Capital Home Mortgage Odessa

Odessa Conventional Home Loans

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Odessa Conventional Mortgage Lender

Odessa Conventional Home Loans

Borrowers have several options for financing the purchase of a new home. How good (or not-so-good) your options are, depends on factors that affect your financial health, such as income, debt, credit history, and other things. And though more home loan options are available now, the conventional loan is still the most popular mortgage product in the market. 

What is A Conventional Loan?

A conventional loan is any mortgage loan not backed by the government (i.e., FHA, VA, or USDA). The majority of conventional loans today are “conforming loans” because they adhere to the guidelines established by Fannie Mae or Freddie Mac – agencies that standardize mortgages in the United States. 

The maximum conforming loan amount for 2022 is $647,200 for most areas in the country and $970,800 for high-cost regions.

The Advantages of Getting a Conventional Loan

Conventional loans have several advantageous features that make them an excellent option for many borrowers, particularly first-time homebuyers with good credit, a down payment fund, and low default risk. These features include:

  • Lower interest rates
  • Faster loan processing
  • Multiple options for the down payment
  • Low mortgage insurance premiums
  • No PMI required for down payments of at least 20%

Qualifying for a Conventional Loan in Odessa, TX

Unlike government loans, which pay back the lender if the buyer stops making their mortgage payments, conventional loans don’t have this built-in guarantee. Because they pose a greater risk to the lender, conventional loans have stricter eligibility requirements. However, don’t let this deter you from qualifying for a conventional mortgage. A lot of homebuyers were granted a conventional home loan. You can be, too, as long as you have the following:

  • Good credit rating
  • Sufficient income and savings
  • Stable employment
  • Debt that is less than 50% of gross monthly income (including projected house payments) 

To find out whether or not you are qualified for a conventional home loan in Odessa, TX, pre-qualify with Capital Home Mortgage today!

Adjustable-Rate vs. Fixed-Rate Mortgages

The interest rate on a fixed-rate loan remains the same for the duration, typically 15 or 30 years. With a fixed-rate mortgage, you’ll always know how much money to put aside monthly for mortgage payments. Moreover, you need not worry about your payment amount increasing even if interest rates do. Fixed-rate mortgages usually have a slightly higher interest rate than adjustable-rate mortgages because they offer more security. 

An adjustable-rate mortgage is a loan that starts with a low fixed interest rate for a certain amount of time (anywhere from 1 to 10 years) and then changes periodically to reflect changes in market interest rates. When your loan adjusts, your monthly payment could either increase or decrease based on market interest rates. If the interest rates go up, so does your monthly mortgage payment, which is a gamble many people are unwilling to take.

Should You Get a Conventional Loan?

Conventional home loans can be a great option for borrowers with excellent credit, a solid financial background, and adequate down payment funds. However, failing to fulfill the following requirements might fare better with other mortgage options. Some loan programs, like the FHA loan, are designed to help first-time homebuyers save time and money during the home-buying process.

Capital Home Mortgage is a direct mortgage lender that works with borrowers at all stages of the home-buying process, from first-timers to those looking to refinance. Contact us at (432) 218-4828 if you want to know more about conventional home loans. We’ll gladly answer all your questions and help you throughout the process – from application to closing.

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 Conventional Purchase Loan

Conventional Purchase Loans are one of the most popular types of loans and a great choice for many home buyers. Conventional mortgages can be used to purchase any type of occupancy, while FHA, USDA, VA and Native American Loans are restricted to primary residence only. Conventional mortgages are great for borrowers that have higher credit scores and typically have easier qualifying.  

Conventional Mortgage Benefits

  • Freddie Mac and Fannie Mae Insured
  • Primary, Second or Investment Property
  • Single and Multi Family, Condo’s & Manufactured Homes
  • Mortgage Insurance Options
  • Lower Rates and Better Terms
  • Maximum Loan Amount – $715,000
  • Conforming High Balance – By Area

Conventional Mortgage Maximum Loan to Values

Primary Residence

  • Single Family – 95% First Time 97% 
  • Duplex – 85%
  • Tri / 4 Plex – 80%
  •  

Secondary Residence

  • Single Family – 90%
  • Duplex – N/A
  • Tri / 4 Plex – N/A
  •  

Investment Residence

  • Single Family – 85%
  • Duplex – 75%
  • Tri / 4 Plex – 75%

Home Purchase
Save Today
Have Questions?
Conventional Home Loan Benefits

Conventional Purchase Loans are one of the most popular types of loans and a great choice for many home buyers. Conventional mortgages can be used to purchase any type of occupancy, while FHA, USDA, VA and Native American Loans are restricted to primary residence only. Conventional mortgages are great for borrowers that have higher credit scores and typically have easier qualifying.  

Conventional Mortgage Benefits

  • Freddie Mac and Fannie Mae Insured
  • Primary, Second or Investment Property
  • Single and Multi Family, Condo’s & Manufactured Homes
  • Mortgage Insurance Options
  • Lower Rates and Better Terms
  • Maximum Loan Amount – $715,000
  • Conforming High Balance – By Area

Conventional Mortgage Maximum Loan to Values

Primary Residence

  • Single Family – 95% First Time 97% 
  • Duplex – 85%
  • Tri / 4 Plex – 80%
  •  

Secondary Residence

  • Single Family – 90%
  • Duplex – N/A
  • Tri / 4 Plex – N/A
  •  

Investment Residence

  • Single Family – 85%
  • Duplex – 75%
  • Tri / 4 Plex – 75%

Odessa Conventional Refinance Loan

Conventional Highlights

Conventional Refinance Loans are used for more refinances than any other type of mortgage loan.   This is due to Conventional loans allowing for all occupancy and property types and typically don’t require any mortgage insurance due to loan to value requirements. Conventional mortgages due require higher credit scores but offer better rates.  

  • Freddie Mac and Fannie Mae Insured
  • Primary, Second or Investment Property
  • Single, Multi-Family, Condo’s & Manufactured Homes
  • Rate and Term

Primary Residence

  • Single Family – 95% 
  • Duplex – 85%
  • Tri / 4 Plex – 80%

Secondary Residence

  • Single Family – 90% 
  • Duplex – N/A
  • Tri / 4 Plex – N/A

Investment Residence

  • Single Family – 85% 
  • Duplex – 75%
  • Tri / 4 Plex – 75%

Cash Out Refinance

Primary Residence

  • Single Family – 80% 
  • Duplex – 75%
  • Tri / 4 Plex – 75%

Secondary Residence

  • Single Family – 75% 
  • Duplex – N/A
  • Tri / 4 Plex – N/A

Investment Residence

  • Single Family – 75% 
  • Duplex – 70%
  • Tri / 4 Plex – 70%
Mortgage Conventional Refinance Lender

Conventional Highlights

Conventional Refinance Loans are used for more refinances than any other type of mortgage loan.   This is due to Conventional loans allowing for all occupancy and property types and typically don’t require any mortgage insurance due to loan to value requirements. Conventional mortgages due require higher credit scores but offer better rates.  

  • Freddie Mac and Fannie Mae Insured
  • Primary, Second or Investment Property
  • Single, Multi-Family, Condo’s & Manufactured Homes
  • Rate and Term

Primary Residence

  • Single Family – 95% 
  • Duplex – 85%
  • Tri / 4 Plex – 80%

Secondary Residence

  • Single Family – 90% 
  • Duplex – N/A
  • Tri / 4 Plex – N/A

Investment Residence

  • Single Family – 85% 
  • Duplex – 75%
  • Tri / 4 Plex – 75%

Cash Out Refinance

Primary Residence

  • Single Family – 80% 
  • Duplex – 75%
  • Tri / 4 Plex – 75%

Secondary Residence

  • Single Family – 75% 
  • Duplex – N/A
  • Tri / 4 Plex – N/A

Investment Residence

  • Single Family – 75% 
  • Duplex – 70%
  • Tri / 4 Plex – 70%

Odessa Conventional Renovation Loan

  • Up to 97% LTV of “As-Completed”
  • Owner-occupied 1–4 unit Primary 
  • Owner-occupied 1–4 unit Condos 
  • 85% LTV on a 1-unit Investment 
  • 90% on a 1-unit Second Home
  • Credit Scores Down to 620
  • Luxury Renovations are Eligible
Renovation Freddie Mac Choice Home Lender
  • Up to 97% LTV of “As-Completed”
  • Owner-occupied 1–4 unit Primary 
  • Owner-occupied 1–4 unit Condos 
  • 85% LTV on a 1-unit Investment 
  • 90% on a 1-unit Second Home
  • Credit Scores Down to 620
  • Luxury Renovations are Eligible
Not Sure? Take a Look at Other Odessa Mortgage Programs

Odessa Mortgage Team

Conor Hayhurst

Managing Director
NMLS 743506

Damon Embler

Sr Loan Officer
NMLS 882260

Chris Erwin

Loan Officer
NMLS 914064

Dale Gremillion

Manager
NMLS 210325

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