Capital Home Mortgage Odessa

Odessa Conventional Home Loans

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 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 Conventional Purchase Loans

Conventional Purchase Mortgage Lender
  • Freddie Mac or Fannie Mae Insured
  • Primary, 2nd or Investment Homes
  • Single and Multi Family
  • Condo’s and Manufactured Homes
  • MAXIMUM LOAN AMOUNT – $766,550

Odessa Conventional Refinance Loans

Conventional Refinance Mortgage Lender
  • Freddie Mac or Fannie Mae Insured
  • Primary, 2nd or Investment Homes
  • Single and Multi Family
  • Condo’s and Manufactured Homes
  • Mortgage Insurance Options
  • Lower Rates & Flexible Terms
  • Maximum Loan Amount – $766,550
  • High Balance (Varies By County)

Odessa Conventional Renovation Loans

Conventional Renovation Mortgage Loans
  • 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 – $766,550
  • High Balance (Varies By County)
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

Odessa 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

Odessa Mortgage Company Reviews

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