Capital Home Mortgage Waco

Waco USDA Home Loans

Waco USDA Mortgage Lender

Waco Rural Home Loans

The USDA home loan program was established in 1991to increase homeownership rates in rural areas. This government initiative assists low-income people in purchasing homes in rural areas, though not all of the areas it covers are necessarily rural. Qualified borrowers can use the USDA home loan to purchase, refinance, renovate and repair a home.

The USDA Home Loan

USDA home loans, also known as rural development loans, are government-insured mortgages that assist low-income rural residents who cannot qualify for a conventional mortgage. The home loan program is designed to help households living in unhealthy or unsafe rural conditions obtain homes with modern utilities and adequate space. 

Qualified borrowers can obtain a USDA loan with no down payment and may roll their closing costs into their mortgage or receive seller assistance for minimal out-of-pocket costs. Moreover, USDA mortgages usually have low fixed interest rates.

Two Types of USDA Loans

The United States Department of Agriculture (USDA) offers two mortgage loan programs: Section 502 Guaranteed Loan and Section 502 Direct Loan. Both programs assist buyers with low to moderate incomes purchase homes in rural and small-town communities.

  • USDA Guaranteed Home Loans 

The USDA Guaranteed Home Loans are extended by a bank or mortgage company and are available to people with a broader range of incomes. With 90% of the loan amount guaranteed by the government, lenders are willing to provide USDA loans at a fixed rate with no down payment.

  • USDA Direct Home Loans 

The USDA issues the USDA Direct Home Loans to eligible borrowers who cannot obtain an affordable mortgage from other lenders and lack access to safe, sanitary, and decent housing. To qualify, your household income should be less than 80 percent of the area median income (AMI). Qualified borrowers must apply directly at the USDA Regional Office near them.

USDA Home Loan Requirements

To be eligible for a USDA mortgage, both the borrower and the property must meet specific requirements set by the USDA, such as: 

  • The home must be located in a USDA-qualified rural area.
  • The home must be used as a primary residence.
  • The borrower’s PITI (mortgage principal, interest, taxes, and insurance) payment should not exceed 29% of the household income.
  • The borrower’s debt and mortgage payments must not exceed 41% of the gross monthly household income.
  • The ideal credit score is 640, but borrowers can qualify with a lower score.
  • The borrower is a U.S. resident or legal non-resident alien.
  • The borrower must not be delinquent on any federal debts.

Benefits of a USDA Home Loan

Homebuyers who wish to purchase a home in USDA-qualified areas should seriously consider a USDA loan for the following reasons:

  • Designed for lower-income borrowers.
  • 100% financing with zero down payments.
  • Lower fees and competitive interest rates.
  • More lenient credit requirements than conventional mortgages.
  • Borrowers with credit issues and a history of bankruptcy/foreclosure may qualify. 

Qualify for a USDA Home Loan in Waco

Are you interested in a Waco USDA loan? Capital Home Mortgage offers guaranteed USDA loans with the best loan terms and interest rates. If you’re a first-time homebuyer, our mortgage specialists can assist you at every step, from completing your application until the loan’s closing.

You must submit your application to USDA Rural Development for USDA Direct Loans. 

Need more information about the USDA Guaranteed Loan? Call us at (254) 213-7343 or apply online to get prequalified for a USDA loan.

Why Waco 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

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 mortgage Securities
  • Property securing the mortgage
  • occupancy of the property
  • Loan to value of the property
  • Borrower’s credit worthiness

Waco 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

Waco Texas Mortgage Team

Dale Gremillion

Sr Loan Officer
NMLS #210325

Conor Hayhurst

Branch Manager
NMLS #743506

Sam Klaburner

Sr Loan Officer
NMLS #140132

Jordan Mowrey

SR Loan Officer
NMLS 210325

Waco Mortgage Company Reviews

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