Capital Home Mortgage Waco

Waco Conventional Home Loans

Waco Conventional Mortgage Lender

Waco Conventional Home Loans

A conventional mortgage loan is your best bet if you want to save the most money on your home loan. But before you start looking for a conventional mortgage lender in Waco, you must understand how the loan works and what it entails, as well as the different types of conventional home loan products available to you. 

What is a Conventional Loan?

Conventional loans are mortgages that are not backed by government agencies such as the Federal Housing Administration (FHA) or the Department of Veterans Affairs (VA). Homebuyers eligible for conventional loans should strongly consider this type of loan, as it will likely offer less expensive borrowing options.

Conventional loans are offered, backed, and serviced by private mortgage lenders like banks, credit unions, and other financial institutions. They are classified into conforming or non-conforming loans, depending on whether or not they follow the rules set by Fannie Mae and Freddie Mac – government-sponsored enterprises that own a lot of mortgages in the U.S.

The Benefits of a Conventional Loan

There isn’t one perfect mortgage loan for everyone, so it’s essential to know the pros and cons of the loan options available to you before making a decision.

Conventional loans account for more than 78.5% of new home sales in the United States today. These are the top three reasons why:

  • Lower mortgage costs 

A high credit score can qualify you for a conventional loan with great rates and low fees. And once your loan-to-value ratio reaches 80%, you can ask to remove the insurance requirement. If you pay 20% of the home’s purchase price upfront, however, you won’t have to pay mortgage insurance. 

In contrast, the mortgage insurance premium for an FHA loan and the guarantee fee for a USDA loan can stay the same over the life of the loan.

  • Higher loan limits 

Conforming loans have limits, but you can always go for a jumbo loan if you want to purchase a home that exceeds the conforming loan limits in your area. Government-guaranteed loans won’t afford you that kind of leeway.

  • More flexibility 

Conventional loans offer more wiggle room than government-insured loans because they don’t have to adhere to the guidelines set by the government. Moreover, while government-guaranteed loans are only for purchasing primary homes, conventional loans can finance single-family and multi-family homes, second homes, and investment properties. 

The Downsides of a Conventional Loan

There are advantages to getting a conventional loan over a government-backed loan, but there are also some drawbacks to think about:

  • Higher credit score requirements 

A conforming conventional loan usually requires a credit score of at least 620, which is higher than most government-backed loans. You can qualify for an FHA loan with a credit score of 500.

  • Higher down payment requirements 

Some conventional loan programs let first-time homebuyers put down as little as 3% or even nothing but expect to pay 5% after that. On the other hand, FHA loans need a minimum down payment of 3.5%, while USDA and VA loans don’t need any down payment.

  • More stringent qualification process 

Government-insured mortgage loans pose less risk to lenders. You may find it easier to qualify for one if you meet all requirements. Private lenders take the brunt of the blow if a borrower defaults on a conventional loan. Because of the higher risk involved, the origination process may involve a more cautious examination of your financial situation.

Get Pre-approved for Waco Conventional Loan Today!

Borrowers with stellar credit and a down payment of 10% or more should strongly consider getting a conventional loan. You can expect lower interest rates and more advantages with a high credit score. If your credit is barely good, you may want to look into other mortgage products. You may find the FHA loan more favorable. 

Get pre-approved with Capital Home Mortgage today to gauge your chances of getting approved for a conventional loan in Waco!

Why Waco HomeBuyers are Choosing Capital Home Mortgage
Close On Time

Control of the Loan from Application to Funding

Great Rates & Low Fees

Direct Lender Providing Competitive Rates and Low Fees

Exceptional Customer Service

7  Day a Week Support Application to Final Mortgage Payment

Waco 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

Waco Conventional Purchase Loans

Conventional Purchase Mortgage Lender

Conventional Purchase Loans are one of the most popular types of loans and a great choice for many home buyers. Conventional mortgages can be used to purchase any type of occupancy, while FHA, USDA, VA and Native American Loans are restricted to primary residence only. Conventional mortgages are great for borrowers that have higher credit scores and typically have easier qualifying.  

  • Freddie Mac or Fannie Mae Insured
  • Primary, 2nd or Investment Homes
  • Single and Multi Family
  • Condo’s and Manufactured Homes
  • Mortgage Insurance Options
  • Lower Rates & Fleixble Terms
  • Maximum Loan Amount – $715,000
  • High Balance (Varies By County)

Waco Conventional Refinance Loans

Conventional Refinance Mortgage Lender

Conventional Refinance Loans are used for more refinances than any other type of mortgage loan.   This is due to Conventional loans allowing for all occupancy and property types and typically don’t require any mortgage insurance due to loan to value requirements. Conventional mortgages due require higher credit scores but offer better rates.  

  • Freddie Mac or Fannie Mae Insured
  • Primary, 2nd or Investment Homes
  • Single and Multi Family
  • Condo’s and Manufactured Homes
  • Mortgage Insurance Options
  • Lower Rates & Fleixble Terms
  • Maximum Loan Amount – $715,000
  • High Balance (Varies By County)

Waco Conventional Renovation Loans

Conventional Renovation Mortgage Loans

Want a new home? Don’t want to purchase a home from a builder?  Prefer the charm of an older home, or the elegance of a mature neighborhood… Or just want the perfect location close to town.  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 – $715,000
  • High Balance (Varies By County)
Texas Mortgage Programs

Texas Home Purchase

Thinking of Buying a Texas Home?

Looking to Purchase a Home? We have the loan 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

Manufactured Home Loans offer options to purchase an existing residence or build your dream home on your own land. Call today to speak to a Loan Officer.

  • Existing Purchase or Refinance
  • OTC Land/ Home Combo
  • Lock Rate Before Completion
  • FHA, VA, USDA, & Native Loans

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

Waco Texas Mortgage Team

Conor Hayhurst

Manager
NMLS 743506

Damon Embler

Sr Loan Officer
NMLS 882260

chris erwin

Sr Loan Officer
NMLS 914064

Dale Gremillion

Manager
NMLS 210325

Waco Mortgage Company Reviews

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