Capital Home Mortgage Odessa
Odessa FHA home loans
Odessa FHA Mortgage Lender
Odessa FHA Home Loans
Those looking to buy a home can do so through various financing options. One of the more popular choices for first-time homebuyers is the FHA loan, which made homeownership easier and more affordable for most Americans.
FHA Home Loans Overview
Since 1934, the Federal Housing Administration (FHA) has assisted American families in securing safe and affordable housing. This commitment to affordable homeownership lives on through the FHA home loan program, which plays a vital role in the nation’s economy.
Although they are called “FHA” loans, the Federal Housing Administration does not create these loans; instead, they insure them against future default. Private lenders issue FHA loans, but the government guarantees repayment in the event of default. This government backing makes it possible for lenders to extend credit to borrowers who might not qualify for a home loan under normal circumstances.
FHA Loan Eligibility Requirements
You must meet the following standards to qualify for an FHA loan in Odessa, Texas:
An FHA loan requires only a 3.5% down payment from borrowers with a credit score of 580 or higher. You can still try to get an FHA loan with a credit score as low as 500, but you’ll need to put down 10% of the purchase price.
While most lenders adhere to the FHA-mandated down payment amount of 3.5%, those with excellent credit may find a lender willing to accept as little as a 3% down payment.
Even if you’ve filed for bankruptcy before, you may still be able to get an FHA loan after the required waiting period has elapsed. In the two years following your discharge from bankruptcy under Chapter 7, you’ll be eligible to apply for and receive an FHA loan.
FHA loans don’t have income limits, but borrowers must show that they can make monthly payments based on their debt-to-income ratio. Local house prices may also affect how much money a lender is willing to offer.
Benefits and Drawbacks of the FHA Loan
FHA loans have a lot of benefits for homebuyers. They are:
- Less stringent qualification requirements.
- Pay less upfront.
- A lower credit score is needed.
- Lower interest rates.
FHA mortgages come with two types of mortgage insurance that you may be required to pay over the life of the loan. This is in contrast to conventional loans, which do not require borrowers to pay mortgage insurance if they put down 20% or more of the home’s purchase price. Nonetheless, the FHA loan may be your loan if you are looking for a mortgage accessible to first-time homebuyers, lower-income households, and individuals with less-than-perfect credit.
The Best FHA Home Loan Offers in Odessa, TX
With an FHA loan, you can get a loan no matter how good or bad your credit or the money you make. Capital Home Mortgage’s FHA loan experts can answer any questions about the program and help you decide if an FHA loan is the best option.
Call us at (432) 218-4828 to learn about FHA loans and how to get one.
Why Odessa HomeBuyers are Choosing Capital Home Mortgage
Close On Time
Control of the Loan from Application to Funding
Great Rates & Low Fees
Direct Lender Providing Competitive Rates and Low Fees
Exceptional Customer 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 the mortgage Securities
- Property securing the mortgage
- occupancy of the property
- Loan to value of the property
- Borrower’s credit worthiness
Odessa FHA Home Purchase Loans
- Simple Qualifying
- Smaller Down Payment
- Seller Paid Closing Costs
- Flexible Underwriting
- Higher Debt to Income Ratios Allowed
- Lower Credit Scores Allowed
- Manufactured Housing OK
Odessa FHA Refinance Home Loans
FHA offers a streamline refinances that simply reduces the interest rate and lowers the payment or shortens the term of the loan. This rate and term option can be fully documented loans, or can be reduced documentation. The other FHA option is a cash-out refinance allowing homeowners the ability to access the equity in the property.
FHA Standard Refinance
- Appraisal Required
- 97.75% Max Loan to Value
- Closing Costs Can Be Rolled In
- 80% Max Loan to for Cash-out
- Cash-out Option Available
- County Loan Limits Apply
FHA Streamline Refinance
- FHA to FHA
- No Income Qualification
- No Appraisal Required
- Closing Costs Cannot Be Rolled In
- No Lates on Mortgage in Last Year
- Payment Must Drop on Fixed Rates
Odessa FHA Renovation Home Loans
FHA offers both a Steamline and Full Rehabilitation Loans. This is a great option for 1st time homebuyers looking to purchase a home that needs a little TLC.
- Purchase & Refinance Options
- Primary Residences Only
- Single, Multi Family & Condo’s
- As-Is Improved Renovated Value
- 203K Streamline
- Less < 35K, Cosmetic Repairs Only
- 203K Full Rehab
- Greater > 35K, No Restrictions
Texas Mortgage Programs
Texas Home Purchase
Thinking of Buying a Texas Home?
Looking to Purchase a Home? We have the loan 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
Manufactured Home Loans offer options to purchase an existing residence or build your dream home on your own land. Call today to speak to a Loan Officer.
- Existing Purchase or Refinance
- OTC Land/ Home Combo
- Lock Rate Before Completion
- FHA, VA, USDA, & Native Loans
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