Certified Appraisers only
  • Guarantee Fee May be Rolled In
  • New Manufactured Home Only
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

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 Texas Mortgage Team

Dale Gremillion

Sr Loan Officer
NMLS #210325

Conor Hayhurst

Branch Manager
NMLS #743506

Sam Klaburner

Sr Loan Officer
NMLS #140132

Jordan Mowrey

SR Loan Officer
NMLS 210325

Midland Mortgage Company Reviews

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