Loan programs, explained like you'd want a friend to explain them.
There isn't one "best" loan — there's the one that fits your credit, your cash position, and what you're trying to accomplish. Here's an honest look at the major programs available to Utah buyers, including where each one tends to fall short.
Conventional Loans
A conventional loan isn't backed by a government agency — it follows guidelines set by Fannie Mae or Freddie Mac. It's often the default starting point for buyers with solid credit and steady income.
FHA Loans
FHA loans are insured by the Federal Housing Administration and built for buyers who may not have picture-perfect credit or a large down payment saved yet.
VA Loans
VA loans are a benefit for eligible veterans, active-duty service members, and certain surviving spouses, guaranteed by the U.S. Department of Veterans Affairs.
USDA Loans
USDA loans support homebuying in eligible rural and some suburban areas, backed by the U.S. Department of Agriculture, and can allow financing with no down payment.
Down Payment Assistance Programs
Utah has multiple down payment assistance programs designed to help buyers get into a home with less cash out of pocket. These are typically paired with an underlying FHA, conventional, or other loan.
Jumbo Loans
For loan amounts above standard conforming limits — common for higher-priced homes along the Wasatch Front and in Park City/Summit County. Qualification tends to be more conservative on credit, reserves, and documentation.
Investment Property Loans
Financing for non-owner-occupied purchases generally requires a larger down payment and carries different pricing than a primary residence. Rental income may factor into qualification depending on the scenario.
Refinance
Lowering a rate, shortening a term, or tapping equity — refinancing only makes sense when the math actually works. Run the break-even numbers before assuming it does.
The program matters less than the fit.
Credit, cash, and income determine which programs are even on the table — and which one actually makes sense for your goals.
Start with your numbers
Before comparing programs, it helps to know your credit range, available cash, and comfortable payment. That's exactly what the readiness assessment walks through.
Compare tradeoffs, not just down payment
A lower down payment often means a mortgage insurance tradeoff. A grant-based assistance program might mean a second lien. There's always a tradeoff worth understanding.
Guidelines change
Credit minimums, loan limits, and fees are updated periodically by each program. What matters is checking current numbers against your specific file — not a rule of thumb from a blog post.
Let's figure out which loan option actually fits your situation.
Bring your questions — credit, down payment, self-employment, whatever it is. We'll talk through real options, not a sales pitch.