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Conventional Loans

What is a conventional loan? A conventional loan is any mortgage loan that it not guaranteed or insured by a governmental agency such as the Federal Housing Administration (FHA) or Veterans Administration (VA). One of the benefits of a conventional loan is that they typically offer lower interest rates than FHA or VA loans and offer the opportunity to avoid mortgage insurance  or keep mortgage insurance premiums lower than typical FHA premiums based on your credit profile.

 

Types of Conventional Loans

At Santander Bank, we offer two types of conventional loans:

  • Fixed Rate Mortgages
  • Adjustable Rate Mortgages (ARMs)

Here are some of the advantages of both:

 

Conventional Loan Requirements

When determining if a conventional loan is right for you, we take a look at the following information:

  • Your income and monthly expenses.
  • Your credit history.
  • Your overall financial behavior.

 

Conventional Loan Down Payment

In order to qualify for a conventional loan, you must invest a cash down payment of at least 5% of the sales price.

For example, if the sale price of your dream home is $150,000, you must invest a minimum down payment of $7,500. To avoid mortgage insurance, a minimum cash down payment of 20% of the sales price is required.

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