Question 1

What's the monthly payment on a $750,000 conforming loan in Santee?

Accepted Answer

At 5.875% with 0.195 discount points ($1,462 upfront), the P&I payment is $4,437 on a $750,000 loan. That's based on a $937,500 purchase, 20% down, 740 FICO, 30-day lock as of April 15, 2026.

Question 2

Do I need 20% down to avoid PMI on a conforming loan?

Accepted Answer

Yes. At 20% down (80% LTV), there is no PMI and no rate penalty. Below 20% down, PMI applies and typically costs 0.5–1.5% of the loan annually. PMI cancels at 78% LTV automatically.

Question 3

What credit score do I need for a conforming loan in Santee?

Accepted Answer

The minimum is 620 FICO, but 740+ gets you the best rates. At 740, you qualify for the 5.875% rate shown here. Scores below 700 face rate bumps of 0.25–0.5%.

Question 4

How long does it take to close a conforming loan in Santee?

Accepted Answer

Conforming loans typically close in 30–45 days with a clean file. Appraisals are standard (not waived), and documentation follows Fannie Mae rules. No jumbo overlays means faster underwriting.

Question 5

Can I put down less than 20% and still get a conforming loan?

Accepted Answer

Yes. Conforming loans accept 5% down, but you'll pay PMI. At 10% down, PMI is lower than at 5%, and you save on the down payment. Run the math: PMI cost vs. extra cash at closing.

Conforming 30-year fixed mortgages in Santee: 5.875% on $750K loans