Capital Home Mortgage Odessa

Odessa home purchase loans

Odessa Home Purchase lender

Odessa Home Purchase Loans

The most challenging aspect of purchasing a home may be competing in today’s competitive real estate market. A close second is settling on a suitable mortgage loan.

The type of loan you choose today will affect your finances for the next 15 or more years. You need to check, study, and compare all your options to make the best decision for yourself and your family. 

Types of Home Loans for Odessa Homebuyers

Determining which type of mortgage is best can be challenging, given the wide variety available. To help you decide, we break down the top seven home loan options in Odessa, TX:

– Conventional Loans

Conventional Loans are the most common type of mortgage. They are backed by Freddie Mac or Fannie Mae but are not insured by the federal government. They usually can require anywhere between a 5% to 20% down payment, but some are offered with a 3% down payment rate to qualified applicants. Most conventional loan lenders require borrowers to have a good credit score (620 or higher) and history, among other requirements. 

– Jumbo Loans

Jumbo loans are conventional loans that go beyond the loan amount limits Fannie Mae and Freddie Mac set for each local market. For this reason, most banks and credit unions charge higher interest rates and require a larger down payment for jumbo loans. Capital Home Mortgage offers Jumbo loans in Odessa at very competitive rates and with as little as a 10% down payment.

– FHA Loans

The Federal Housing Administration, or FHA, guarantees mortgages made by FHA-approved lenders under the FHA Home Loan Program. The FHA is the world’s largest insurer of residential mortgages, insuring millions of properties since 1934. Moreover, mortgages backed by the agency are offered with lower credit and down payment requirements than most mortgages in the market. Borrowers with credit scores of at least 580 can obtain an FHA loan at a 3.5% down payment.

 – VA Loans

The VA loan is an excellent way for veterans and active military service members (or their qualified family members) to purchase their primary residence. Home loans under the VA program require zero down payment and no mortgage insurance. VA loans are originated by local lenders like Capital Home Mortgage but are backed by the Department of Veterans Affairs. 

– USDA Loans

With a USDA loan, you can buy a primary residence in qualified rural and suburban areas with no money down. The United States Department of Agriculture backs this financing under its Rural Development program. USDA home loans are only available in certain areas around the country and have income limits based on the size of the applicant’s household.

 – Renovation Loans

A home improvement or renovation loan provides homeowners access to the money needed to fix up their homes. Homebuyers can also use a renovation loan to purchase a fixer-upper and fund the repairs. If you’re looking at buying a home that needs some work, you may check out popular home renovation loan options such as the Fannie Mae HomeStyle® and the FHA 203(k) loan. 

– Manufactured Home Loans

Manufactured homes are homes “manufactured” in factories following building codes established by the United States Department of Housing and Urban Development (HUD). The houses are delivered to their location, where they are fixed on a foundation (usually permanent) temporary of the buyer’s choosing.

There are conventional and government-backed loan programs to help you finance the purchase of a manufactured home and the land it will sit on. Your options include Fannie Mae MH Advantage, Freddie Mac Manufactured Home Mortgage, FHA, VA, or USDA loans for manufactured homes.

Fixed-Rate vs. Adjustable-Rate Mortgages 

Many mortgages have a fixed interest rate. This means that the rate will not change for the duration of the loan—typically 15 or 30 years—regardless of whether interest rates rise or fall in the future. A variable or adjustable-rate mortgage (ARM) has an interest rate that fluctuates over the life of the loan based on the changes in the market’s interest rates. 

Home Loans Tailored to Your Needs

There is no such thing as the best or perfect home loan. There is only the right mortgage loan for you, determined by your individual preferences and situation.

Whatever your circumstances may be, you can rely on the loan specialists at Capital Home Mortgage to assist you in locating a home loan that meets your financial and lifestyle requirements. Whether you are a first-time homebuyer or a homeowner looking for investment homes, we have options that will work for you. Contact us today at (432) 218-4828!

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 Home Purchase Loans

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 fixed rate Mortgage Loans

All Fixed Rate Mortgage Loans are designed to have equal payments for the specified term. These loans offer predictability and are deemed to be less risky for borrowers. Fixed Rate Mortgage Loans are available with all mortgage products and are typically offered in 15 year and 30 year terms. However, Fixed Rate Mortgage Loans are also offer in 10 year, 20 year and 25 year terms although less common due to demand.

Odessa Adjustable Rate Mortgage Loans

Adjustable Rate Mortgage Loans known as ARM’s are  available with most mortgage products although limited with FHA, VA and USDA. ARM’s are great fit for homebuyers who plan to sell or refinance their home between 1 and 10 years and are looking for the lowest possible payment.  ARM’s offers lower rates during times where fixed rates are higher. An adjustable rate mortgage is fixed for a specific time then adjusts on a predetermined time period and a predetermined amount based on a financial index and a fixed margin.

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

Odessa Mortgage Company Reviews

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