Start your path to home  ownership

The resources you need to build your credit and get you into your dream home, all under one roof.

Ready to buy a home but  worried about your credit?

Buying a home starts with financial readiness, and a trusted financial partner. OpenSky and Capital Bank Home Loans, divisions of Capital Bank, have been committed to helping people achieve their goals from start to finish for over 24 years. With the resources you need to get your credit homebuyer ready and mortgage experts available to tailor a loan to meet your individual needs, we will make your path to homeownership seamless.

In partnership with OpenSky’s Path to Home Ownership

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Why Capital Bank Home Loans?

Capital Bank Home Loans is a top nationwide mortgage lender that can provide several home loan options and programs:

Single point of contact with personalized service through the entire process.

No lender fees.¹No hidden fees.

FHA Home Loans² maybe easier to qualify as a first time homebuyer.

VA Home Loans³ for service men and women.

USDA Home Loans for rural homebuyers based on county and income.

Competitive mortgage rates with a 21 day close.⁴

Down payment assistance programs.⁵

Lender and seller credits applied at closing.

Cashout Refinance and HELOC options available.

Steps to get ready for  your new home purchase

If you have started your credit building journey with an OpenSky credit card, you have taken the first step!

Step 01

OpenSky reports to all three major credit bureaus. By making on time monthly payments to your OpenSky credit card, you may see an increase your credit score.

Step 02

Keeping your Debt-to-Income (DTI) ratio low is crucial when applying for a mortgage for several reasons. A low DTI demonstrates to lenders that you are financially ready to buy a home, making you a lower-risk borrower and often qualifies you for better interest rates. Lenders typically prefer a DTI below 45%, as it shows that you have enough income to cover your existing debts and manage a new mortgage payment. Lower DTI also means you'll have more disposable income, enhancing your ability to meet monthly mortgage obligations and unexpected expenses. Speak to one of our loan officers if you need help understanding your DTI.

Step 03

Getting a mortgage requires some money up front in the form of a down payment on your home. That’s typically from 3% of the purchase price to 10-20%, depending on the type of loan.

Start saving by cutting expenses and creating a budget to help you reach your goal. If money is an issue, check out loans with small down payments such as government loan programs to find options that fit your needs. Speak to one of our mortgage loan officers, they may be able to help you find a down payment assistance program that works for you.

Step 04

Your maximum monthly housing expenses should typically be no more than 28% of your gross (before taxes) monthly income and your maximum total monthly debt payments should be no more than 36% of your gross monthly income. Use these formulas to calculate each:

Maximum Monthly Housing Expense = (Gross Monthly Income) x 0.28

Maximum Total Monthly Debt Payments = (Gross Monthly Income) x 0.36

Once you have calculated these amounts, you can subtract your existing monthly debt payments from the “Maximum Total Monthly Debt Payments” to find the maximum amount you can put towards your housing expenses.

Speak to one of our loan officers about determining how much house you can afford.

Step 05

Limiting large purchases before applying for a mortgage is a wise financial strategy. Large purchases can potentially increase your DTI (Debt-To-Income) and lower your credit score, both of which are assessed by your lender could impact your ability to qualify for a mortgage or secure a favorable interest rate. It’s advised to postpone major expenses until after your mortgage is approved to ensure a smoother and more affordable home-buying process.

Speak to one of our loan officers if you have any questions or concerns regarding a potential large purchase.

Step 06

Putting together a budget, including your current income and assets will help your mortgage lender determine your net worth, as well as the type of mortgage you qualify for and the interest rate you receive. Your assets are important to include as they will help your lender determine how you would make your payments if you were to lose your job. Assets that may be included:

Cash and Cash Equivalent Assets: Cash you have on hand, money in your savings or checking accounts, or any money that you have in accounts that could be pulled out as cash.

Physical Assets: Anything tangible that you own that’s valuable (properties, homes, cars, boats, RVs, jewelry, art, etc.).

Nonphysical Assets: Pensions, 401(k)s, IRAs, bonds, stocks.

Equity Assets: Retirement accounts, stocks, mutual funds.

Fixed-Income Assets: Government bonds and some securities.

You can speak with one of our lenders to learn more about what assets may qualify.

Ready to take the next step?

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