Home Loan Options

by | Mar 2, 2021

Conventional Loans

If you are looking for a mortgage with a wide selection of terms and competitive rates, conventional loans may be your answer. These loans are what most people think of when it comes to a traditional home loan. Conventional Home Loans are not part of a government-sponsored program, but are instead fully funded and insured by private lenders and insurers. 

Basic Conventional Loan Requirements: 

Ultimately, lenders individually decide who is and is not approved for a conventional loan. Borrowers should be prepared to supply at least two years of W-2’s, tax statements, bank statements and proof of cash reserves and agree to a credit report. For a conventional loan it is good to have credit at 620 or higher and low debt to income ratio. While many think that a 20% down payment is required for all conventional loans, many lenders now offer low down payment options. 

FHA Loans

FHA loans are a great option when it comes to home financing. They have great benefits, such as a minimum of only 3.5% down payment. These non-conventional loans are secured by the Federal Housing Administration and are funded by private lenders. 

Basic FHA Loan Requirements:

For a FHA loan borrowers can have a credit score of 550 and only need 3.5% down payment. Borrowers can also plan to have some or all of closing costs covered by the seller or lender. 

VA Loans

A VA Loan is designed to offer long-term financing to veterans. These loans are issued by federally qualified lenders and are guaranteed by the U.S. Veterans Administration. Eligibility is determined by the VA and a certificate is given to the qualifying applicants loan office. For veterans, these loans are generally easier to qualify for over a conventional loan. 

If you have questions about either type of home loan please feel free to reach out to one of our loan officers to get answers to your questions at 801-960-2111. 


If you’re looking to try to purchase in an area outside the city, and you don’t have a down payment. You may want to consider a USDA loan. USDA loans are issued through by the United States Department of Agriculture. Guidelines are a little tighter than other loan products. The USDA has income limits based on area and family size. They also require a 640 credit score.qualify for over a conventional loan. 


A jumbo loan, also known as a jumbo mortgage, is a type of financing that exceeds the limits set by the Federal Housing Finance Agency (FHFA).  Designed to finance luxury properties and homes in highly competitive local real estate markets. Jumbo mortgages come with unique underwriting requirements and tax implications. These kinds of mortgages have gained traction as the housing market continues to recover following the Great Recession.