These loans follow guidelines set by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac), offering flexibility and competitive terms.
Learn MoreTo qualify for a Conventional Loan, you’ll need to complete a mortgage application, provide your credit history, have a minimum FICO credit score of 620, and submit income documentation. These will help the lender assess your income ratio, down payment, and loan eligibility.
Conventional loan terms range from 10, 15, 20, or 30 years. You can put down as little as 3%, but many lenders allow you to choose a larger down payment. If your equity is over 20%, there’s no mortgage insurance requirement.
If you live in Colorado, Wyoming, Montana or Kansas, or plan to move here, contact the team at Peak Financial to see if you qualify for a Conventional Loan.