Capital Home Mortgage San Angelo
San Angelo FHA Home Loans
San Angelo FHA Mortgage Lender
Welcome to Capital Home Mortgage San Angelo. Are you wondering about San Angelo FHA Home Loans and if an FHA loan is right for you? We can help you understand the advantages of a San Angelo FHA Home Mortgage and if it is the right loan for you. Capital Home Mortgage is a direct San Angelo FHA mortgage lender offering great mortgage rates with low fees. Meaning Capital Home Mortgage San Angelo has FHA direct endorsement authority to underwrite and approve your loan allowing complete control of the loan process and loan approval providing a streamline decision making the experience quick and stress-free.
Ready to get started? Call now and one of our mortgage professionals will answer your questions and walk you through the pre-approval. Thank you for allowing us the opportunity to provide your home financing needs.
Why San Angelo is Choosing Capital Home Mortgage...
Close On Time with True Approval
Control of the Loan from the Application to Funding.
Great San Angelo Rates / Low Fees
Direct Mortgage Lender Providing Competitive Rates and Low Fees.
San Angelo Customer Service
7 Day a Week Support from Application to Final Mortgage Payment.
San Angelo Mortgage Rates
Capital Home Mortgage San Angelo is dedicated to offering Great San Angelo Mortgage Rates.
Call now to speak with a Loan Officer or request a no obligation custom rate quote.
San Angelo FHA Purchase Loan
- Simple Qualifying
- Small Down Payment
- Seller Paid Closing Costs to 6%
- Flexible Underwriting
- Higher Debt to Income Ratios Allowed
- Lower Credit Scores Allowed
- 580 with 3.5% Down Payment
- 500 with 10% Down Payment
- Manufactured Housing OK (Subject to Restrictions)
San Angelo FHA Refinance Loan
- Streamline – Rate and Term Only
- No Appraisal
- No Income Verification
- Full Documentation
- Rate and Term
- Closing Costs Can be Rolled In
- Lower Credit Scores Allowed
- 580 with 3.5% Down Payment
- 500 with 10% Down Payment
- Manufactured Housing OK (Subject to Restrictions)
San Angelo FHA 203K Loan
FHA offers a rehabilitation loan that can be used either with a purchase of a new home or as part of a refinance. The FHA 203K Home loan is offered to allow homeowners to purchase less than perfect homes or to bring the current home up to date with improvements.
Purchase and Refinance
On Purchases, Max Loan is lesser of:
- Adjusted As-is Value plus allowable financeable rehabilitation cost plus fees/reserves; or 110% of After-Improved Value (100% for condominiums)
On Refinances, Max Loan is lesser of:
- Existing Debt plus financeable Rehabilitation Cost plus Prepaid and Closing Cost; or 97.75% multiplied by lesser of: As-is value plus rehabilitation cost; • 110% of After-Improved Value (100% for condominiums)
Eligible Properties
(Owner-Occupied Only):
- PUDs (Planned Unit Developments)
- 1 to 4 Units
- Doublewide Manufactured Home
- Condominium (in FHA Approved Projects)
Mixed Use Properties Allowed:
- A minimum of 51% of the entire building’s square footage must be used for residential use.
FHA 203K Full Rehab
- Full 203K – allows improvements to exceed the 35K cap on renovations. The improvements are not limited cosmetic, but can be include major structural including an addition. This can be combined with a purchase or with a fully documented refinance.
FHA 203K Streamline Rehab
- Streamline 203K – allows for up to 35K of improvements to be financed into the loan. This can be combined with a purchase or with a fully documented refinance. The improvements are typically cosmetic, but can be limited structural as long as the improvements are not for an addition.
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What is a FHA Mortgage Loan?
FHA stands for “Federal Housing Administration” which is part of HUD ”Housing and Urban Development”.Established in 1934 and prompted by the great depression FHA had one goal: to make homeownership affordable. A great step in our nation’s history as the majority of Americans were renters, not having large down payments that traditional banks required.It is important to understand that FHA doesn’t lend money. FHA instead provides lenders a guarantee that covers the lenders from loss in the event of a foreclosure. It simple terms FHA insures the portion of the loan that a buyer would have would normally had to put down to qualify for a traditional loan, allowing for small down payments to purchase. All FHA loans require mortgage insurance. The mortgage insurance comes in an upfront fee, which can be financed into the loan and a monthly fee made through the mortgage payment. These installments from the payments support the guarantee fund and makes FHA loans possible. This fee is fixed for the term of the loan and is the same regardless of credit.
