The conventional loan is one of many options for purchasing a home in Colorado.
With a conventional mortgage, you can choose between an adjustable or fixed interest rate and the suitable loan term.
What is a Conventional Loan?
This type of mortgage does not have backing from a government agency, which is what defines it as a conventional home loan.
Most borrowers use the terms “conventional mortgage” and “conforming mortgage” as if they mean the same thing.
This is not the case, as a conforming loan is one that fits within the Fannie Mae and Freddie Mac conforming loan limits.
A conventional loan can be a conforming loan, or it can be a non-conforming or “jumbo’ loan if it exceeds those limits.
Below, you can learn more about conventional conforming loans.
Discover more about Jumbo loans on our page dedicated to non-conforming mortgages. If you would like any additional information, please contact our mortgage lenders in Denver Colorado.
Do you know how much home you can afford?
Most people don’t... Find out in 10 minutes.
Today's Mortgage Rates
Can You Buy a Home in Colorado With a
Conventional Loan?
If you’re looking to buy a home in this economy, it’s important that the loan limits for your county are factored into any decision.
Here are the conforming loan limits for this county:
1 UNIT
$561,200
2 UNITS
$718,450
3 UNITS
$686,400
4 UNITS
$1,079,250
We know that buying a home can be difficult, and we want to make sure you’re not caught in the middle of any red tape. Our free consultation will guide you through all aspects if financing so there’s no surprises when closing day comes around.
We can help you get a conforming loan if that’s what your needs, or we may be able to suggest other lending products for more ideal solutions.
Are You Eligible for a Conventional Mortgage in Colorado?
Whether you are approved for a conventional loan will depend on the following factors:
- Your credit score.
- Your debt-to-income ratio.
- Your employment history.
- Your current income.
- Your ability to make a down payment.
- The home you will be purchasing.
You must get an appraisal for the home you want to buy as part of the application process for a conventional loan.
Apply for a Competitive Conventional Loan in Colorado Today
We at UpRoar Financial are glad to help you with your mortgage application in Denver or anywhere else throughout Colorado. Please give us a call today and schedule an appointment for free consultation (720) 640-7034.
Do you know how much home you can afford?
Most people don’t... Find out in 10 minutes.
Today's Mortgage Rates
