LOAN PROGRAMS

There are many types of mortgage loans available.  A few of the most common are listed below.  The loan that is right for you depends on many factors, including your financial situation, how long you plan to own the home and whether you are buying or refinancing.

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CONVENTIONAL LOANS

  • The most common loan type in Utah 

  • Issued and backed by private lenders or Freddie Mac and Fannie Mae

  • Typically carry a fixed rate

  • Rates and qualification standards tend to be higher than government backed loans (FHA, VA) 

FHA LOANS

  • Issued by the Federal Housing Administration (FHA)

  • Requires lower down payments and lower credit scores than many conventional loans

  • Borrower must pay mortgage insurance throughout the life of the loan 

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VA LOANS

  • Guaranteed by the U.S. Department of Veteran Affairs (VA)

  • Low or no down payment required

  • No mortgage insurance required

  • Available only to eligible U.S. veterans 

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JUMBO LOANS

  • Similar to conventional loans, but with loan amounts above the conforming limit ($510,400 in most counties)

  • Credit score requirements are higher than with conventional loans

  • Debt-to-income ratio, cash reserves and documentation requirements are often higher than with conventional loans  

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REVERSE MORTGAGES

  • Must be age 62 or older

  • Must have considerable home equity

  • Owners can borrow against their equity in a lump sum or a fixed monthly payment

  • Loan balance becomes due and payable when the owner dies or sells the home