Capital Home Mortgage San Antonio

San Antonio FHA Home Loans

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San Antonio FHA Mortgage Lender

San Antonio FHA Home Loan

Good credit history and sufficient down payment are essential to secure a mortgage loan. Unfortunately, not everyone can afford that. To make homeownership closer for many Americans with less than perfect credit history, the Federal Housing Administration insures mortgage loans to reduce the risks of borrowing shouldered by banks.

Capital Home Mortgage is a lending institution approved to offer FHA loans in San Antonio. Our mortgage experts can tell you more about it. In the meantime, let’s go over some essential details about FHA loans.

San Antonio FHA Loan Requirements

FHA loans can accommodate borrowers with credit scores as low as 500, provided they can pay at least a 10% down payment. If your credit score is at least 580, you can get a down payment of as little as 3.5%, depending on the lender. 

You must also submit proof of income (e.g., pay stubs, federal tax returns, bank statements, financial statements) and employment (e.g., employment verification, an offer of employment letter, etc.).

Types of FHA Loans in San Antonio

You can get FHA loans in San Antonio with the help of Capital Home Mortgage. Explore below the mortgage options you can get with us today.

  • FHA 203(b)

If you’re looking to buy a brand new home but can’t afford a conventional mortgage, the FHA 203(b) loan is suitable for you. The FHA 203(b) loan is like a conventional loan but has less stringent requirements. This is the typical FHA loan product when people talk about FHA loans.

  • FHA 203(k)

You can get the standard FHA 203(k) for major renovations or the limited FHA 203(k) for minor repairs. The standard loan has no cap, but it must be at least $5,000, while the limited loan is capped at $35,000.

  • EEMP Loans

The energy-efficient mortgage program or EEMP is a unique loan product intended for families who want to save money from utility bills through energy efficiency and conservation. This loan helps families afford installations and home modifications for improved energy efficiency.

  • FHA Section 245(a) Loans

Section 245 is also known as the graduated-payment mortgage (GPM). The GPM loan is perfect for borrowers who expect their income to increase in the future. In a GPM loan, mortgage payments, in the beginning, are low, but it gradually increases over time.

San Antonio Loan Limits

FHA loan limits depend on where you intend to buy a house. For Bexar county, the limit starts at $449,650 for a single-family home, while it can go as high as $970,800 for high-cost areas.

Apply for an FHA Loan in San Antonio

Capital Home Mortgage offers FHA loans in San Antonio as a direct mortgage lender. We handle all applications directly so that you can expect a more streamlined home loan process from start to finish. Give us a call today at (210) 634-1225 to speak with our FHA home loan specialists about your FHA home loan needs. 

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San Antonio FHA Purchase Loan

FHA Home Loans are mortgage loans for 1st time home buyers, buyers with limited credit, buyers with less than perfect credit and buyers with higher debt to income ratios.  As the goal of FHA is to make homeownership more attainable, FHA underwriting guidelines are less strict than other mortgage loan programs.  This FHA flexibility allows for easier loan qualification making the barrier to homeownership less challenging.
  • 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 Antonio FHA Refinance Loan

FHA offers a streamline refinance program 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. (Not Allowed in Texas)
  • 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 Antonio 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 Purchase Transactions, Max Loan Amount is lesser of:

  • Adjusted As-is Value plus allowable financeable rehabilitation cost plus fees/reserves; or
  • 110% of After-Improved Value
    (100% for condominiums including site-condos)

On Refinance Transactions, Max Loan Amount 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 including site-condos)

Eligible Properties

(Owner-Occupied Only):

  • PUDs (Planned Unit Developments)
  • 1 to 4 Units
  • Doublewide Manufactured Home
  • Condominium (in FHA Approved Projects) & Site-condo

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 Full 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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San Antonio Mortgage Team

Conor Hayhurst

Managing Director
NMLS 743506

Kelly Cameron

Loan Officer
NMLS 178093

Kelvin Thompson

Loan Officer
NMLS 2050042

Jonathon Cummins

Loan Officer
NMLS 270657

San Antonio Mortgage Company Reviews

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.