Capital Home Mortgage San Antonio
San Antonio Conventional Home Loans
San Antonio Conventional Mortgage Lender
San Antonio Conventional Home Loans
Getting your dream house is one of life’s most significant achievements. Make it happen with a conventional home loan from Capital Home Mortgage. We go above and beyond to provide a pleasant home-buying experience, especially since it is such an important milestone.
Capital Home Mortgage offers conventional home loans and other types of loans to fit any home buyer’s needs and budget. Our home loan experts can walk you through your options based on your requirements and situation.
What is a Conventional Loan?
Any home loan not provided or guaranteed by a government agency is referred to as a conventional mortgage or conventional loan. Private lenders offer conventional mortgages, including banks, credit unions, and mortgage firms.
Conventional Loan Requirements
A conventional home loan is a mortgage product that doesn’t have government backing. Since they do not have government backing, conventional loans have stricter requirements.
Credit Score Requirements
Your credit score can save you a lot of time before applying for a home loan. As a potential borrower, your credit score must be at least 620 to qualify for a conventional loan. However, having that score doesn’t guarantee you will be approved. If your credit score is below 620, checking out FHA loans is probably best, and non-qualified mortgages are probably best.
Income and Employment
Lenders are particular about the borrower’s ability to pay the conventional mortgage because it doesn’t have a guarantee from the government. You must be able to present the essential documents, such as:
- Thirty days’ worth of pay stubs;
- Previous two years of W-2 statements;
- Last two months’ bank statements and all other assets, including retirement accounts, etc.
The lender may ask for additional documentation to properly assess your loan and give you a prequalification or preapproval.
The ideal down payment for a conventional loan is 20% to skip private mortgage insurance (PMI). PMI can make your monthly amortizations a bit more expensive. Hence, if you can cash out a bit more to reach the 20% mark, you can save more money in the future.
However, the down payment can go as low as 3% if you have stellar credit scores and a good history of honoring debts. Otherwise, a typical down payment requirement for a conventional loan is 5% of the purchase price.
Conforming Loan Limits
The baseline limit for the low-cost area for 2022 is $647,200, while $970,800 for high-cost areas. These limits apply to a single-family home. Reach out to our experts to know the limits for larger homes in the San Antonio area.
Get a Conventional Home Loan in San Antonio
You’re one step away from your dream home. Contact our mortgage experts to discuss your Conventional home loan in San Antonio today. Call (210) 634-1255 to get started with a no-obligation quote.
Why San Antonio is Choosing Capital Home Mortgage...
Close On Time with True Approval
Control of the Loan from the Application to Funding.
Great San Antonio Rates / Low Fees
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7 Day a Week Support from Application to Final Mortgage Payment.
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Benefits of San Antonio Conventional Home Loans
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 and Fannie Mae Insured
- Primary, Second or Investment Property
- Single and Multi Family, Condo’s & Manufactured Homes
- Mortgage Insurance Options
- Lower Rates and Better Terms
- 97% Loan to Value – Conforming – 647,250 Max Loan
- 95% Loan to Value – High Balance
- Primary Residence
- Single Family – 95% ( 97% First Time Buyer )
- Duplex – 85%
- Tri / 4 Plex – 80%
- Second Home
- Single Family – 90%
- Duplex – N/A
- Tri / 4 Plex – N/A
- Investment Property
- Single Family – 85%
- Duplex – 75%
- Tri / 4 Plex – 75%