Capital Home Mortgage Odessa

Odessa Home Loans

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Odessa Mortgage Lender

Home Loans in Odessa, Texas

Welcome to Capital Home Mortgage Odessa. Ranked as the third-fastest-growing small city in the United States, Odessa is named after Odessa, Ukraine, because the short grass prairie resembles Ukraine’s steppe landscape. 

Odessa has a robust real estate market. Over the last ten years, the cumulative appreciation rate has been 64.18%, which ranks in the top 30% nationwide. This equates to an annual average Odessa house appreciation rate of 5.08%

Are you ready to purchase a home, or are you in the planning stages of buying one? In either case, it’s beneficial to understand what lenders look for when evaluating loan applications. 

Before approving your loan, lending institutions must ensure that you can repay a home loan under the terms of your mortgage agreement. They consider various factors, especially concerning your credit history and current financial situation when assessing whether or not to grant you a loan.

What Lenders Look At When Approving A Home Loan

What specific financial data will lenders examine? Almost all lenders consider the following factors when approving a home loan:

  • Credit Rating

Also referred to as your FICO score, this number between 300 and 850 assists banks in determining your credit history. The higher your credit score, the better. A low credit score implies a high-risk borrower, and lenders may have reservations about approving your home loan.

 Factors such as your credit payment, credit utilization, and length of your credit history significantly impact your credit score. If you want a high credit score, you should make it a point to pay your bills on time and keep your credit utilization rate below 30%.

  • Income

You do not necessarily need a high income to qualify for a home loan, but your income will affect the loan amount approved.

Lenders will consider your cumulative monthly income from all sources to determine if you have enough to cover monthly mortgage payments. This total includes salary and bonuses and dividend and interest income.

As a general rule, avoid purchasing property if the monthly mortgage payment, insurance, and property taxes exceed one-third of your monthly income. Banks are more receptive to home loans with monthly payments within that range.

  • Assets

Although conventional home loans only require a 5% downpayment, homebuyers who make a 20% down payment have a better chance of obtaining a loan. And if you can put in more, all the better!

The days of low-cost down payments are over. Banks want you to have a significant amount of equity from the start, and 20% is typically the minimum required to demonstrate that you are a serious, capable buyer. Additionally, it would be best to educate yourself on what escrow is and how it affects your down payment.

That is not to say, however, that you will not be approved for a loan if you are unable to make a 20% down payment—you may still be approved, but keep in mind that lenders are much more averse to risk these days than they were in the past.

Government-insured programs allow you to make a smaller down payment if you cannot make a 20% down payment. You may qualify for a Federal Housing Administration (FHA) loan with a down payment of as little as 3.5% or a VA loan if you are eligible.

  • Current Loans And Open Accounts

Are you saddled with long-term, recurring debts such as car payments and student loans? Lenders will consider whether these payments will impair your ability to repay a mortgage.

Having these loans is not always bad—especially if you have a track record of making on-time payments—but banks want to know how much of your income goes into paying these debts. If you do not have enough money left over each month after making those payments, it may affect your creditworthiness.

Getting Approved For a Home Loan

Approaching a bank or mortgage lender for a home loan requires forethought. A favorable credit history, sufficient income to cover monthly payments, and a sizable down payment will work in your favor.

Financial institutions want to minimize the risk associated with each new borrower. Having control of your finances eliminates much trouble—not just for the lenders but for you.

Mortgage Lender In Odessa, Texas

While searching for a mortgage in Odessa, TX, you’re likely to come across several online and offline lenders, each with its own advantages and disadvantages.

Capital Home Mortgage has something for everyone — from first-time homeowners to seasoned investors. A full-service mortgage lender, we offer a variety of products and services; we offer a variety of mortgage products, including FHA, VA, USDA, conventional conforming, jumbo, and non-qualified mortgage loans.

Best Home Loans in Odessa, Texas

Capital Home Mortgage is a direct Odessa Mortgage Lender, which means we manage the loan process from start to finish. Our in-house processing and underwriting enable us to provide timely approvals and closings.

We take pride in our capacity to offer our clients competitive rates, reasonable fees, and a stress-free home-buying experience because of our streamlined workflow process. 

If you want to buy a new home in Odessa, we’d be happy to assist you in evaluating your loan options and selecting the most suitable one. 

Thank you again for your interest in our services, and we look forward to providing you next Odessa mortgage loan.

Why Odessa is Choosing Capital Home Mortgage
Close On Time with True Approval

Control of the Loan from the Application to Funding.

Great Odessa Rates

Direct Mortgage Lender Providing Competitive Rates and Low Fees.

Odessa Customer Service

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

Odessa 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

Odessa Mortgage Loans

Odessa Home Purchase

Buying a Odessa Home?

  • Primary, 2nd, Investment
  • Low Rates & Low Fees
  • Conventional, FHA, VA, USDA
  • Jumbo, Reno, Manufactured

Odessa Renovation Home Loans

Odessa Rehab Loans

  • Remodel, Renovate, Repair
  • FHA 203K Streamline or Full
  • Fannie Mae Homestyle Reno
  • Freddie Mac Choice Reno

Odessa FHA Home Loans

1st Time Odessa Homebuyers

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

Odessa VA Home Loans

100% Loans for Odessa Veterans

  • Simply Qualifying
  • No Down Payments 
  • Lower Credit Scores Allowed
  • Manual Underwriting Allowed

Odessa Conventional Home Loans

Flexibility for Odessa Buyers

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

Odessa Jumbo Home Loans

Great Odessa Rates

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

Odessa USDA Home Loans

Odessa Rural Properties

  • Rural Properties Only
  • Primary Residence Only
  • New Manufactured Homes
  • Closing Costs Can Be Rolled In

Odessa Native American Loans

Odessa HUD 184 Loans

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

Odessa Manufactured Home Loans

Odessa Mobile Homes

  • Purchase or Refinance
  • New Home Purchase
  • OTC Combo Land & Home
  • FHA, VA, USDA, & HUD 184

Odessa Reverse Mortgages

Your Odessa Home at Work!

  • Primary Residence Only
  • Simple Qualifying
  • Credit Scores Not Applicable
  • Minimum Age 62

Odessa Mortgage Refinance

Odessa Cash-Out or Rate and Term

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

Odessa Non Qualified Mortgage

Making Odessa Mortgages Possible

  • Purchase, Refi & Cash-out
  • Primary, 2nd & Investment
  • Full Doc & Alt Doc Programs
  • Corporations OK

Odessa Mortgage Team

Conor Hayhurst

NMLS 743506

Damon Embler

Sr Loan Officer
NMLS 882260

chris erwin

Sr Loan Officer
NMLS 914064

Dale Gremillion

NMLS 210325

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