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Important update: Cherry Creek Mortgage is now partnering with Guild Mortgage.
Already working with a Cherry Creek Mortgage loan officer? Find them on the Guild Mortgage website.

Conventional Home Loans

Known as the standard in loan programs, conventional loans are designed to help home buyers find their ideal mortgage plan with simplicity.


What is a conventional loan?

Conventional home loans are those not guaranteed or insured by government agencies (like the Federal Housing Administration, the Department of Veterans Affairs, or the U.S. Department of Agriculture). Conventional mortgages are not guaranteed, so any required mortgage insurance is usually paid by the home buyer.

Find the right loan for you

The right loan program depends on many factors: down payment, credit, your monthly budget, and more. Talk to a loan expert to find the best home financing solution for you and your goals.

Advantages of a Conventional Loan

Depending on your specific situation, conventional loans can offer lower interest rates, a variety of down payment options, varying term lengths for fixed-rate mortgages, and reduced mortgage insurance (MI). If you pay MI on a conventional loan because you put down less than 20%, you typically have the option to cancel the MI when the principal balance on the loan hits approximately 20% equity in the property.


Who is eligible for a conventional loan?

Conventional home loans are a great option for many people, especially those with a strong credit history, steady income, and a larger down payment amount. But you don’t have to check all those boxes to qualify for a conventional home loan! The great thing about conventional loans is that they often offer flexibility on the requirements based on your circumstances.

Conventional Loan Requirements

Requirements for a conventional loan depend on your credit and financial history. Some of the main items your lender will consider are your credit score, debt-to-income ratio, income stream, and cash reserves. Ultimately, your lender needs to determine that you have the funds and financial foundation to pay the loan back. Since conventional loans aren’t backed by the government, the lender assumes more risk in the event of a default.

Start Your Journey Home

Finding the path to homeownership is simple with the loan experts at Guild Mortgage. Let us help you finance your dream homes.