Conventional Home Loans

A conventional loan is any mortgage that is not guaranteed or insured by the federal government. A conventional loan is the ideal loan for borrowers with excellent credit and funds for a down payment.

Conventional mortgage guidelines allow you to purchase condos, planned unit developments, modular homes, manufactured homes, and 1-4 family residences. Conventional loans can also be used to finance primary residences, second homes and investment properties.

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Conforming Loan Limits

A conventional loan that follows certain loan amount limits is considered a conforming loan. Listed below are the current conforming loan limits - these lending limits apply to conventional loans for 1-4 unit residential homes and condos and may mean reduced rates and easier documentation requirements!

County One Unit Two Units Three Units Four Units
Beaver, Cache, Carbon, Daggett, Duchesne, Emery, Garfield,
Grand, Iron, Juab, Kane, Millard, Piute, Rich, San Juan, Sanpete,
Sevier, Uintah, Utah, Washington, Wayne, Salt Lake, Tooele
$726,200 $929,850 $1,123,900 $1,396,800
Box Elder, Davis, Morgan, Weber $744,050 $952,500 $1,151,400 $1,430,900
Summit, Wasatch $1,089,300 $1,394,775 $1,685,850 $2,095,200

Frequently Asked Questions

What is the minimum credit score required for a conventional loan?
Generally, at least a 620 credit score is required for a conventional loan.

How much money does a conventional loan require for a down payment?
Conventional home mortgage loans typically require the borrower to have at least 5% of the sales price in cash for the down payment. If a buyer can put down at least 20% of the sales price, they will be able to avoid mortgage insurance.

What information is needed from the applicant to start the process for a conventional mortgage loan?

  • Social Security number
  • Residence addresses for the past two years
  • Names and addresses of your employers over past two years
  • Current gross monthly salary
  • Tax returns for the past two years
  • Pay stubs for the last 30 days
  • Names, addresses, account numbers and balances on all checking/savings and other open accounts
  • Addresses and loan information of other real estate owned, if applicable.
  • Estimated value of furniture and personal property
  • W2's for the past two years
  • For self-employed individuals, provide current income statement and balance sheet