The default loan for Grand Valley buyers
Conventional financing covers essentially the entire Grand Junction market. With a Mesa County conforming limit of $832,750 and a median sale price around $415,000, most buyers here never approach the ceiling.
First-time buyers can go as low as 3% down through HomeReady and Home Possible; repeat buyers start at 5%. Unlike FHA, private mortgage insurance falls off automatically once you reach 22% equity.
Conventional versus FHA in Grand Junction
If your credit score is above roughly 700 and your debt-to-income ratio is manageable, conventional almost always beats FHA on total monthly cost because the mortgage insurance is cheaper and temporary. Below 680, or with a tighter DTI, FHA usually wins.
We run both scenarios side by side on every Grand Junction pre-approval so the comparison is a number, not an opinion.
Second homes and rentals
Conventional financing also covers second homes at 10% down and investment properties at 15–25% down, which matters for buyers picking up a Palisade or Redlands rental alongside a primary residence.
Frequently asked
How much down do I need for a conventional loan in Grand Junction?
First-time buyers can qualify with 3% down; repeat buyers typically start at 5%.
Does conventional PMI ever go away?
Yes. Conventional private mortgage insurance is removable at 20% equity by request and cancels automatically at 22%.
Is conventional better than FHA in Grand Junction?
Above roughly a 700 credit score, conventional usually costs less monthly. Below 680 or with high debt ratios, FHA often qualifies more easily.
Related: Conventional Loans, Grand Junction mortgage broker, Colorado loan limits, all loan programs.