Loan Programs
Every home buyer’s situation is different, which is why there’s no one-size-fits-all mortgage. The right loan depends on your credit, income, down payment, and long-term goals. Below is an overview of the most common loan programs available in Utah, with links to dive deeper into each option.
Common Loan Programs in Utah
- Conventional Loans – Great for buyers with solid credit and steady income. Low down payment options starting at 3%, competitive rates, and flexible terms.
- FHA Loans – Ideal for first-time buyers or those with lower credit scores. Down payments as low as 3.5% with flexible qualification guidelines.
- VA Loans – Exclusive to veterans, active-duty service members, and some surviving spouses. Often no down payment or mortgage insurance required.
- USDA Loans – Available in eligible rural areas of Utah. Zero down payment for qualified buyers with affordable rates for moderate-income households.
- Utah Housing Loans – State-backed programs like FirstHome, HomeAgain, and Score that help with down payment and closing cost assistance.
- Jumbo Loans – For buyers purchasing homes above conventional loan limits. Usually requires higher credit and down payment.
- Specialty Programs – Tailored for unique needs, such as physician loans, portfolio loans, and investor financing.
Not sure which loan is right for you? I’ll walk you through the options side by side so you can choose the program that best fits your budget and goals.
Loan Program FAQs
Many first-time buyers choose FHA loans for their low down payment and flexible credit requirements. Others may qualify for Utah Housing loans, which can help cover down payment and closing costs. The best program depends on your credit, income, and long-term goals.
Yes. VA loans, USDA loans, and some Utah Housing programs allow eligible buyers to purchase with no money down. These programs have specific requirements, and I help you determine if you qualify.
FHA loans are more flexible with credit and require 3.5% down, but include mortgage insurance. Conventional loans can start as low as 3% down, may reward stronger credit with better rates, and mortgage insurance can eventually be removed.
Jumbo loans are used when the loan amount exceeds the conventional loan limit, which is $766,550 for most of Utah in 2024. They usually require stronger credit and a larger down payment.
Yes. Utah Housing Corporation offers several programs to help with down payments and closing costs, making homeownership more affordable for qualifying buyers.
The right loan depends on your credit score, income, savings, and the type of property you want to buy. I review your full situation and compare the options side by side so you can choose with confidence.