1159 S. Clayton St. Denver, CO 80210
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1159 S. Clayton St. Denver, CO 80210

Denver, CO 80210

Conventional Mortgage

A “conventional mortgage” or “conventional loan” simply refers to any mortgage loan that is not insured or guaranteed by the federal government.

A conventional loan has terms and conditions that follow the guidelines, loan limits and underwriting standards set forth by Fannie Mae (Federal National Mortgage Association) and Freddie Mac (Federal Home Loan Mortgage Corporation).

These loans utilize an automated underwriting system and loan approvals are based on many factors including: credit history, fico credit score, down payment assistance, property type, employment history, assets and property value.

Conforming Loan Limits

Conventional Conforming loan is ideal for home buyers with average to excellent credit who can afford a down payment of at least*3%-5% on a 1 unit primary residence.  Down payments on 2nd homes and investment property can vary depending on how many financed properties the borrower has and if the property is a 2, 3 or 4 unit property.*

*At least one borrower must be a first time homebuyer

Conventional loans can have a fixed rate mortgage or an adjustable rate mortgage. Downs Financial offers: 10, 15, 20, 25 and 30 year mortgage rates.