Conventional, or conforming, home loans are a popular loan option among Denver homeowners, with the majority of homeowners choosing to finance their homes using this mortgage loan type. Unlike government-backed loans, conventional home loans have stricter eligibility requirements set by Fannie Mae and Freddie Mac guidelines but offer qualified borrowers many financial savings like lower rates and fees.
Advantages of Conventional Home Loans
- Low Fixed Rates Available with low fixed or adjustable rates, conventional home loans offer many flexible term options as well, including 10-, 15-, 20-, and 30-year terms to help homeowners enjoy a lower monthly payment with choices that fit their financial needs.
- Low Down Payment With Denver housing prices increasing each year, a low down payment can be a crucial factor in helping Denver residents achieve their goal of home ownership. For homebuyers that meet certain requirements, your down payment could be as low as 5% of the purchase price.
- Higher Loan Limits Conventional loan limits can be higher than other loan options, especially in areas that support expensive home prices. With Denver's average home price consistently exceeding the national average, conventional home loans are a great option for many Denver homebuyers.
- Fast Approval Process Since employment and income guidelines for conventional home loans are more stringent, qualified homebuyers are quickly and easily approved. For Denver borrowers with stable jobs, good credit, a lower debt ratio, and moderate-to-high income, conventional home loans offer a straightforward and efficient approval process that will get you in your new home quickly.
Conventional Home Loans with Golden Oak Lending
Since conventional home loans are not government-backed, homebuyers should choose the lender that offers the most knowledgeable mortgage specialists with the best customer service. At Golden Oak Lending Denver, our personal loan experts are here to help you. Whether you are a first-time or veteran homeowner, we will help you find the right financing for your home that will satisfy your specific financial needs and save you the most money. Contact us at our local Denver office today to learn about qualifying for your conventional home loan!