Capital Home Mortgage Odessa

Odessa Home Loans

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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 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

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

Odessa Home Purchase

Thinking of Buying an Odessa 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

Odessa renovation home loans

Looking to Rehab an Odessa 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

Odessa FHA Home Loans

Great for 1st Time Odessa 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

Odessa VA Home Loans

100% Financing for Odessa 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

Odessa Conventional Home Loans

Flexibility for Odessa 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

Odessa Jumbo Home Loans

Odessa 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

Odessa USDA Home Loans

100% Rural Odessa 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

Odessa Native American Home Loans

Odessa 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

Odessa Manufactured Home Loans

Great Alternative Odessa Housing

Odessa reverse mortgages

Your Odessa 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

Odessa Non QM Home Loans

Making Odessa 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

Odessa One Time Close Home Loans

Build Your Odessa 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

Odessa Refinance Mortgage Loans

Odessa 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

Odessa Cash-out Home mortgages

Odessa 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

Odessa 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

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