Conventional Loan

The flexible home lending option

A conventional home generally has fewer underwriting requirements and limitations than FHA, VA, or USDA guaranteed loans. Conventional loans have jumbo loan options that allow financing of larger loans which may not be available under a government guaranteed loan option.

Mortgage Inquiry

Flexible

Fixed and adjustable rate options

Easy

Generally an easier process than FHA, VA or USDA guaranteed loans

Local

Loan decisions done locally to ease approval process

Fixed Rates

Fixed-rate loan options are available if you want to lock in your principal and interest payment amount for the long term

Adjustable Rates

Adjustable rate loan options may provide a lower initial rate than a fixed rate loan and may make sense if you are planning on moving or refinancing within a few years

Down Payment

Up to 80% financing without private mortgage insurance*

Gift or Grant

May allow you to use gift or grant for all or a portion of your closing costs

No Application Fees

INB does not charge for submitting a conventional loan application

Private Mortgage Insurance

Lender paid and borrower paid private mortgage insurance options available*

Loan Limits

Generally no loan limits although rates are generally higher for jumbo loans.

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*Private mortgage insurance is required on conventional loans with loan amounts greater than 80% of the home value. PMI mortgage insurance provides lenders with protection against losses against mortgage payment default. Private mortgage insurance can be paid by the lender (LPMI) or the borrower (BPMI). The total monthly payment with LPMI is often less than the total monthly payment with BPMI, but unlike BPMI, LPMI is assessed for the life of the loan. This means that you might pay more with LPMI over the life of the loan. You can request cancellation of BPMI when your loan principal balance reaches 80% of the original property value (lesser of the initial appraised value or purchase price), otherwise BPMI is automatically terminated at 78%.