Capital Home Mortgage Odessa

Odessa USDA Home Loans

Odessa USDA Mortgage Lender

Odessa USDA Home Loans

Millions of Americans aspire to own a home. However, the inability to save enough money for a down payment or qualify for a mortgage prevents many prospective buyers from submitting a mortgage application. Fortunately, the United States Department of Agriculture (USDA) provides various loan options to low and moderate-income rural homebuyers to help them realize their dream of homeownership. 

Capital Home Mortgage offers USDA home loans at desirable rates in Odessa, Texas. Find out if you qualify for a USDA-backed mortgage by contacting us today!

The USDA Home Loan

A USDA home loan is a mortgage made or guaranteed by the Rural Housing Service agency of the United States Department of Agriculture. This program is designed to assist households with very low to moderate incomes to purchase safe, affordable homes in qualified rural and suburban areas throughout the country. 

USDA low-cost home financing is available through Section 502 Guaranteed Loan and Section 502 Direct Loan. The guaranteed loans are funded by private lenders and offered to families with low to moderate incomes. On the other hand, direct loans are for families with meager incomes. With a USDA direct loan, the USDA itself serves as the lender. Both programs provide 100% home financing to eligible borrowers.

Who is Eligible for a USDA Loan?

To qualify for a USDA loan, you must meet specific income, credit, and home-buying requirements.

You may be eligible to use a USDA home loan if:

  • The land is located in a USDA-designated area.
  • You meet the minimum credit score requirements of the lender (typically 640, but this varies by lender).
  • Your household’s total income is within 115% of the area’s median income.
  • You have a stable and consistent source of income.
  • You’re a U.S. citizen, non-citizen national, or qualified alien.

What Properties are Eligible?

USDA home loans can only be used to buy homes in rural areas designated by the USDA. But “rural” in this context doesn’t just mean farmland and houses in very remote areas. USDA loans can also be used to buy many properties in the suburbs.

The condition of the home you’re also buying matters. The USDA lists specific minimum property requirements (MPRs) to ensure that the house you buy is a good investment. Also, these MPRs help the USDA thoroughly check the property before approving it for a loan guarantee.

USDA Minimum Property Requirements

USDA loans offer numerous advantages, but not all homes are eligible. Homes financed by a USDA loan must satisfy the minimum property standards the Department of Housing and Urban Development set. 

These guidelines help ensure that borrowers get a functional, safe, and sound home to live in:

  • Direct and easy access to a road, street, or driveway
  • Equipped with proper utilities, water, and sewage disposal
  • Must have a sound structural foundation
  • Must have appropriate roofing
  • Must have functional heating, cooling, and electrical systems

USDA financing is only available for the purchase of single-family homes. You must also occupy the property as your primary residence. Properties held for investment purposes or as a second residence are not eligible.

Income Limits for USDA Loans

USDA loans are affordable for people with low to moderate incomes to buy a home. To qualify for a USDA-guaranteed loan, your household’s total income should not exceed the local USDA income limit, calculated using 115% of your area’s median household income. 

For 2022, the standard USDA loan income limit for a 1-4 member household is $103,500 and $136,600 for a 5-8 member household. USDA loan limits may increase to account for areas where housing and earnings are more expensive.

Apply for a USDA Loan in Odessa, TX, Now!

The USDA loan provides significant benefits and makes homeownership affordable to borrowers who meet requirements. Zero-down, competitive interest rates, and low monthly mortgage insurance translate to lower mortgage costs and huge savings.

At Capital Home Mortgage, we can help you put these benefits to work for you. Find out if you’re eligible for a USDA-guaranteed home loan. Call 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 the mortgage Securities
  • Property securing the mortgage
  • occupancy of the property
  • Loan to value of the property
  • Borrower’s credit worthiness

Odessa USDA Mortgage 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.

  • Guaranteed by US Depart of Agriculture
  • Rural Properties Only
  • 100% Financing
  • No Restrictions on Seller Concessions
  • Low Monthly Mortgage Insurance
  • Acreage Up to 30% of Total Value
  • FHA/USDA Certified Appraisers only
  • Guarantee Fee May be Rolled In
  • New Manufactured Home Only
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 Mortgage Team

Dale Gremillion

Manager / Sr Loan Officer
NMLS 210325

Conor Hayhurst

Manager / Sr Loan Officer
NMLS 743506

Brad Rund

Director Native American Lending
Director Manufactured Housing

Odessa Mortgage Company Reviews

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