Home loans in Utah.
Five standard programs. The right one depends on five things.
Try the walkthrough
Which one might fit you?
Are you a current or former service member, spouse, or surviving spouse?
What can you put toward a down payment?
Your credit score?
Buying somewhere small-town or rural?
What's this for?
Five programs, all in play.
Answer a few questions and we'll narrow them down. Nothing is saved.
Not sure or want a real person? Talk to Jason Christiansen
Conventional
— the workhorse
down (3% with strong credit, 5% otherwise) · or as low as 5% with strong credit
Mortgage insurance
PMI until 20% equity
Private mortgage insurance is required when you put down less than 20%. It typically drops off automatically once you reach 22% equity.
Credit requirements
Tight — score moves the rate
Score impacts the rate significantly — 740+ gets the best rates, lower scores pay more.
Max loan
$832,750 (1-unit)
1-unit $832,750; 2-unit $1,066,250; 3-unit $1,288,800; 4-unit $1,601,750. Wasatch, Summit, and Wayne counties have higher limits.
Who's eligible
Anyone, with credit and income to qualify.
Conventional is the default for most buyers with solid credit who can put a few percent down. It's the only standard option that works for second homes and investment properties, and the only one where PMI eventually disappears on its own.
FHA
— easier to qualify, for a cost
down
Mortgage insurance
MIP for life of loan
FHA charges mortgage insurance premium (MIP) for the life of the loan, with no automatic drop-off. To remove it, you usually refinance into a conventional loan once you have 20% equity.
Credit requirements
Moderate — lower scores can qualify
Lower credit scores can still qualify but get a higher rate.
Max loan
Varies by county
By county: Utah $601,450; Salt Lake & Tooele $637,100; Weber & Davis $744,050; Summit $1,163,800. Multi-unit limits and other counties vary — ask a lender for specifics.
Who's eligible
Primary residence only.
FHA is built for buyers who don't fit conventional's tighter credit box — newer credit history, recent blemishes, or less savings. The trade-off is the lifetime mortgage insurance, which is why most FHA borrowers refinance to conventional once they have enough equity.
VA
— the best loan, if you've earned it
down
Mortgage insurance
No PMI
VA loans never require mortgage insurance. There's a one-time funding fee at closing that can be rolled into the loan.
Credit requirements
Moderate — lower scores can qualify
Lower credit scores can still qualify but get a higher rate.
Max loan
No cap on most VA loans
No max loan amount for borrowers with full entitlement, though lender overlays may apply.
Who's eligible
Current or former service members, qualifying spouses, surviving spouses.
If you're eligible for VA, it's almost always the best option on the page. Zero down, no mortgage insurance, and competitive rates. The one-time funding fee is the main trade-off, and it can be financed into the loan.
USDA / Rural Housing
— zero-down for non-urban Utah
down
Mortgage insurance
Annual fee for life of loan
USDA charges an annual fee (similar in concept to PMI) for the life of the loan. Lower than FHA's MIP but still ongoing.
Credit requirements
Moderate — lower scores can qualify
Lower credit scores can still qualify but get a higher rate.
Max loan
Follows conventional limits
USDA generally follows conventional loan limits, but income limits and property eligibility (rural designation) are the bigger gates.
Who's eligible
Primary residence in a USDA-eligible area, household income within program limits.
USDA is the dark-horse zero-down loan most buyers don't know exists. The catch: the property has to be in a USDA-eligible area, which in Utah covers a lot of the small-town and outskirts geography but excludes most of the Wasatch Front urban core.
Utah Housing (FHA)
— the Utah-specific path with down-payment help
down (with assistance)
Mortgage insurance
MIP for life of loan
Built on top of an FHA loan, so the lifetime MIP applies. The benefit is the down-payment assistance that wraps around it.
Credit requirements
Moderate — lower scores can qualify
Score-based: 660+ for most programs, as low as 620 with a higher rate.
Max loan
Depends on program
Maximum loan amount varies by which Utah Housing program you qualify for. The First-Time Homebuyer Assistance Program has its own $450,000 purchase price cap.
Who's eligible
Utah residents who fit the income and program-specific criteria.
Utah Housing is the state's own loan program, built on FHA. The headline draw is the down-payment assistance — you can effectively put nothing down. Trade-offs are the lifetime MIP and program-specific rules around the home and your income.
Side by side
Compare two programs.
Pick any two — we'll show only the dimensions that actually differ. Most loan decisions come down to two options anyway.
Minimum down
Conventional
3%
FHA
3.5%
Lower number isn't always better — it usually comes with stricter mortgage-insurance terms.
Mortgage insurance
Conventional
PMI until 20% equity
FHA
MIP for life of loan
Credit flexibility
Conventional
Strict
FHA
Moderate
Flexible programs accept lower scores but usually price them higher.
Eligibility
Conventional
Anyone, with credit and income to qualify.
FHA
Primary residence only.
Max loan
Conventional
$832,750 (1-unit)
FHA
Varies by county
Utah-specific
Utah's first-time buyer assistance program
Up to $20,000 toward your down payment, closing costs, or a permanent rate buydown — at 0% interest, with no monthly payment.
Eligibility
- Max purchase price $450,000
- First-time buyer (no homeownership in last 3 years)
- Must be a new-construction home
- Utah resident for at least 12 months
- Household income within program limits
How repayment works
No monthly payment. No interest. The assistance is paid back when you sell or refinance — so it's effectively a deferred loan, not a grant.
Check current eligibility + remaining funds at utahhousingcorp.org →When the standard 5 don't fit
Specialty programs.
Professional Loan
Built for licensed professionals to access zero-down options and skip PMI.
- ·Up to $1.25M with nothing down
- ·Up to $2.77M with 10% down and no PMI
- ·Up to $3.5M with 15% down and no PMI
Bridge Loan
Short-term access to your current home's equity so you can buy the next one before this one sells.
- ·Buy first, sell later
- ·Sell for top dollar without rushing
- ·Move forward without price cuts
DSCR Loan
Investor financing based on rental income, not personal income.
- ·Approval based on the property's rent
- ·No personal income docs needed
- ·Simpler qualification for investors
ITIN Borrower Loan
Home loans for ITIN filers — no Social Security number required.
- ·No SSN required
- ·A path to ownership without citizenship
- ·Competitive rates
Self-employed or unconventional income
Alternate-income programs.
Bank Statement Loan
Self-employed borrowers qualify using bank deposits instead of tax returns.
- ·No tax returns needed
- ·Deposit-based income calculation
- ·Flexible underwriting
One Year 1099 Loan
Self-employed or contract workers qualify with just one year of 1099 income.
- ·One-year income history
- ·Fewer documents
- ·Faster qualifying
Profit & Loss Statement Loan
Self-employed borrowers qualify using a current P&L instead of full tax returns.
- ·Less documentation
- ·Simplified approval
- ·Cash-flow focused
Asset Depletion Loan
Qualify using liquid assets like high-balance accounts instead of traditional income.
- ·No income required
- ·High-net-worth friendly
- ·Retirement assets eligible
No Doc Loan
For borrowers who qualify based on positive compensating factors instead of income or assets.
- ·Higher down payment requirements
- ·Minimal documentation
- ·Streamlined process
Less than 12 Months in Business?
Designed for borrowers whose business is less than 12 months old.
- ·Must have experience in same business type
- ·No tax returns needed
- ·Deposit-based income
Programs change. Numbers move. When you're close to deciding, a 15-minute call with a real mortgage professional will save you hours of research.
Talk to Jason Christiansen →