Conventional loans in Colorado
The standard mortgage for buyers with steady income and solid credit. It works for primary homes, second homes and investment properties, and the mortgage insurance goes away once you have enough equity.
A short call. No obligation,
no paperwork to start.
Max Henry · Senior Loan Officer · NMLS #2186109
- Down payment
- From 3% for eligible buyers
- Mortgage insurance
- None with 20% down
- Credit score
- Usually 620 or higher
- Use
- Primary, second home or investment
Who it is for
- Buyers with solid credit and documented income
- Buyers putting down 5% to 20% or more
- Buyers of second homes and rental properties
- Homeowners who want mortgage insurance they can remove later
What it takes
- Down payment
- From 3% down for eligible first-time buyers, and 5% or more in most other cases. Second homes and investment properties need more.
- Credit score
- Most lenders look for 620 or higher. A higher score gets better pricing.
- Mortgage insurance
- Required when you put down less than 20%. Unlike FHA, it can be removed once you reach enough equity.
- Loan limits
- Conventional loans up to the conforming limit, which the Federal Housing Finance Agency sets each year. Above it, you need a jumbo loan.
General guidelines. Lenders set their own requirements, and Max confirms what applies to you.
Estimate the down payment and the monthly payment
Set the price and how much you would put down. Type in an interest rate to see the monthly principal and interest. Max gives you today’s rate for your situation on the call.
- Down payment 3.5%: FHA, with a 580+ credit score
- $15,750
- Loan amount
- $434,250
Add a rateEnter an interest rate to see the monthly principal and interest.
An estimate for planning, not a quote or a loan offer. It leaves out property taxes, homeowners insurance, mortgage insurance and association dues, which add to the payment.
On the call with Max
Conventional pricing depends heavily on your credit score and down payment, and it varies from lender to lender.
Tell Max what you want to do. You get a straight answer on what is possible and the exact documents he needs. Quotes from different lenders side by side: rate, payment, mortgage insurance and cash to close. Then a pre-approval you can shop with.
Conventional loan questions
- Do I need 20% down for a conventional loan?
- No. Eligible first-time buyers can put down as little as 3%, and many buyers put down 5% to 15%. With less than 20% down you pay mortgage insurance until you build enough equity.
- How do I get rid of mortgage insurance?
- On a conventional loan you can ask to remove it once your loan balance reaches 80% of the home’s original value, and it ends automatically at 78% if your payments are current.
- Can I buy a rental property with a conventional loan?
- Yes, with a larger down payment. Investors who would rather qualify on the property’s rent can look at a DSCR loan instead.
- Conventional or FHA?
- With strong credit, conventional usually costs less. With a lower score or a small down payment, FHA can win. Max runs both.
Talk through your loan today
One call tells you which loan fits, what it takes and what comes next.