Conventional Loans in San Antonio, TX
Looking for a conventional loan near San Antonio, TX? Harris Capital Mortgage Group is a licensed mortgage lender serving San Antonio and surrounding areas. Get a free estimate — no hard credit check. NMLS# 1918223.
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Conventional Loan Near San Antonio, TX
Texas has no state income tax, which can increase your buying power. Property taxes vary significantly by county — your loan officer will factor in local rates when building your estimate.
Harris Capital Mortgage Group (NMLS# 1918223) is a licensed mortgage lender near San Antonio, TX serving buyers throughout the TX market. Whether you're searching for a conventional loan near San Antonio or anywhere in TX, our loan officers know the local market and will guide you through every step of the process.
San Antonio Market Snapshot
Areas within San Antonio we commonly serve
Estimates are for informational purposes only and are not a loan approval or commitment to lend. Rates and terms subject to credit approval and change without notice.
Frequently Asked Questions: Conventional Loan in San Antonio, TX
What credit score do I need for a conventional loan in San Antonio, TX?
Most conventional loan programs in San Antonio, TX require a minimum credit score of 620. Higher scores — 740 and above — unlock significantly better interest rates and eliminate mortgage insurance costs at lower down payment levels. HCMG's loan officers will show you side-by-side rate comparisons based on your specific score so you can make an informed decision.
How much should I put down on a conventional loan in San Antonio to avoid PMI?
A 20% down payment eliminates private mortgage insurance (PMI) on a conventional loan. In San Antonio where the median home price is higher, that can be a significant hurdle. Programs like Fannie Mae HomeReady and Freddie Mac Home Possible allow as little as 3% down for qualifying buyers — though PMI will apply until you reach 20% equity. Your Harris Capital loan officer will calculate the exact PMI cost and break-even point for your price range.
What is the conforming loan limit for a conventional loan in TX in 2024?
The 2024 conforming loan limit in most TX counties is $766,550 for a single-family home. In high-cost areas, the limit can be higher. Loans below this limit are "conforming" and typically have lower rates than jumbo loans. If your target home price in San Antonio exceeds this limit, ask your HCMG loan officer about jumbo loan options — rates have become more competitive in recent years.
Conventional Loan, Common Questions
What is the minimum down payment for a conventional loan?
Conventional loans can start as low as 3% down for qualifying first-time buyers. 20% down eliminates the need for private mortgage insurance (PMI).
What credit score is needed for conventional?
Most conventional programs require a minimum score of 620. Better scores typically unlock better rates. Your loan officer will identify the optimal program for your profile.
What is PMI and when does it end?
PMI (private mortgage insurance) is required when your down payment is under 20%. It can be removed once your equity reaches 20% of the original home value.