Matthew Hager helps Colorado Springs homebuyers secure conventional loans with competitive rates, flexible terms, and no PMI once you reach 20% equity. Conventional loans are not government-insured and are ideal for buyers with strong credit and a solid down payment.
Conventional Loan Benefits
Why Choose Conventional?
- No PMI at 20% Down — Private mortgage insurance removes at 20% equity
- Competitive Rates — Often lower than FHA for borrowers with good credit
- Flexible Terms — 10, 15, 20, or 30 year fixed, or adjustable rate options
- Property Types — Primary, second home, investment property all allowed
- Higher Loan Limits — Jumbo options available above conforming limits
- Faster Closing — No government appraisal or property requirements
Conventional Loan Requirements
- Credit Score: 620+ minimum, 740+ for best rates
- Down Payment: 3-5% minimum, 20% to avoid PMI
- Debt-to-Income: Typically up to 45-50%
- Employment: Two years steady income history
- Property: Must meet standard appraisal requirements
Frequently Asked Questions
Most lenders require 620-640 minimum. The best rates go to borrowers with scores of 740+.
Conventional loans start at 3% down for first-time buyers, 5% for repeat buyers. PMI is required below 20% down.
The 2026 conforming limit for El Paso County is $766,550 for a single-family home. Loans above this are jumbo loans.
Yes. PMI automatically terminates at 22% equity, and you can request removal at 20% equity with an appraisal.
Conventional loans aren't government-insured, require higher credit scores, but offer more flexibility and no lifetime mortgage insurance.
Often yes. No government appraisal or property requirements can speed up the closing process.