Although most of the mortgages we originate are in Austin and surrounding areas, Capstar can finance a new home purchase or refinance an existing mortgage anywhere in Texas. We offer a wide array of loan programs to fit the needs of most borrowers, and our clients tell us our interest rates and loan fees are hard to beat.
Conventional Conforming Loans
Conventional Conforming loans are a good choice for those who meet the following criteria:
- have at least 3% to invest for the down payment
- can invest 20% for the down payment (removes the PMI requirement)
- have a minimum credit score of 620
The current maximum loan amount for Conventional Conforming Loans is $453,100.00.
FHA loans are insured by the U.S. Dept. of HUD and are an excellent choice for borrowers because:
- the required down payment is only 3.5% of the sales price;
- a relative may contribute some or all of the funds for down payment or closing costs;
- have a minimum credit score of 620;
- more lenient credit and debt ratios
The current maximum loan amount for an FHA loan in the Greater Austin area is $384,100.00.
Designed for those who serve, VA home loans provide low-cost financing for veterans of the U.S. armed forces. They are guaranteed by the U.S. Veterans Department and
- do not require a down payment (though closing costs and pre-paid expenses are required)
- veterans with a 10% or greater service-related disability are exempt from a funding fee
The current maximum loan amount is $453,100.00, with zero down, full eligibility. Higher loan amounts are allowed but will require a down payment.
VA Home Loan Eligibility
To be eligible for a VA Loan, applicants need at least one of the following:
- 181 days of Peacetime Active Duty Service
- 91 days of Wartime Active Duty Service
- six years of Reserves or National Guard Service
- to be the surviving spouse of a service member killed in the line-of-duty
Programs for Texas Veterans
Capstar also offers home loans exclusively for eligible Texas veterans thru the Texas Veterans Land Board’s Veterans Housing Assistance Program found here: http://www.glo.texas.gov/vlb/loans/home-loans/index.html
Conventional Non-Conforming (Jumbo) Loans
Any loan amount greater than $453,100.00 is non-conforming, as it surpasses the limits established by Fannie Mae and Freddie Mac. Additionally, underwriting guidelines may be more stringent than conforming loans.
Down Payment Assistance Programs
We offer a variety of mortgage assistance programs, including those designed for first-time home-buyers, as well as down payment assistance, grant money, and bond programs.
Capstar is pleased to offer the following bond programs:
- Texas State Affordable Housing Corporation (TSAHC)
- Texas Department of Housing and Community Affairs
- Texas Mortgage Credit Certificate Program
- Travis County Hill Country Home Down Payment Assistance Program
- Southeast Texas Housing Finance Corp (SETH)