Capital Home Mortgage Odessa

Odessa Renovation Home Loans

Odessa Renovation Mortgage Lender

Odessa Home Renovation Loans

Have you researched the Odessa real estate market and found that a fixer-upper is your most cost-effective choice? You might be worried about the cost of home repairs and improvements and how to pay for them. The good news is that help is always available in conventional rehab loans and government-backed rehab loans. 

What is a Conventional Rehab Loan?

You can finance the cost of buying and fixing the property with a conventional rehab loan. This eliminates the need to obtain a second mortgage or pay out of pocket for expensive home improvement projects. Banks and private lenders fund conventional rehab loans. You can use the loan’s proceeds for both aesthetic and structural improvements. 

You may qualify for one of the conventional rehab loans below if you meet these criteria: 

  • Good or excellent credit 
  • Have a 5% down payment
  • Acceptable debt-to-income ratio

     1. Fannie Mae Homestyle

With the Fannie Mae HomeStyle® Renovation loan, qualified borrowers can buy or refinance a home and use the money from the loan to pay for repairs or improvements. HomeStyle® loans are available to first-time buyers with a 3% down payment.

      PROS

  • Fixed-rate and variable-rate options are available.
  • You can combine this loan with other Fannie Mae products, such as HomePath or RefiNow.  

      CONS

  • This loan won’t pay for a complete teardown or a new foundation.
  • You must submit additional documentation, such as a work proposal, standard renovation loan agreement, and consumer renovation information. 
  • All work must be completed within one year of the closing date. 

     2. Freddie Mac CHOICERenovation 

Freddie Mac’s CHOICERenovation® loan is a low-down-payment conventional loan program that allows you to finance both the purchase of a home and the cost of improvements. You can use the loan to finance single-family and multi-unit dwellings, second homes, and investment properties.

     PROS

  • It’s possible to get a loan with a 3.5% down payment and a credit score as low as 620. 
  • The loan is not limited to single-family dwellings. It is suitable for rental properties, second homes, and multi-unit properties.

     CONS

  • Properties that banks own might need more approvals.
  • You cannot be related to or in business with anyone involved in the loan transaction, whether the builder, developer or seller. 

What is a Government-Backed Rehab Loan?

These loans are different from conventional rehab loans because they are backed by the government, specifically the Federal Housing Administration (FHA). With 203(k) renovation loans, you can access funds to buy a home and fix it up. While the FHA doesn’t provide buyers with the funds, it does insure the loan through approved lenders, such as Capital Home Mortgage. 

The FHA 203(k) has two subtypes: 

     1. Limited 203(k)

This is ideal for non-structural repairs, such as flooring, appliances, plumbing, and electrical work, as well as kitchen and bathroom renovations. The maximum amount for a limited 203(k) loan is capped at $35,000 for most areas in the country.

     2. Standard 203(k)

This loan is designed for more extensive repairs to the property, including structural and cosmetic improvements. It has higher loan limits than the Limited 203(k) loan.

      PROS

  • Fixer-uppers have a high return on investment (ROI) due to increased value from upgrades and repairs, which means you could profit in the long run.
  • You have the freedom to renovate/improve the home as you see fit.
  • FHA 203(k) loans have less stringent requirements regarding credit histories and scores, loan limits, and debt-to-income ratios (DTI). 
  • 203(k) loans have significantly smaller down payments than conventional loans, with just 3.5 percent of the selling price down at closing.

     CONS

  • There’s a limit on the number of units in the home you purchase.
  • 203(k) mortgages allow the purchase of multi-family properties with a maximum of four units.
  • All necessary work and upgrades must be specified in detail before approval.
  • It is not suitable for borrowers looking for a turnkey home. 

Qualify for an Odessa Rehab Loan Today!

Working with a trusted lender like Capital Home Mortgage is essential when looking for the best rehab loan. We offer a wide range of mortgage products, including conventional and government-backed renovation loans. 

Since we are a Texas-based direct mortgage lender, we handle everything ourselves, from the initial application to the closing. Rehab loans can be complicated, but our experts are here to help you figure out your options and choose the best option. 

Contact one of our home renovation professionals at (800) 850-4255 to learn more about our rehab loans in Odessa.

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

Odessa Fannie Mae HomeStyle RenovatioN Loan

Fannie Mae Homestyle Reno is a program that allows a homeowner multiple renovations options… from a simple luxury addition, to small cosmetic updates to a full rehabilitations.

  • 95% LTV Primary Residence
  • 97% LTV 1st Time Buyer Single Family
  • 85% LTV on 1 Unit Investment
  • 90% LTV on Second Home
  • Purchase & Refinance
  • As Completed Values
  • Maximum Loan Amount – $766,550
  • High Balance (Varies By County)

Odessa Freddie Mac Choice Mortgage Loans

Freddie Mac Choice Reno is a great alternative to a new home purchase.  It allows for a buyer to renovate a home as part of purchase or refinance bringing it back to life. Making your dream home come true might just be updating that older home.

  • 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)

Odessa FHA 203K Renovation 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 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 Texas renovation Mortgage Team

ron ireland

branch manager
NMLS 328363

Doug Harris

Loan Officer
NMLS 2152628

Matt Williams

Sr Loan Officer
NMLS 1945867

chris erwin

Client Relationship Manager
NMLS 914064

Odessa Mortgage Company Reviews

Texas Cities

Houston Home Loans

San Antonio Home Loans

Dallas Home Loans

Austin Home Loans

Fort Worth Home Loans

El Paso Home Loans

Corpus Christi Home Loans

Laredo Home Loans

Lubbock Home Loans

Amarillo Home Loans

Brownsville Home Loans

Killeen Home Loans

Midland Home Loans

Waco Home Loans

Odessa Home Loans

Abilene Home Loans

College Station Home Loans

Beaumont Home Loans

Wichita Falls Home Loans

San Angelo Home Loans

San Marcos Home Loans

Galveston Home Loans

Tyler Home Loans

Mcallen Home Loans

Stephenville Home Loans

Texarkana Home Loans

Round Rock Home Loans

Accessibility Toolbar