Conventional Loans in Colorado
Competitive rates, flexible terms, and the most widely available mortgage product on the market. Sometimes the straightforward path really is the right one.
Conventional loans are the backbone of home financing. They work for a wide range of borrowers and property types, and they often offer the best rates available for people with strong credit and stable income. While I specialize in the more complex loan types, I close plenty of conventional loans too. If your financial profile is relatively straightforward, this might be the simplest and most cost-effective way to go. I'll help you figure out if conventional is the right fit or if another product could serve you better.
How It Works
Low Down Payments
First-time buyers can put as little as 3% down. Other buyers typically need 5% for a primary residence.
Competitive Rates
Conventional loans consistently offer some of the lowest rates available, especially for borrowers with credit scores above 740.
PMI Removal
Unlike FHA loans where mortgage insurance often stays for the life of the loan, conventional PMI can be removed once you reach 20% equity.
Multiple Property Types
Works for primary residences, second homes, and investment properties. Multi-unit properties up to 4 units are eligible too.
Flexible Terms
Choose from 10, 15, 20, 25, or 30 year terms. Fixed rate and adjustable rate options are both available.
Jumbo Options
For loan amounts above conforming limits, jumbo conventional products are available with competitive terms.
Who Is This For?
Common Questions
What credit score do I need?
Most conventional programs require a minimum of 620, but you'll get much better rates and terms at 700 and above. At 740+, you're typically getting the best pricing available.
How much do I need for a down payment?
For a primary residence, as little as 3% for first-time buyers or 5% for others. Second homes typically require 10%, and investment properties need 15% to 25%.
What's the difference between conventional and FHA?
Conventional loans generally have stricter credit requirements but offer better rates and the ability to drop PMI. FHA is more flexible on credit but carries mortgage insurance for a longer period. The right choice depends on your specific numbers.
Can I use conventional for a multi-unit property?
Yes. You can buy a 2, 3, or 4 unit property with a conventional loan as long as you live in one of the units. This is a great way to offset your mortgage with rental income.
Ready to talk about your options?
Pick a time on my calendar or give me a call. No pressure, just a straight conversation about what's possible for your situation.