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Waco FHA Home Loans

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Waco FHA Mortgage Lender

FHA Loans In Waco

 The Federal Housing Administration has insured affordable and eligibility-flexible mortgages across the country for decades. Mortgages guaranteed by the FHA have been the go-to option for first-time and repeat homebuyers when conventional loans are unavailable. It’s possible to qualify and get approved for an FHA-backed mortgage even if you were denied a conventional loan.

Top Reasons To Get an FHA Loan in Waco, TX

FHA loans are notoriously simple to qualify for and have incredibly competitive interest rates. They’re not perfect, but they are often a first-time homebuyer’s best shot at homeownership. Let’s find out why.

  • Low Credit and Income Qualifications

The Federal Housing Administration guarantees FHA loans, which is why lenders can offer FHA loan products with less demanding requirements than most mortgages. You may qualify for an FHA loan with a credit score as low as 500.

  • Low Down Payment Requirement

The FHA loan lets you buy a home with little down payment. While the amount of down payment required can vary, borrowers with a credit score of at least 580 are eligible for the 3.5% down payment rate. If you have a lower credit score, somewhere in the 500-579 range, you’ll have to make a down payment of at least 10%. 

  • Wide Range of Mortgage Products

The FHA offers numerous loan types to accommodate borrowers in virtually any circumstance. The Federal Housing Administration has insured many home loans, from standard, single-family home loans to 203k loans, for purchasing and renovating fixer-upper homes. No matter your budget or the type of home you wish to finance, there’s bound to be an FHA loan to satisfy your needs and requirements. 

  • Plenty of Assistance and Grant Programs

FHA loans also allow down payments and closing cost assistance grants to reduce the out-of-pocket expense of a new mortgage. These grants are typically made available to first-time homebuyers and cover a portion of the home’s purchase price. Sometimes, these grants are non-repayable; you will never have to pay them back.

Visit your local city Housing office to find down payment assistance programs available in your area.  

  • Easy to Refinance with FHA Streamline

If you already have an FHA mortgage, you may be able to save time and money with the FHA Streamline Refinance program. Use it to lower your monthly payment by refinancing to a lower rate or extending the term of your loan. No credit check or appraisal is needed.

  • It Can Be Used to Purchase Fixer-Upper Homes

The FHA 203(k) loan allows you to purchase or refinance a home that needs repairs, then combine the real estate renovation costs into one mortgage. With a cash-out refinance, you refinance your mortgage for more than you owe and get the difference in cash, which you can use to fund your renovation, among other things. 

Is an FHA Loan Right For You?

Whether you’re a first-time homebuyer with a small down payment, a senior looking to draw income for your home, or newlyweds looking to purchase and renovate a charming fixer-upper, there’s an FHA loan for you!

FHA loans are designed to accommodate as many different homebuyers as possible. Regardless of your circumstances, if you are interested in purchasing or refinancing a home in Waco, the home loan experts at Capital Home Mortgage can help you determine if the FHA loan is a good fit. 

Call us at (254) 213-7343 for inquiries and information about our FHA home loan products.

Why Waco is Choosing Capital Home Mortgage...

Close On Time with True Approval

Control of the Loan from the Application to Funding.

Great Waco Rates

Direct Mortgage Lender Providing Competitive Rates and Low Fees.

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7  Day a Week Support from 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 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)
FHA Purchase Home Lender
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)

Waco 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)
FHA Home Refinance Lender

FHA offers a streamline refinances 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)

FHA Standard Refinance

  • Appraisal Required
  • 97.75% Max Loan to Value
  • Closing Costs Can Be Rolled In
  • 80% Max Loan to for Cash-out
  • Cash-out Option Available
  • County Loan Limits Apply

FHA Streamline Refinance

  • FHA to FHA
  • No Income Qualification
  • No Appraisal Required
  • Closing Costs Cannot Be Rolled In
  • No Lates on Mortgage in Last Year
  • Payment Must Drop on Fixed Rates

Waco FHA 203K Loan

Not Sure? Take a Look at Other Waco Mortgage Programs

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

What is a Waco 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.