Conventional Loans in Colorado Springs

    Purchase and refinance financing that isn't government-insured, with clear guidance and personal service from application to closing.

    Call (719) 590-6075
    Serving Colorado since 2006
    Conventional, FHA, VA & jumbo loans
    One point of contact
    Company NMLS #1146149

    A conventional loan is a mortgage that isn't insured or guaranteed by a government agency such as the FHA or VA. Many conventional loans follow guidelines set by Fannie Mae and Freddie Mac. Countryside Lending has helped Colorado borrowers buy and refinance homes since 2006, and as an independent mortgage broker we explain how a conventional loan compares with the other programs you may qualify for. You'll work directly with Brendon O'Connor (NMLS #249969).

    At a glance

    Purchase or refinance

    Conventional financing can be used to buy a home or refinance an existing mortgage, including a cash-out refinance.

    Primary, second or investment homes

    Conventional programs can finance a primary residence, a second home or an investment property, each with its own guidelines.

    Fixed or adjustable

    Choose between fixed-rate and adjustable-rate structures and a loan term that fits your plans.

    Who a Conventional Loan Is For

    Conventional loans fit a wide range of buyers and homeowners. A conventional loan is often worth a look if you:

    • Have steady income and an established credit history
    • Are buying a second home or an investment property
    • Want the option to remove private mortgage insurance later, where your loan allows it
    • Are refinancing to change your rate or term, or to take cash out

    Not sure which program fits? We'll compare conventional with FHA and VA options so you can see the tradeoffs before you apply.

    Why Work With Countryside Lending on Your Conventional Loan

    Conventional guidelines vary by loan type, property and down payment, and small details in your file can change your options. We review your situation up front, explain your choices in plain English and keep your loan moving to closing.

    • One point of contact from application to closing
    • Clear explanations of private mortgage insurance and closing costs
    • Coordination with your real estate agent, title company and closing team
    • A straight answer if FHA, VA or another program fits you better

    Conventional Loan Requirements in Plain English

    Lenders review your income, employment, assets, credit history and current debts, along with the property and how you'll use it. Requirements differ for primary residences, second homes and investment properties.

    Conventional loans with a smaller down payment usually include private mortgage insurance (PMI). On many conventional loans, PMI can be canceled once you've built enough equity, subject to your loan's terms and federal rules.

    Conforming conventional loans must stay within loan limits the Federal Housing Finance Agency sets each year. Loans above the limit are called jumbo loans. FHFA publishes the current limit for El Paso County.

    Conforming loan limits (FHFA)Conventional loans explained (CFPB)

    Conventional Loans in Colorado Springs and El Paso County

    One county limit

    Whether you're buying in Colorado Springs, Monument, Falcon, Fountain or Security-Widefield, the same FHFA conforming limit for El Paso County applies. If your loan amount is above it, a jumbo loan is the next option to review; see our loan programs.

    Second homes and investment properties

    Conventional financing can be used for a second home or a rental property, which FHA and VA loans generally don't allow. Guidelines are stricter for these properties, and we'll explain what applies to yours.

    Conventional or FHA?

    Some buyers qualify for both. We compare mortgage insurance, closing costs and property requirements side by side so you can choose. Learn more about FHA loans.

    Our Conventional Loan Process in 4 Steps

    1. 1

      Talk through your goals

      A no-pressure conversation about your plans, timeline and finances.

    2. 2

      Compare loan options

      We walk you through the loan programs that fit your situation and explain the differences in plain English.

    3. 3

      Apply and submit documents

      You get a clear checklist, and we keep your file moving.

    4. 4

      Close with confidence

      We coordinate with your agent and closing team through closing day.

    Conventional Loan FAQs for Colorado Springs Borrowers

    A mortgage that isn't insured or guaranteed by a government agency. Many follow Fannie Mae and Freddie Mac guidelines; those are called conforming loans.

    A conforming loan stays within the FHFA loan limit for your county. A jumbo loan is a conventional loan above that limit and usually has stricter guidelines.

    Often, when the down payment is smaller. On many conventional loans, PMI can be removed once you've built enough equity, subject to your loan's terms. We'll explain how it applies to you.

    Yes. Conventional programs can finance second homes and investment properties, with separate guidelines for each.

    It depends on your credit history, down payment, the property and how long you plan to keep the loan. We'll compare both for your situation so the tradeoffs are clear.

    Often, yes. Some homeowners refinance from an FHA loan to a conventional loan to change their mortgage insurance, and others use a conventional cash-out refinance. Eligibility depends on your equity, credit and the program.

    See If a Conventional Loan Fits Your Plans

    Tell us about the home you want to buy or the loan you want to refinance. We'll explain your options and outline the next step, with no pressure.

    Call (719) 590-6075
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