Conventional loans aren't backed by a government agency. They follow Fannie Mae and Freddie Mac guidelines and are the most common way Coloradans buy homes.
A good fit for
- Buyers with steady income and good credit
- Primary homes, second homes and investment properties
- Anyone who wants mortgage insurance that can go away
How it works
- Down payments can start as low as 3% for qualifying buyers
- Less than 20% down usually means private mortgage insurance (PMI)
- PMI can be removed once you reach enough equity
- Available as fixed-rate or adjustable-rate
Keep in mind
- Credit score has a big effect on pricing
- Loan amounts above the conforming limit become jumbo loans
Is a Conventional Loan right for you?
Every lender's guidelines differ — Chip will shop them for you.
Related loan options
This page is general education, not a loan offer or commitment. Terms, eligibility and availability vary by lender and change over time.