{"id":26755,"date":"2023-10-18T12:23:42","date_gmt":"2023-10-18T18:23:42","guid":{"rendered":"https:\/\/citycreekmortgage.com\/?page_id=26755"},"modified":"2024-01-04T10:43:37","modified_gmt":"2024-01-04T17:43:37","slug":"conventional-purchase","status":"publish","type":"page","link":"https:\/\/citycreekmortgage.com\/purchase\/conventional-purchase\/","title":{"rendered":"Utah Conventional Mortgage Rates: Apply Today"},"content":{"rendered":"<p><span style=\"font-weight: 400;\"><div id=\"todaysRates\"><\/div>\n<div class=\"wrap\" >\n    <div class=\"four-blocks\">\n\n        <div class=\"todays-rates-title\">\n            <span class=\"rate-title\">30 Yr Fixed Conventional <\/span>\n            <div class=\"openSelectors rates-button\">Change program <img decoding=\"async\" src=\"https:\/\/citycreekmortgage.com\/wp-content\/themes\/city-creek\/assets\/img\/rateOptions.svg\" alt=\"Change Visible Rates\" class=\"openSelectors img-fluid\"><\/div>\n        <\/div>\n\n        <div class=\"rate-loader\">\n            <img decoding=\"async\" src=\"https:\/\/citycreekmortgage.com\/wp-content\/themes\/city-creek\/assets\/img\/loading.gif\" alt=\"Loading Rates\" class=\"img-fluid\">\n        <\/div>\n        <div class=\"todays-rates-boxes\">\n            <a href=\"\/find-your-best-rate\/\" class=\"todays-rates-box\">\n                <div class=\"todays-rates-box-sub-title\">\n                    1.975 Pts\n                <\/div>\n                <div class=\"todays-rate\">\n                    <span>5.500<sup>%<\/sup><\/span>\n                <\/div>\n                <div class=\"todays-apr\">\n                    APR 5.719%\n                <\/div>\n                <div class=\"todays-cta\">\n                    Lowest rate, highest upfront cost\n                <\/div>\n                <div class=\"todays-rates-button\">\n                    Check Closing Costs <img decoding=\"async\" src=\"https:\/\/citycreekmortgage.com\/wp-content\/themes\/city-creek\/assets\/img\/arrow.svg\" alt=\"See Rate Details Arrow\" class=\"img-fluid\">\n                <\/div>\n            <\/a><a href=\"\/find-your-best-rate\/\" class=\"todays-rates-box\">\n                <div class=\"todays-rates-box-sub-title\">\n                    0.966 Pts\n                <\/div>\n                <div class=\"todays-rate\">\n                    <span>5.750<sup>%<\/sup><\/span>\n                <\/div>\n                <div class=\"todays-apr\">\n                    APR 5.877%\n                <\/div>\n                <div class=\"todays-cta\">\n                    Low rate with upfront cost\n                <\/div>\n                <div class=\"todays-rates-button\">\n                    Check Closing Costs <img decoding=\"async\" src=\"https:\/\/citycreekmortgage.com\/wp-content\/themes\/city-creek\/assets\/img\/arrow.svg\" alt=\"See Rate Details Arrow\" class=\"img-fluid\">\n                <\/div>\n            <\/a><a href=\"\/find-your-best-rate\/\" class=\"todays-rates-box\">\n                <div class=\"todays-rates-box-sub-title\">\n                    -0.043 Pts\n                <\/div>\n                <div class=\"todays-rate\">\n                    <span>5.990<sup>%<\/sup><\/span>\n                <\/div>\n                <div class=\"todays-apr\">\n                    APR 6.027%\n                <\/div>\n                <div class=\"todays-cta\">\n                    Balanced rate and upfront costs\n                <\/div>\n                <div class=\"todays-rates-button\">\n                    Check Closing Costs <img decoding=\"async\" src=\"https:\/\/citycreekmortgage.com\/wp-content\/themes\/city-creek\/assets\/img\/arrow.svg\" alt=\"See Rate Details Arrow\" class=\"img-fluid\">\n                <\/div>\n            <\/a><a href=\"\/find-your-best-rate\/\" class=\"todays-rates-box\">\n                <div class=\"todays-rates-box-sub-title\">\n                    -1.098 Pts\n                <\/div>\n                <div class=\"todays-rate\">\n                    <span>6.375<sup>%<\/sup><\/span>\n                <\/div>\n                <div class=\"todays-apr\">\n                    APR 6.375%\n                <\/div>\n                <div class=\"todays-cta\">\n                    Lowest upfront cost\n                <\/div>\n                <div class=\"todays-rates-button\">\n                    Check Closing Costs <img decoding=\"async\" src=\"https:\/\/citycreekmortgage.com\/wp-content\/themes\/city-creek\/assets\/img\/arrow.svg\" alt=\"See Rate Details Arrow\" class=\"img-fluid\">\n                <\/div>\n            <\/a>\n\n        <\/div>\n        <div class=\"todays-rates-info\">\n            Rates as of January 8, 2026&nbsp;<a href=\"\/rate-assumptions\/\">See Rate Assumptions<\/a>\n        <\/div>\n\n    <\/div>\n<\/div>\n\n<div class=\"rate-selector\">\n    <div class=\"rate-box\">\n        <div class=\"top-section\">\n\n            <div class=\"top-section-left-title\">\n                Change program & term\n            <\/div>\n\n            <img decoding=\"async\" src=\"https:\/\/citycreekmortgage.com\/wp-content\/themes\/city-creek\/assets\/img\/closeModel.svg\" alt=\"Close Selector\" class=\"closeSelectors img-fluid\">\n\n\n        <\/div>\n        <div class=\"selections\">\n            <form id=\"rate-block-form\">\n\n                <div class=\"program-selector loanTerm\">\n                    <div class=\"section-title\">\n                        Loan Term\n                    <\/div>\n                    <label class=\"program-selector-box active\" >\n                        <input type=\"radio\" required name=\"loanTerm\" checked  value=\"30-yr\" data-target=\"yearAr\" data-title=\"30 Yr\"> 30 yr\n                    <\/label>\n                    <label class=\"program-selector-box \">\n                        <input type=\"radio\" name=\"loanTerm\"  value=\"20-yr\" data-target=\"yearAr\" data-title=\"20 Yr\"> 20 yr\n                    <\/label>\n                    <label class=\"program-selector-box \">\n                        <input type=\"radio\" name=\"loanTerm\"  value=\"15-yr\" data-target=\"yearAr\" data-title=\"15 Yr\"> 15 yr\n                    <\/label>\n                <\/div>\n\n                <div class=\"program-selector loanType\">\n                    <div class=\"section-title\">\n                        Loan Type\n                    <\/div>\n                    <label class=\"program-selector-box big active\">\n                        <input type=\"radio\" required name=\"loanType\" checked value=\"conv\" data-target=\"loanTypeAr\" data-title=\"Conv\"> <div>Conventional<br><small>Most common<\/small><\/div>\n                    <\/label>\n                    <label class=\"program-selector-box big \">\n                        <input type=\"radio\" name=\"loanType\"  value=\"jumbo\" data-target=\"loanTypeAr\" data-title=\"Jumbo\"> Jumbo\n                    <\/label>\n                    <label class=\"program-selector-box big \">\n                        <input type=\"radio\" name=\"loanType\"  value=\"fha\" data-target=\"loanTypeAr\" data-title=\"FHA\"> FHA\n                    <\/label>\n                    <label class=\"program-selector-box big \">\n                        <input type=\"radio\" name=\"loanType\"  value=\"va\"  data-target=\"loanTypeAr\" data-title=\"VA\"> VA\n                    <\/label>\n                <\/div>\n\n                <div class=\"program-selector rateType\">\n                    <div class=\"section-title\">\n                        Rate Type\n                    <\/div>\n                    <label for=\"selector-fixed\" class=\"program-selector-box active\">\n                        <input id=\"selector-fixed\" type=\"radio\" required name=\"rateType\" data-target=\"rateTypeAr\" data-title=\"Fixed\" checked value=\"fixed\"> Fixed\n                    <\/label>\n                    <label for=\"selector-arm\" class=\"program-selector-box \">\n                        <input id=\"selector-arm\" type=\"radio\" name=\"rateType\" data-target=\"rateTypeAr\" data-title=\"ARM\"  value=\"arm\"> ARM\n                    <\/label>\n                <\/div>\n\n                <div class=\"program-selector armRate\">\n                    <div class=\"section-title\">\n                        ARM Rate\n                    <\/div>\n                    <label class=\"program-selector-box \">\n                        <input type=\"radio\" required name=\"armRate\"  value=\"56\" data-target=\"armAr\" data-title=\"5\/6\"> 5\/6\n                    <\/label>\n                    <label class=\"program-selector-box \">\n                        <input type=\"radio\" name=\"armRate\"  value=\"76\" data-target=\"armAr\" data-title=\"7\/6\"> 7\/6\n                    <\/label>\n                    <label class=\"program-selector-box \">\n                        <input type=\"radio\" name=\"armRate\"  value=\"106\" data-target=\"armAr\" data-title=\"10\/6\"> 10\/6\n                    <\/label>\n                <\/div>\n\n                <button type=\"button\" class=\"selectBtn\">Show <span class=\"yearAr\">30 Yr<\/span> <span class=\"rateTypeAr\">Fixed<\/span> <span class=\"armAr\"><\/span> <span class=\"loanTypeAr\">Conv<\/span>   Rates<\/button>\n                <input type=\"submit\" style=\"display: none;\">\n            <\/form>\n        <\/div>\n    <\/div>\n\n<\/div>\n\n    <\/span><\/p>\n<p><strong><em>As of January 9, 2026, the rates in Utah are 5.75% (5.877% APR) for a 30-year fixed rate mortgage and 5.125% (5.125% APR) for a 15-year fixed-rate loan.<\/em><\/strong><\/p>\n<p><a class=\"btn btn-large btn-orange-solid\" href=\"tel:801-501-7950\">Talk to a Conventional Loan Officer &#8211; 801-501-7950<\/a><\/p>\n<p>If you&#8217;re preparing to buy a home in Utah within the next three to 12 months, you&#8217;re likely considering what your potential mortgage loan options might be. Homebuyers have several available mortgage loan options from which to choose based on their unique needs.<\/p>\n<p><span style=\"font-weight: 400;\">While government-backed mortgages such as those backed by the Federal Housing Administration (FHA), the Department of Veterans Affairs (VA), and the U.S. Department of Agriculture (USDA) might have easier qualification standards, <\/span><b>conventional mortgage loans are the most popular type<\/b><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><i><span style=\"font-weight: 400;\">According to data from the<\/span><\/i><a href=\"https:\/\/www.census.gov\/construction\/nrs\/pdf\/quarterly_sales.pdf\"> <i><span style=\"font-weight: 400;\">U.S. Census Bureau<\/span><\/i><\/a><i><span style=\"font-weight: 400;\">,<\/span><\/i><span style=\"font-weight: 400;\"> 76% of the 644,000 new homes sold in the U.S. in 2022 were financed through conventional mortgages.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Conventional mortgages are not backed by the government and are offered by private lenders. For this reason, they have more stringent eligibility criteria.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Conventional mortgages can be conforming or non-conforming loans. Conforming conventional mortgages are those that conform to the loan limits established by the<\/span><a href=\"https:\/\/www.fhfa.gov\/\"> <span style=\"font-weight: 400;\">Federal Housing Finance Agency (FHFA)<\/span><\/a><span style=\"font-weight: 400;\"> and are adjusted each year. The conforming limits are maximum conforming loan amounts based on the county in which a home is located.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Lenders can sell eligible conforming loans to<\/span><a href=\"https:\/\/www.fanniemae.com\/\"> <span style=\"font-weight: 400;\">Fannie Mae<\/span><\/a><span style=\"font-weight: 400;\"> and<\/span><a href=\"https:\/\/www.freddiemac.com\/\"> <span style=\"font-weight: 400;\">Freddie Mac<\/span><\/a><span style=\"font-weight: 400;\">, which form the secondary market for mortgage loans. Here&#8217;s a guide to Utah conventional mortgages from the professionals at City Creek Mortgage.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h3 style=\"text-align: center; margin-bottom: 5px;\"><strong><em>\u2193 Try Our Utah Conventional Mortgage Calculator \u2193<\/em><\/strong><\/h3>\n<p style=\"text-align: center; margin-top: 5px;\"><div class=\"purchase-loan\">\n    <div class=\"wrap\">\n        \n        \n        \n        <div class=\"purchase-loan-box\" style=\"margin-bottom:100px; padding-bottom: 60px;\">\n            <div class=\"purchase-loan-title\">\n                I want to...            <\/div>\n           \n            <div class=\"btn-group\" style=\"flex-direction:column; justify-content:center; align-items:center; max-width: 200px; margin:0 auto; \">\n                                    <a href=\"https:\/\/citycreekmortgage.com\/todays-rates\/citycreekmortgage.com\/find-your-best-rate\/?purchaseOrRefinance=refinance\" class=\"btn btn-large btn-fybr\" style=\"margin-bottom:15px;\"><svg width=\"39px\" height=\"34px\" viewBox=\"0 0 39 34\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\"><title>Refi<\/title><g id=\"FYBR-Reskin---simple\" stroke=\"none\" stroke-width=\"1\" fill=\"none\" fill-rule=\"evenodd\"><g id=\"Icons\" transform=\"translate(-74.000000, -33.000000)\"><g id=\"Refi\" transform=\"translate(74.000000, 34.000000)\"><g id=\"House-Copy\" transform=\"translate(10.030273, 8.129032)\" stroke=\"#4EA2CC\" stroke-width=\"0.75\"><polyline id=\"Path-13\" stroke-linecap=\"round\" points=\"0 7.10929846 10 0.109298456 20 7.10929846\"><\/polyline><polyline id=\"Path\" points=\"17 5.10929846 17 15.1092985 3 15.1092985 3 5.10929846\"><\/polyline><polyline id=\"Path\" fill=\"#4EA2CC\" points=\"3 5.10929846 3 0.109298456 5 0.109298456 5 3.68962072\"><\/polyline><polyline id=\"Path\" points=\"7 15.1092985 7 10.1092985 12 10.1092985 12 15.1092985\"><\/polyline><\/g><path d=\"M34.5977208,9.37319028 C32.0782904,3.84371556 26.5031559,0 20.0302734,0 C11.1937174,0 4.03027344,7.163444 4.03027344,16\" id=\"Path\" stroke=\"#4EA2CC\"><\/path><path d=\"M35.0302734,25.3731903 C32.5108431,19.8437156 26.9357086,16 20.4628261,16 C11.6262701,16 4.46282612,23.163444 4.46282612,32\" id=\"Path\" stroke=\"#4EA2CC\" transform=\"translate(19.746550, 24.000000) rotate(-180.000000) translate(-19.746550, -24.000000) \"><\/path><polygon id=\"Triangle\" fill=\"#4EA2CC\" transform=\"translate(34.530273, 11.000000) rotate(-195.000000) translate(-34.530273, -11.000000) \" points=\"34.5302734 9 38.0302734 13 31.0302734 13\"><\/polygon><polygon id=\"Triangle-Copy-4\" fill=\"#4EA2CC\" transform=\"translate(4.500000, 21.039795) rotate(-23.000000) translate(-4.500000, -21.039795) \" points=\"4.5 19.0397949 8 23.0397949 1 23.0397949\"><\/polygon><\/g><\/g><\/g><\/svg>\n                    Refinance<\/a>\n                                                    <a href=\"https:\/\/citycreekmortgage.com\/find-your-best-rate?purchaseOrRefinance=purchase\" class=\"btn btn-large btn-fybr\"><svg width=\"34px\" height=\"20px\" viewBox=\"0 0 34 20\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\"><title>Purchase<\/title><g id=\"FYBR-Reskin---simple\" stroke=\"none\" stroke-width=\"1\" fill=\"none\" fill-rule=\"evenodd\"><g id=\"Icons\" transform=\"translate(-20.000000, -40.000000)\" stroke=\"#4EA2CC\"><g id=\"Purchase\" transform=\"translate(21.000000, 41.000000)\"><polyline id=\"Path-13\" stroke-linecap=\"round\" points=\"5.29891304 7.95397551 16.7798913 0 28.2608696 7.95397551\"><\/polyline><polyline id=\"Path\" points=\"24.7282609 5.29891304 24.7282609 17.6630435 8.83152174 17.6630435 8.83152174 5.29891304\"><\/polyline><line x1=\"2.51006945e-15\" y1=\"17.6630435\" x2=\"32.2893889\" y2=\"17.6630435\" id=\"Path-14\" stroke-linecap=\"round\"><\/line><polyline id=\"Path\" fill=\"#4EA2CC\" points=\"8.83152174 5.29891304 8.83152174 9.09900175e-15 10.5978261 2.79245226e-14 10.5978261 3.79436327\"><\/polyline><polyline id=\"Path\" points=\"14.1304348 17.6630435 14.1304348 11.6630435 19.4293478 11.6630435 19.4293478 17.6630435\"><\/polyline><\/g><\/g><\/g><\/svg>\n                    Purchase<\/a>\n                            <\/div>\n            \n        <\/div>\n    <\/div>\n<\/div>\n\n<\/p>\n<h2><b><br \/>\nConventional Loans vs. Government-Backed Loans<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Unlike government-backed loans,<\/span><a href=\"https:\/\/www.consumerfinance.gov\/owning-a-home\/loan-options\/conventional-loans\/#:~:text=%E2%80%9CConventional%E2%80%9D%20just%20means%20that%20the,be%20more%20difficult%20to%20get.\"> <span style=\"font-weight: 400;\">conventional mortgages<\/span><\/a><span style=\"font-weight: 400;\"> are offered by private lenders and are not guaranteed by a federal agency. Because of this, the qualifying criteria for conventional mortgages are\u00a0 often more stringent than for government-backed mortgages. Lenders typically require higher credit scores and lower debt-to-income ratios than what might be required to qualify for government-backed loans.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The most popular types of government-backed loans include:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/citycreekmortgage.com\/purchase\/fha-purchase\/\"><span style=\"font-weight: 400;\">FHA mortgages<\/span><\/a><span style=\"font-weight: 400;\"> &#8211; Mortgage loans insured by the<\/span><a href=\"https:\/\/www.hud.gov\/program_offices\/housing\/fhahistory\"> <span style=\"font-weight: 400;\">Federal Housing Administration<\/span><\/a><span style=\"font-weight: 400;\"> and have lower qualifying credit scores than conventional mortgages<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/citycreekmortgage.com\/purchase\/va-purchase\/\"><span style=\"font-weight: 400;\">VA mortgages<\/span><\/a><span style=\"font-weight: 400;\"> &#8211; Mortgage loans backed by the<\/span><a href=\"https:\/\/www.va.gov\/\"> <span style=\"font-weight: 400;\">U.S. Department of Veterans Affairs<\/span><\/a><span style=\"font-weight: 400;\"> for veterans, military service members, and their spouses<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/citycreekmortgage.com\/purchase\/usda-rural-housing-purchase\/\"><span style=\"font-weight: 400;\">USDA mortgages<\/span><\/a><span style=\"font-weight: 400;\"> &#8211; Mortgage loans guaranteed by the<\/span><a href=\"https:\/\/www.usda.gov\/\"> <span style=\"font-weight: 400;\">U.S. Department of Agriculture<\/span><\/a><span style=\"font-weight: 400;\"> for low- and moderate-income borrowers to purchase homes in designated rural areas<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">We&#8217;ll compare and contrast conventional mortgages with each of these types of government-backed mortgages below.<\/span><\/p>\n<h3><b>Conventional vs. FHA Loan: Which Is the Better Option?<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">As long as you meet the qualifying eligibility criteria for a conventional mortgage, it is nearly always the better option.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There are 2 main advantages that conventional mortgages have over FHA mortgages.\u00a0<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Conventional rates are lower than FHA rates.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">With conventional mortgages, you can remove the private mortgage insurance, or never pay it in the first place\u2013if you can put 20% down on a home with a conventional mortgage, you won&#8217;t have to carry<\/span><a href=\"https:\/\/www.consumerfinance.gov\/ask-cfpb\/what-is-private-mortgage-insurance-en-122\/\"> <span style=\"font-weight: 400;\">private mortgage insurance (PMI)<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">If you do put down less than 20%, you can ask to cancel your private mortgage insurance once you have 20% equity in your home. If you don&#8217;t request cancellation of your PMI when you&#8217;ve reached a loan-to-value (LTV) ratio of 80%, your loan servicer will automatically cancel it when you reach a 78% LTV ratio.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Conventional mortgages allow qualifying buyers to purchase primary residences, second homes, vacation property, or investment property. FHA mortgages can only be used to purchase a home that you will use as a primary residence.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">FHA loans are backed by the FHA and have lower qualifying credit scores. They also allow buyers to have higher debt-to-income (DTI) ratios and require down payments of as low as 3.5%.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you get an FHA loan, you will be required to carry FHA mortgage insurance for a minimum of 11 years with a down payment of 10% or more. If your down payment is less than 10%, you&#8217;ll be required to carry FHA mortgage insurance for the entire life of your loan regardless of how much equity you have in your house. Because of this, conventional mortgages tend to cost less than FHA loans.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><strong>Here&#8217;s a comparison chart of conventional mortgages vs. FHA loans:<\/strong><\/p>\n<table>\n<tbody>\n<tr>\n<td><b>Conventional Mortgage<\/b><\/td>\n<td><b>FHA Loan<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Requires higher credit scores<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Accepts lower credit scores<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Can avoid PMI with a 20% down payment or cancel when you reach an 80% LTV ratio\u00a0 \u00a0 \u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Mandatory FHA mortgage insurance<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Lower DTI required<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Higher DTI might be allowed<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Not federally guaranteed<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Backed by the FHA<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Minimum downpayment of 3% to 5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Minimum down payment of at least 3.5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Can use on a primary home, second home, investment property, or vacation property<\/span><\/p>\n<p><span style=\"font-weight: 400;\">No mortgage insurance premium required<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Can only be used on owner-occupied primary residence<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Requires an additional upfront Mortgage insurance premium fee<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3><b><br \/>\nGoing Rural? Conventional vs Rural Loan (USDA) &#8211; Which Is Better?<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">USDA loans are guaranteed by the U.S. Department of Agriculture in the event of default. They can be used to purchase homes in designated rural areas.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">These loans have income limits before you can qualify. Your income can&#8217;t exceed 115% of the median income in your area. The income limit for a USDA-backed mortgage applies to all adults living in the home, including anyone who lives there but is not on the mortgage. If your household income exceeds 115% of the median income in your county, you won&#8217;t be eligible for a USDA loan.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For automated approval, you will need a minimum credit score of 640 for a USDA loan. If your score is between 600 and 639, your USDA loan application will have to go through manual underwriting and might not be approved.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A key benefit of a USDA loan is that you won&#8217;t have to make a down payment, which can make it an attractive option for income-qualified homebuyers in rural areas.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Instead of mortgage insurance, USDA loans require a guarantee fee that has a similar function of guaranteeing the loan. It is broken into two parts, including an upfront fee of 1% and annual fees of 0.35% of your loan balance. Both the upfront and annual fees can be rolled into the loan.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><strong>Here&#8217;s a quick comparison chart of conventional vs. USDA loans:<\/strong><\/p>\n<table>\n<tbody>\n<tr>\n<td><b>Conventional Mortgage<\/b><\/td>\n<td><b>USDA mortgage<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Minimum credit score of 620 from most lenders, but higher scores can get better interest rates<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Minimum credit score of 640 for automated approval<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Home can be located anywhere in Utah<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Home must be located in an eligible rural area<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Minimum downpayment ranging from 3% to 5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">No down payment required &#8211; 0%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">No maximum income limits<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Household income limit of no more than 115% of the median income in the area<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">PMI required until you reach an LTV ratio of 80%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">No mortgage insurance, but requires payment of a guarantee fee<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Can be used to purchase a primary residence, second home, vacation home, or investment property\u00a0 \u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Can only be used to purchase an owner-occupied primary residence<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3><b><br \/>\nConventional Mortgage vs. VA-Backed Loan<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">If you are a veteran, military service member, or surviving spouse, you might be eligible for a VA-backed mortgage. These mortgages are backed by the U.S. Department of Veterans Affairs.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">VA loans can be attractive to military service members, veterans, and surviving family members because they have <a href=\"https:\/\/citycreekmortgage.com\/purchase\/no-down-payment\/\">no down payment requirements<\/a>. They also have competitive interest rates to conventional mortgages and do not require mortgage insurance.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While the VA doesn&#8217;t set a minimum qualifying credit score, lenders are allowed to set their own limits. Most lenders require credit scores of around 620 for a VA loan.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Finally, VA loans require a funding fee that serves to guarantee the loan. This funding fee varies from 1% to 3.6% of your loan amount based on your down payment.<\/span><\/p>\n<p><strong><br \/>\nHere&#8217;s a simple comparison chart of conventional mortgages vs. VA-backed loans:<\/strong><\/p>\n<table>\n<tbody>\n<tr>\n<td><b>Conventional Mortgage<\/b><\/td>\n<td><b>VA Loan<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">No special eligibility requirements<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Only veterans, military service members, and surviving spouses are eligible<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">PMI required for down payments of less than 20%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">No required down payment but will have to pay a funding fee ranging from 1% to 3.6% of the loan amount based on the down payment made<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Minimum credit score of 620<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Credit score requirements vary based on lenders but average around 620<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Conforming loans must meet the conforming loan limits for the county<\/span><\/td>\n<td><span style=\"font-weight: 400;\">No maximum loan limits<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Can be used to purchase a primary residence, vacation home, second home, or\u00a0 investment property\u00a0 \u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Can only be used to purchase an owner-occupied primary residence<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2><b><br \/>\nWhat Are Conventional Rehab Loans?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Conventional rehab loans are conventional loan products that allow homebuyers to obtain a single loan product to purchase a home and complete renovations.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Both Fannie Mae and Freddie Mac offer conventional rehab loans, called the homestyle renovation mortgage and the choice renovation loan, respectively.<\/span><\/p>\n<h3><b>Fannie Mae Homestyle Rehab Loan<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">The<\/span><a href=\"https:\/\/singlefamily.fanniemae.com\/originating-underwriting\/mortgage-products\/homestyle-renovation\"> <span style=\"font-weight: 400;\">Fannie Mae Homestyle<\/span><\/a><span style=\"font-weight: 400;\"> rehab loan is a flexible mortgage product that allows buyers to borrow enough to purchase a home and make improvements with a single primary mortgage loan product. This means the homebuyer will only have to pay closing costs once instead of paying them a second time to secure a home improvement loan.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Under the requirements, the renovations must be approved and can&#8217;t exceed 75% of the purchase price of the home plus the renovation costs or the appraised value following construction, whichever is lower.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Fannie Mae homestyle loan can also be used to make outdoor improvements, including landscaping, pools, and patios.<\/span><\/p>\n<h3><b>Freddie Mac CHOICE Renovation rehab loan<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">The<\/span><a href=\"https:\/\/sf.freddiemac.com\/working-with-us\/origination-underwriting\/mortgage-products\/choicerenovation\"> <span style=\"font-weight: 400;\">Freddie Mac CHOICE Renovation<\/span><\/a><span style=\"font-weight: 400;\"> rehab loan can be used to purchase and renovate second homes, investment properties, and multi-unit residences. It requires a minimum down payment of 3.5% and lower DTIs and credit scores.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Restrictions might apply based on your location. To receive credits towards the down payment, borrowers are allowed to complete repairs while the property is under contract up to closing.<\/span><\/p>\n<h2><b><br \/>\nHow to Get the Most out of a Conventional Loan<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">If you want to get the most out of a conventional loan, follow these tips:<\/span><\/p>\n<h3><b>1. Work to Improve Your Credit to Obtain a Higher Score<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">While you might be approved for a conventional mortgage with a minimum credit score of 620, you&#8217;ll need a higher credit score to qualify for the most competitive interest rates.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Aim to get to a credit score of 740 or above for the best rates. If you have a high credit score and a low-interest rate, the cost of your loan will be much lower.<\/span><\/p>\n<h3><b>2. Talk with your loan officer about 20% down, it may not be your best option.<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">If you can put 20% down, you can avoid PMI and save\u00a0 on your monthly payment, however, mortgage insurance is much more affordable than it was in the past. So it may be more advantageous to pay points and buy your rate down instead of putting the entire 20% down.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Either way, it\u2019s best to speak with your loan officer to get numbers on what each option looks like.\u00a0<\/span><\/p>\n<h3><b>3. Choose the Loan Term for your goals<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">If you get a fixed-rate mortgage and choose a shorter loan term, you&#8217;ll save on interest over the life of your loan, but your monthly payment will be higher. Many people who choose 15 year loans end up refinancing back to a 30 year loan to get more monthly flexibility.\u00a0<\/span><\/p>\n<h2><b><br \/>\nWhat You&#8217;ll Need to Apply for a Conventional Mortgage in Utah<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">You&#8217;ll need to gather the following information and documents to apply for a conventional mortgage in Utah:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Social Security number<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Residential addresses for the past two years<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Employer names and addresses for the past two years<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Current gross monthly salary<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Tax returns for the past two years<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Pay stubs for the last 30 days<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Names, addresses, account numbers, and balances on all checking\/savings and other open accounts<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Addresses and loan information of other real estate owned, if applicable<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The estimated value of furniture and personal property<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">W2s for the past two years<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">For self-employed individuals, provide a current income statement and balance sheet<\/span><\/li>\n<\/ul>\n<h2><b>2024 Conventional Loan Limits by County in Utah<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The<\/span><a href=\"https:\/\/www.fhfa.gov\/DataTools\/Downloads\/Pages\/Conforming-Loan-Limit.aspx\"> <span style=\"font-weight: 400;\">2024<\/span><\/a><a href=\"https:\/\/www.fhfa.gov\/DataTools\/Downloads\/Pages\/Conforming-Loan-Limit.aspx\"><span style=\"font-weight: 400;\"> conforming loan limits<\/span><\/a><span style=\"font-weight: 400;\"> by Utah County can be found in the table below:<br \/>\n<style>\n                    .loan-limits-table {\n                        border-collapse: collapse;\n                        width: 100%;\n                        overflow-x: auto; \/* Enable horizontal scroll on small screens *\/\n                    }\n                    .loan-limits-table th, .loan-limits-table td {\n                        padding: 8px;\n                        text-align: left;\n                        border-bottom: 1px solid #ddd;\n                        white-space: nowrap; \/* Prevent text wrapping *\/\n                    }\n                    .loan-limits-table thead {\n                        background-color: #f2f2f2;\n                    }\n                    .loan-limits-table tbody tr:nth-child(even) {\n                        background-color: #f9f9f9;\n                    }\n                    @media screen and (max-width: 767px) {\n                        .loan-limits-table {\n                            overflow-x: auto;\n                            display: block;\n                        }\n                        .loan-limits-table thead, .loan-limits-table tbody, .loan-limits-table tr, .loan-limits-table th, .loan-limits-table td {\n                            display: block;\n                            width: 100%;\n                        }\n                        .loan-limits-table tr {\n                            margin-bottom: 15px;\n                            border-bottom: none;\n                        }\n                        .loan-limits-table thead th {\n                            position: absolute;\n                            top: -9999px;\n                            left: -9999px;\n                        }\n                        .loan-limits-table td {\n                            border: none;\n                            border-bottom: 1px solid #ddd;\n                            position: relative;\n                            padding-left: 50%;\n                            text-align: left;\n                        }\n                        .loan-limits-table td:before {\n                            position: absolute;\n                            top: 6px;\n                            left: 6px;\n                            width: 45%;\n                            padding-right: 10px;\n                            white-space: nowrap;\n                            content: attr(data-label);\n                        }\n                        \/* Zebra striping *\/\n                        .loan-limits-table tbody tr:nth-child(even) {\n                            background-color: #f9f9f9;\n                        }\n                        \/* Bold county in mobile view *\/\n                        .loan-limits-table td[data-label=\"County\"] {\n                            font-weight: bold;\n                        }\n                    }\n                    <\/style><table class=\"loan-limits-table\"><thead><tr><th>County<\/th><th>One Unit<\/th><th>Two Unit<\/th><th>Three Unit<\/th><th>Four Unit<\/th><\/tr><\/thead><tbody><tr><td data-label=\"County\"> Beaver County<\/td><td data-label=\"One Unit\">$766,550<\/td><td data-label=\"Two Unit\">$981,500<\/td><td data-label=\"Three Unit\">$1,186,350<\/td><td data-label=\"Four Unit\">$1,474,400<\/td><\/tr><tr><td data-label=\"County\"> Box Elder County<\/td><td data-label=\"One Unit\">$766,550<\/td><td data-label=\"Two Unit\">$981,500<\/td><td data-label=\"Three Unit\">$1,186,350<\/td><td data-label=\"Four Unit\">$1,474,400<\/td><\/tr><tr><td data-label=\"County\"> Cache County<\/td><td data-label=\"One Unit\">$766,550<\/td><td data-label=\"Two Unit\">$981,500<\/td><td data-label=\"Three Unit\">$1,186,350<\/td><td data-label=\"Four Unit\">$1,474,400<\/td><\/tr><tr><td data-label=\"County\"> Carbon County<\/td><td data-label=\"One Unit\">$766,550<\/td><td data-label=\"Two Unit\">$981,500<\/td><td data-label=\"Three Unit\">$1,186,350<\/td><td data-label=\"Four Unit\">$1,474,400<\/td><\/tr><tr><td data-label=\"County\"> Daggett County<\/td><td data-label=\"One Unit\">$766,550<\/td><td data-label=\"Two Unit\">$981,500<\/td><td data-label=\"Three Unit\">$1,186,350<\/td><td data-label=\"Four Unit\">$1,474,400<\/td><\/tr><tr><td data-label=\"County\"> Davis County<\/td><td data-label=\"One Unit\">$766,550<\/td><td data-label=\"Two Unit\">$981,500<\/td><td data-label=\"Three Unit\">$1,186,350<\/td><td data-label=\"Four Unit\">$1,474,400<\/td><\/tr><tr><td data-label=\"County\"> Duchesne County<\/td><td data-label=\"One Unit\">$766,550<\/td><td data-label=\"Two Unit\">$981,500<\/td><td data-label=\"Three Unit\">$1,186,350<\/td><td data-label=\"Four Unit\">$1,474,400<\/td><\/tr><tr><td data-label=\"County\"> Emery County<\/td><td data-label=\"One Unit\">$766,550<\/td><td data-label=\"Two Unit\">$981,500<\/td><td data-label=\"Three Unit\">$1,186,350<\/td><td data-label=\"Four Unit\">$1,474,400<\/td><\/tr><tr><td data-label=\"County\"> Garfield County<\/td><td data-label=\"One Unit\">$766,550<\/td><td data-label=\"Two Unit\">$981,500<\/td><td data-label=\"Three Unit\">$1,186,350<\/td><td data-label=\"Four Unit\">$1,474,400<\/td><\/tr><tr><td data-label=\"County\"> Grand County<\/td><td data-label=\"One Unit\">$766,550<\/td><td data-label=\"Two Unit\">$981,500<\/td><td data-label=\"Three Unit\">$1,186,350<\/td><td data-label=\"Four Unit\">$1,474,400<\/td><\/tr><tr><td data-label=\"County\"> Iron County<\/td><td data-label=\"One Unit\">$766,550<\/td><td data-label=\"Two Unit\">$981,500<\/td><td data-label=\"Three Unit\">$1,186,350<\/td><td data-label=\"Four Unit\">$1,474,400<\/td><\/tr><tr><td data-label=\"County\"> Juab County<\/td><td data-label=\"One Unit\">$766,550<\/td><td data-label=\"Two Unit\">$981,500<\/td><td data-label=\"Three Unit\">$1,186,350<\/td><td data-label=\"Four Unit\">$1,474,400<\/td><\/tr><tr><td data-label=\"County\"> Kane County<\/td><td data-label=\"One Unit\">$766,550<\/td><td data-label=\"Two Unit\">$981,500<\/td><td data-label=\"Three Unit\">$1,186,350<\/td><td data-label=\"Four Unit\">$1,474,400<\/td><\/tr><tr><td data-label=\"County\"> Millard County<\/td><td data-label=\"One Unit\">$766,550<\/td><td data-label=\"Two Unit\">$981,500<\/td><td data-label=\"Three Unit\">$1,186,350<\/td><td data-label=\"Four Unit\">$1,474,400<\/td><\/tr><tr><td data-label=\"County\"> Morgan County<\/td><td data-label=\"One Unit\">$766,550<\/td><td data-label=\"Two Unit\">$981,500<\/td><td data-label=\"Three Unit\">$1,186,350<\/td><td data-label=\"Four Unit\">$1,474,400<\/td><\/tr><tr><td data-label=\"County\"> Piute County<\/td><td data-label=\"One Unit\">$766,550<\/td><td data-label=\"Two Unit\">$981,500<\/td><td data-label=\"Three Unit\">$1,186,350<\/td><td data-label=\"Four Unit\">$1,474,400<\/td><\/tr><tr><td data-label=\"County\"> Rich County<\/td><td data-label=\"One Unit\">$766,550<\/td><td data-label=\"Two Unit\">$981,500<\/td><td data-label=\"Three Unit\">$1,186,350<\/td><td data-label=\"Four Unit\">$1,474,400<\/td><\/tr><tr><td data-label=\"County\"> Salt Lake County<\/td><td data-label=\"One Unit\">$766,550<\/td><td data-label=\"Two Unit\">$981,500<\/td><td data-label=\"Three Unit\">$1,186,350<\/td><td data-label=\"Four Unit\">$1,474,400<\/td><\/tr><tr><td data-label=\"County\"> San Juan County<\/td><td data-label=\"One Unit\">$766,550<\/td><td data-label=\"Two Unit\">$981,500<\/td><td data-label=\"Three Unit\">$1,186,350<\/td><td data-label=\"Four Unit\">$1,474,400<\/td><\/tr><tr><td data-label=\"County\"> Sanpete County<\/td><td data-label=\"One Unit\">$766,550<\/td><td data-label=\"Two Unit\">$981,500<\/td><td data-label=\"Three Unit\">$1,186,350<\/td><td data-label=\"Four Unit\">$1,474,400<\/td><\/tr><tr><td data-label=\"County\"> Sevier County<\/td><td data-label=\"One Unit\">$766,550<\/td><td data-label=\"Two Unit\">$981,500<\/td><td data-label=\"Three Unit\">$1,186,350<\/td><td data-label=\"Four Unit\">$1,474,400<\/td><\/tr><tr><td data-label=\"County\"> Summit County<\/td><td data-label=\"One Unit\">$1,149,825<\/td><td data-label=\"Two Unit\">$1,472,250<\/td><td data-label=\"Three Unit\">$1,779,525<\/td><td data-label=\"Four Unit\">$2,211,600<\/td><\/tr><tr><td data-label=\"County\"> Tooele County<\/td><td data-label=\"One Unit\">$766,550<\/td><td data-label=\"Two Unit\">$981,500<\/td><td data-label=\"Three Unit\">$1,186,350<\/td><td data-label=\"Four Unit\">$1,474,400<\/td><\/tr><tr><td data-label=\"County\"> Uintah County<\/td><td data-label=\"One Unit\">$766,550<\/td><td data-label=\"Two Unit\">$981,500<\/td><td data-label=\"Three Unit\">$1,186,350<\/td><td data-label=\"Four Unit\">$1,474,400<\/td><\/tr><tr><td data-label=\"County\"> Utah County<\/td><td data-label=\"One Unit\">$766,550<\/td><td data-label=\"Two Unit\">$981,500<\/td><td data-label=\"Three Unit\">$1,186,350<\/td><td data-label=\"Four Unit\">$1,474,400<\/td><\/tr><tr><td data-label=\"County\"> Wasatch County<\/td><td data-label=\"One Unit\">$1,149,825<\/td><td data-label=\"Two Unit\">$1,472,250<\/td><td data-label=\"Three Unit\">$1,779,525<\/td><td data-label=\"Four Unit\">$2,211,600<\/td><\/tr><tr><td data-label=\"County\"> Washington County<\/td><td data-label=\"One Unit\">$766,550<\/td><td data-label=\"Two Unit\">$981,500<\/td><td data-label=\"Three Unit\">$1,186,350<\/td><td data-label=\"Four Unit\">$1,474,400<\/td><\/tr><tr><td data-label=\"County\"> Wayne County<\/td><td data-label=\"One Unit\">$997,050<\/td><td data-label=\"Two Unit\">$1,276,400<\/td><td data-label=\"Three Unit\">$1,542,900<\/td><td data-label=\"Four Unit\">$1,917,450<\/td><\/tr><tr><td data-label=\"County\"> Weber County<\/td><td data-label=\"One Unit\">$766,550<\/td><td data-label=\"Two Unit\">$981,500<\/td><td data-label=\"Three Unit\">$1,186,350<\/td><td data-label=\"Four Unit\">$1,474,400<\/td><\/tr><\/tbody><\/table><\/span><\/p>\n<p><span style=\"font-weight: 400;\">In high cost areas in Utah, you can get a conventional mortgage with higher loan limits than the standard conforming loan limit of $726,200. These counties include the following as demonstrated by the table above:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Summit<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Wasatch<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Wayne<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The higher limits in these counties are called super-conforming loan limits.<\/span><a href=\"https:\/\/sf.freddiemac.com\/working-with-us\/origination-underwriting\/mortgage-products\/super-conforming-mortgages\"> <span style=\"font-weight: 400;\">Super-conforming conventional loans<\/span><\/a><span style=\"font-weight: 400;\"> typically offer lower interest rates than jumbo loans.<\/span><\/p>\n<h2><b><br \/>\nFAQs<\/b><\/h2>\n<h3><b>1. What are the rules for a conventional mortgage loan in Utah?<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Anyone can qualify for a conventional loan as long as they meet the following eligibility requirements:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Have a minimum credit score of 620, but people with scores of 740 or higher will obtain the best rates<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Have a DTI of less than 36%, but some lenders will allow higher DTIs<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Be prepared to make a downpayment of at least 3% to 5%, but a higher down payment might be required for lower credit scores<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Find a property meeting the conforming or super-conforming loan limits in your county or opt for a jumbo loan instead<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Have no major adverse credit events on your credit report for the past few years, depending on the specific type (bankruptcy, foreclosure, collections, etc.)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Pay off certain types of collection accounts<\/span><\/li>\n<\/ul>\n<h3><b>2. Can you get a conventional loan in Utah without a down payment?<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">If you are a first-time homebuyer, you can get a conventional loan with a down payment of as low as 3%.<\/span><\/p>\n<h2><b><br \/>\nSpeak to the Mortgage Professionals at City Creek Mortgage<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">If you want to learn more about conventional mortgages or other loan options, speak to the mortgage professionals at City Creek Mortgage. We believe in full transparency and want to help you get the mortgage that meets your needs the best. Contact us today at <\/span><a href=\"tel:8015017950\"><span style=\"font-weight: 400;\">(801) 501-7950<\/span><\/a><span style=\"font-weight: 400;\"> to learn how we can help.<\/span><\/p>\n<p><a href=\"https:\/\/www.blink.mortgage\/app\/signup\/p\/CCM\/michaelroberts?campaign=web\">Apply for a Utah Conventional Loan Here<\/a><\/p>\n<div id=\"google-business-reviews-rating\" class=\"google-business-reviews-rating gmbrr columns three bubble center\">\r\n\t<h2 class=\"heading\"><span class=\"icon\"><img decoding=\"async\" src=\"https:\/\/citycreekmortgage.com\/wp-content\/uploads\/2023\/05\/favicon_180.png\" alt=\"City Creek Mortgage Icon\"><\/span>City Creek Mortgage<\/h2>\r\n\t<p class=\"vicinity\">11910 S State St #100, Draper<\/p>\r\n\t<p class=\"rating\"><span class=\"number\">5.0<\/span> <span class=\"all-stars animate\"><span class=\"star\"><\/span><span class=\"star\"><\/span><span class=\"star\"><\/span><span class=\"star\"><\/span><span class=\"star\"><\/span><\/span> <a href=\"https:\/\/search.google.com\/local\/reviews?placeid=ChIJWRIE_KeHUocRRPrv_YRj8vs\" target=\"_blank\" rel=\"nofollow\" class=\"count\">2,792 reviews<\/a><\/p>\r\n<ul class=\"listing\">\r\n\t\t<li class=\"rating-5\" data-index=\"0\">\r\n\t\t\t<span class=\"author-avatar\"><a href=\"https:\/\/www.google.com\/maps\/contrib\/108681455037424020408\/reviews\" target=\"_blank\" rel=\"nofollow\"><img decoding=\"async\" src=\"https:\/\/lh3.googleusercontent.com\/a-\/ALV-UjXofQJx5i0kdd7ayFK1CXpj-ZFZgbyEUJK0159fhkJ159wr4GA=s128-c0x00000000-cc-rp-mo\" alt=\"Avatar\"><\/a><\/span>\r\n\t\t\t<span class=\"review-meta\">\r\n\t\t\t\t<span class=\"author-name\"><a href=\"https:\/\/www.google.com\/maps\/contrib\/108681455037424020408\/reviews\" target=\"_blank\" rel=\"nofollow\">Rachel Wood<\/a><\/span>\r\n\t\t\t<\/span>\r\n\t\t\t<div class=\"text text-excerpt\"><span class=\"review-snippet\">\u2b50\ufe0f\u2b50\ufe0f\u2b50\ufe0f\u2b50\ufe0f\u2b50\ufe0f<br>\n\t\t\t\tWe had an amazing experience working with City Creek Mortgage, especially Alexis Carter and Sefa Gasu! They made the entire loan process so smooth and stress-free from start to finish. As first-time homebuyers, we had a lot of<\/span> <span class=\"review-more-placeholder\">\u2026 More<\/span><span class=\"review-full-text\"> questions, and both Alexis and Sefa went above and beyond to make sure we understood every step along the way. They were always quick to respond, professional, and genuinely cared about helping us get the best loan possible. Thanks to their dedication and expertise, everything was handled efficiently and we were able to close on our first home without a hitch. We\u2019re so grateful for their help and highly recommend City Creek Mortgage to anyone buying a home!<\/span><\/div>\r\n\t\t\t<span class=\"review-meta\">\r\n\t\t\t\t<span class=\"rating\">\u2605\u2605\u2605\u2605\u2605<\/span>\r\n\t\t\t\t<span class=\"relative-time-description\">a week ago<\/span>\r\n\t\t\t<\/span>\r\n\t\t<\/li>\r\n\t\t<li class=\"rating-5\" data-index=\"1\">\r\n\t\t\t<span class=\"author-avatar\"><a href=\"https:\/\/www.google.com\/maps\/contrib\/111509775717366402769\/reviews\" target=\"_blank\" rel=\"nofollow\"><img decoding=\"async\" src=\"https:\/\/lh3.googleusercontent.com\/a-\/ALV-UjWrN1LDcFOUCR9prWcMh2pc_ojTY5jKSOIlC6YVmnhk_CAyhjbrKA=s128-c0x00000000-cc-rp-mo\" alt=\"Avatar\"><\/a><\/span>\r\n\t\t\t<span class=\"review-meta\">\r\n\t\t\t\t<span class=\"author-name\"><a href=\"https:\/\/www.google.com\/maps\/contrib\/111509775717366402769\/reviews\" target=\"_blank\" rel=\"nofollow\">Sara France<\/a><\/span>\r\n\t\t\t<\/span>\r\n\t\t\t<div class=\"text text-excerpt\"><span class=\"review-snippet\">City Creek Mortgage truly went above and beyond!<br>\n\t\t\t\tWe had a very long and drawn-out process with both our home sale and our new purchase, and through it all, Troy and Sefa at City Creek Mortgage were the absolute glue that held everything<\/span> <span class=\"review-more-placeholder\">\u2026 More<\/span><span class=\"review-full-text\"> together. They were always steady, responsive, and proactive \u2014 making sure every step stayed on track even when things got complicated.<br>\n\t\t\t\tTheir speed, follow-through, and communication were next-level. What really stood out, though, was how genuinely they cared. We never felt like just another file \u2014 Troy and Sefa were invested in making sure we got into our home and made it happen, even when the process tested everyone\u2019s patience.<br>\n\t\t\t\tIf you want a lending team that combines professionalism, heart, and hustle, City Creek (and especially Troy and Sefa!) are the ones you want in your corner. We couldn\u2019t be more grateful for them!<\/span><\/div>\r\n\t\t\t<span class=\"review-meta\">\r\n\t\t\t\t<span class=\"rating\">\u2605\u2605\u2605\u2605\u2605<\/span>\r\n\t\t\t\t<span class=\"relative-time-description\">a week ago<\/span>\r\n\t\t\t<\/span>\r\n\t\t<\/li>\r\n\t\t<li class=\"rating-5\" data-index=\"2\">\r\n\t\t\t<span class=\"author-avatar\"><a href=\"https:\/\/www.google.com\/maps\/contrib\/109877516356258364851\/reviews\" target=\"_blank\" rel=\"nofollow\"><img decoding=\"async\" src=\"https:\/\/lh3.googleusercontent.com\/a-\/ALV-UjU6Hx-A4HH4XnnRxKuuulr3e7TOvaZcfZQaREcNzlnyN4iWDABp=s128-c0x00000000-cc-rp-mo\" alt=\"Avatar\"><\/a><\/span>\r\n\t\t\t<span class=\"review-meta\">\r\n\t\t\t\t<span class=\"author-name\"><a href=\"https:\/\/www.google.com\/maps\/contrib\/109877516356258364851\/reviews\" target=\"_blank\" rel=\"nofollow\">Amber Robison<\/a><\/span>\r\n\t\t\t<\/span>\r\n\t\t\t<div class=\"text text-excerpt\"><span class=\"review-snippet\">Sefa and Devyn at City Creek were easily one of the best teams I\u2019ve ever worked with! They were quick to respond, answered all my questions, and walked me through every step of the refinance process. Everything felt smooth and stress-free<\/span> <span class=\"review-more-placeholder\">\u2026 More<\/span><span class=\"review-full-text\"> from start to finish. I\u2019d highly recommend them to anyone looking for a knowledgeable and supportive team!<\/span><\/div>\r\n\t\t\t<span class=\"review-meta\">\r\n\t\t\t\t<span class=\"rating\">\u2605\u2605\u2605\u2605\u2605<\/span>\r\n\t\t\t\t<span class=\"relative-time-description\">3 weeks ago<\/span>\r\n\t\t\t<\/span>\r\n\t\t<\/li>\r\n\t\t<li class=\"rating-5\" data-index=\"3\">\r\n\t\t\t<span class=\"author-avatar\"><a href=\"https:\/\/www.google.com\/maps\/contrib\/116008038467931848159\/reviews\" target=\"_blank\" rel=\"nofollow\"><img decoding=\"async\" src=\"https:\/\/lh3.googleusercontent.com\/a-\/ALV-UjUP3P1l5KqLB626Bt5T9akRIOcvQ1LP7lU-AHSuAjM09d5gJi3Y=s128-c0x00000000-cc-rp-mo\" alt=\"Avatar\"><\/a><\/span>\r\n\t\t\t<span class=\"review-meta\">\r\n\t\t\t\t<span class=\"author-name\"><a href=\"https:\/\/www.google.com\/maps\/contrib\/116008038467931848159\/reviews\" target=\"_blank\" rel=\"nofollow\">Stefania Boornazian<\/a><\/span>\r\n\t\t\t<\/span>\r\n\t\t\t<div class=\"text text-excerpt\"><span class=\"review-snippet\">After a terrible experience trying to refinance with our existing lender we found City Creek Mortgage and couldn\u2019t be happier. Devyn and her team are wonderful to work with, highly responsive, patient with all your questions, and the whole<\/span> <span class=\"review-more-placeholder\">\u2026 More<\/span><span class=\"review-full-text\"> process was a breeze. You\u2019ll feel valued as a customer every step of the way and they go out of their way to earn your business. I would highly recommend them!<\/span><\/div>\r\n\t\t\t<span class=\"review-meta\">\r\n\t\t\t\t<span class=\"rating\">\u2605\u2605\u2605\u2605\u2605<\/span>\r\n\t\t\t\t<span class=\"relative-time-description\">3 weeks ago<\/span>\r\n\t\t\t<\/span>\r\n\t\t<\/li>\r\n\t\t<li class=\"rating-5\" data-index=\"4\">\r\n\t\t\t<span class=\"author-avatar\"><a href=\"https:\/\/www.google.com\/maps\/contrib\/100591708965904598366\/reviews\" target=\"_blank\" rel=\"nofollow\"><img decoding=\"async\" src=\"https:\/\/lh3.googleusercontent.com\/a-\/ALV-UjXONW4e_7X7NOTc1fhLcnejC380wPjaIIxeAxlZzxOFYz4_NLyjPQ=s128-c0x00000000-cc-rp-mo\" alt=\"Avatar\"><\/a><\/span>\r\n\t\t\t<span class=\"review-meta\">\r\n\t\t\t\t<span class=\"author-name\"><a href=\"https:\/\/www.google.com\/maps\/contrib\/100591708965904598366\/reviews\" target=\"_blank\" rel=\"nofollow\">Ken Duncan<\/a><\/span>\r\n\t\t\t<\/span>\r\n\t\t\t<div class=\"text text-excerpt\"><span class=\"review-snippet\">I have nothing but good things to say about City Creek mortgage but especially Alexis and Sefa. I ended up being under contract three times. Had to back out twice because of inspection issues. The third time was a charm and I found my dream<\/span> <span class=\"review-more-placeholder\">\u2026 More<\/span><span class=\"review-full-text\"> house and that&#039;s everything I wanted in a house. Alexis is so good to work with always getting back to me when I had questions or problems. I recommend City Creek to anyone looking to refinance or buy their first home. Thanks so much for all that you guys have done.<\/span><\/div>\r\n\t\t\t<span class=\"review-meta\">\r\n\t\t\t\t<span class=\"rating\">\u2605\u2605\u2605\u2605\u2605<\/span>\r\n\t\t\t\t<span class=\"relative-time-description\">5 months ago<\/span>\r\n\t\t\t<\/span>\r\n\t\t<\/li>\r\n\t\t<li class=\"rating-5\" data-index=\"5\">\r\n\t\t\t<span class=\"author-avatar\"><a href=\"https:\/\/www.google.com\/maps\/contrib\/109893476045323165159\/reviews\" target=\"_blank\" rel=\"nofollow\"><img decoding=\"async\" src=\"https:\/\/lh3.googleusercontent.com\/a-\/ALV-UjX1iwyAxBAcq6rolRjx_7hxwuP87YD_K7Nn8pVsWic3sfO8-L4F=s128-c0x00000000-cc-rp-mo\" alt=\"Avatar\"><\/a><\/span>\r\n\t\t\t<span class=\"review-meta\">\r\n\t\t\t\t<span class=\"author-name\"><a href=\"https:\/\/www.google.com\/maps\/contrib\/109893476045323165159\/reviews\" target=\"_blank\" rel=\"nofollow\">Marc Whiting<\/a><\/span>\r\n\t\t\t<\/span>\r\n\t\t\t<div class=\"text text-excerpt\"><span class=\"review-snippet\">City Creek Mortgage did an incredible job with our home refinance.  I love their online tool that allows for transparency and clarity when trying to see what interest rate and fee structure would work best for us.  The cost to close our<\/span> <span class=\"review-more-placeholder\">\u2026 More<\/span><span class=\"review-full-text\"> loan was less than expected and we still got a rate that worked for us.<br>\n\t\t\t\tTemara and Marisol were great to work with.  They responded to our requests quickly, and they kept us informed at every step of the way.  Incredible customer service, that we really do appreciate!  Thank you City Creek Mortgage, we will definitely be referring all our family and friends to you!<br>\n\t\t\t\tMarc and Stacy W.<\/span><\/div>\r\n\t\t\t<span class=\"review-meta\">\r\n\t\t\t\t<span class=\"rating\">\u2605\u2605\u2605\u2605\u2605<\/span>\r\n\t\t\t\t<span class=\"relative-time-description\">6 months ago<\/span>\r\n\t\t\t<\/span>\r\n\t\t<\/li>\r\n\t<\/ul>\r\n\t<p class=\"attribution\"><span class=\"powered-by-google\" title=\"Powered by Google\"><\/span><\/p>\r\n<\/div>\r\n\n","protected":false},"excerpt":{"rendered":"<p>As of , the rates in Utah are % (% APR) for a 30-year fixed rate mortgage and % (% APR) for a 15-year fixed-rate loan. Talk to a Conventional Loan Officer &#8211; 801-501-7950 If you&#8217;re preparing to buy a&#8230;<\/p>\n","protected":false},"author":2,"featured_media":97133,"parent":26711,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"footnotes":""},"class_list":["post-26755","page","type-page","status-publish","has-post-thumbnail","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Conventional Purchase Loan | City Creek Mortgage<\/title>\n<meta name=\"description\" content=\"Conventional purchase loans can be ideal for some home buyers. Conventional loans can be fixed or adjustable. 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