Question 1

What credit score do I need for a conventional loan?

Accepted Answer

Six hundred twenty is the usual floor, but pricing improves at each tier above it, and your score also sets the cost of mortgage insurance. If you are near a tier line, it is worth seeing what paying a card balance down could do before you apply.

Question 2

How does PMI work, and when does it go away?

Accepted Answer

Private mortgage insurance applies under 20% down, and the price depends mostly on credit score and loan to value. You can request removal once you reach 20% equity, and it drops automatically at 78% of the original value. On a 3% down loan, plan on PMI as a temporary cost, not a permanent one.

Question 3

Should I choose conventional or FHA?

Accepted Answer

It depends on your score, down payment, and debt ratios. Stronger credit usually favors conventional, while FHA can win with thinner credit or higher debt. We price both side by side and show you the difference in real dollars.

Question 4

What is an FHA loan?

Accepted Answer

A mortgage insured by the Federal Housing Administration. That insurance protects the lender, which lets the guidelines be more forgiving on credit scores and debt to income ratios than conventional loans. You still qualify on income, credit, and the property itself.

Question 5

How much do I need down for FHA?

Accepted Answer

3.5% down with a credit score of 580 or above under most guidelines. Gift funds can cover the entire down payment, which makes FHA a common pairing with down payment assistance.

Question 6

What is FHA mortgage insurance like?

Accepted Answer

There is an up front mortgage insurance premium, typically financed into the loan, plus a monthly premium. With less than 10% down the monthly premium usually lasts for the life of the loan, and with 10% or more it ends after eleven years. Refinancing to conventional later is a common exit.

Question 7

What makes a loan jumbo?

Accepted Answer

The loan amount exceeds the conforming limit, which sits around 806,500 dollars in most Colorado counties. Anything above that is jumbo, and it plays by different guidelines than conforming loans.

Question 8

How much down does a jumbo loan need?

Accepted Answer

Jumbo programs often start near 10% down, with the best pricing at 20% or more. Some banks accept asset depletion income or interest only structures that conforming loans do not.

Question 9

Is a jumbo loan harder to qualify for?

Accepted Answer

Underwriters look harder at reserves, debt to income, and documentation, but jumbo lending is not a wall. Wholesale jumbo lenders compete for clean files, and shopping across them is where a broker earns the rate difference.

Five ways to finance a home.

Conventional

FHA

VA

Jumbo

Non-QM / Investor

Not sure which one?

Specialty condo financing

Questions we hear about these programs

Conventional

FHA

Jumbo