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Conventional Home Loans Salt Lake City, Utah

Buy or refinance your home in Salt Lake City with a conventional home loan.
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Why Choose A Conventional Loan For Your Home Purchase Or Refinance In Salt Lake City, Utah

Low Down Payment Requirements

Conventional home loans only require a 3% down payment or home equity. This is perfect for first-time home buyers with limited down payment funds or those looking to refinance out of higher-cost loan programs.

Loan Options

Conventional loans offer the largest number of loan options. Borrowers can choose from adjustable or fixed rate loans with 10, 15, 20, 25 or 30 year terms.

Higher Loan Amounts

Loan limits are adjusted each year as home prices change. These changes can make buying or refinancing a home easier to qualify for and more affordable.

Diverse Property Types

Purchase or refinance a primary residence, second home or investment property. Property types can include single-family homes, condominiums, town homes, multi-unit properties and more.

What Other Home Owners Are Saying

Richard Ezekiah
Richard Ezekiah
2024-04-19
Trustindex verifies that the original source of the review is Google.
Very attentive and helpful. All in all awesome.
Jenica Quisido
Jenica Quisido
2023-09-06
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Jason Skinrood was very professional with us. He has helped us with every step until closing. This is our first purchase and had no clue what to do and he made us feel comfortable. My husband and I highly reccomend Jason Skinrood.
Chip Shop
Chip Shop
2023-08-15
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Jason is the best to work with. My personal situation was unique and made the process challenging. Jason was able to guide me through every obstacle that came up because he’s a pro! He’s been a loan officer his entire professional career and he knows his stuff! Thank you Skinrood and Supreme for making this happen! John Hill -a happy customer
SR T
SR T
2022-11-18
Trustindex verifies that the original source of the review is Google.
Jason was very helpful with getting our family the funding for the house we always wanted. Thank you, Jason!
bobbi jo roscoe-bryan
bobbi jo roscoe-bryan
2022-10-19
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It was another Amazing experience working with Jason. He is very knowledgeable, patient and thorough.
Jessica Batson
Jessica Batson
2022-05-18
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Jason was amazing. Even when I thought for sure my loan wasn't going to go through, he stuck with it and made it happen! I've used him multiple times and am always satisfied and happy we the end result.
Erik Easton
Erik Easton
2022-04-15
Trustindex verifies that the original source of the review is Google.
Working with Jason Skinrood on my VA Cash-Out Refi has been easy and seamless… I used Jason’s experience several years ago on a VA Streamlined Refi and that went so well that I knew I had to get back with him on the Cashout Refi. I truly believe that the entire process could not have gone any smoother or quicker. Jason works hard to get us Vets everything we deserve at a fair and up front price… no hidden fees to worry about later. Thanks Jason, I greatly appreciate your strait forward approach to this process. I HIGHLY RECOMMEND Jason for any of your VA loan needs.
Robert Magarrell
Robert Magarrell
2022-04-06
Trustindex verifies that the original source of the review is Google.
Our experience working with Jason has been by far the best we have ever experienced! We are so grateful for his knowledge and experience with VA loans, that he responds immediately to all of our questions and I have never experienced working with someone that immediately answers the phone the way that Jason does.
Zachary Altvater
Zachary Altvater
2022-03-18
Trustindex verifies that the original source of the review is Google.
Jason has been great to work with. He's been on top of things from the beginning, and hasn't thrown us any curveballs like other lenders do. We have been working with Jason for over a year now, and he has always stayed in contact and touched bases with us, never forgetting us. It was an easy process, and we have been thrilled with the hospitality.

Salt Lake City Conventional Home Loan FAQs

Find answers to your conventional loan frequently asked questions.

What are the benefits of conventional home loans?

Conventional home loans Salt Lake City, UT offer a number of benefits. For starters, conventional loans are not part of any government program, is the most common type of mortgage loan and are widely available from a variety of lenders. On average, around 80% of home buyers and home owners use a conventional home loan to buy or refinance a home. Additionally, conventional home loans only require a 3% down payment. This can make them an attractive option for first-time homebuyers or those with limited savings. Conventional loans don’t have an upfront mortgage insurance premium or a funding fee like government-backed loan programs. Finally, mortgage insurance is only required when putting down less than 20% or has less than 20% equity in their property.

A conventional loan can be used to buy or refinance a primary residence, second home or investment property and do not have a prepayment penalty.

What are the conventional home loan requirements?

Conventional home loans require that borrowers meet basic qualification requirements for credit, debt ratios and money down or available equity. Credit score minimums are a 620 FICO score with no bankruptcy, foreclosure or short sale within the past seven years. Debt-to-income (DTI) ratio limits are capped at 45%, but in some cases can be extended to 49.99% with excellent credit and/or a sizable down payment. Debt ratios are calculated by totaling your monthly credit obligation and dividing them by the gross monthly income.

Borrowers who are paid salary, a wage or are self-employed can qualify for this type of loan. For borrowers with large assets, trust income or other reliable income source(s) may also qualify.

What Property Types Are Allowed With Conventional Home Loans?

Conventional home loans can be used to purchase a variety of different property types. Some of the most common property types that can be purchased with a conventional loan include:

  1. Single-family homes
  2. Townhouses and duplexes
  3. Condominiums
  4. Multi-unit properties (up to four units)

What is the process of getting a conventional home loan in Salt Lake City, Utah?

The process of getting a conventional home loans in Salt Lake City starts with getting preapproved from a loan officer. You’ll need to provide income documentation and possibly bank statements. The lender will also need to run a credit check.

Once you’ve been preapproved for your home loan, it normally takes 30 days or less to close. You can estimate monthly mortgage payments here.

What Are The Conventional Loan Limits in Salt Lake City?

The conforming loan limit 2024 in Salt Lake City is $766,550 for a single-unit property. This is also often called the conventional loan limit. Conforming loan limits also exist for two to four-unit properties.

For conforming loan limits greater than $766,550, the loan is considered a Jumbo loan. Some states and counties in the US also have a High Balance loan limit where housing costs are high. High Balance loans have similar guideline and qualifying requirements as a conventional home loan.

Begin Your Home Buying or Refinance Journey

Schedule a 15-minute consultation to learn more about using a conventional home loan to buy or refinance a home in Salt Lake City, Utah. Get answers to your questions and start your path to home ownership.

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How To Choose A Salt Lake City, UT Mortgage Lender

When looking for a lender to help with financing a home, it’s important to find someone who is local and specializes in conventional home loans Salt Lake City. Compare your options by finding a loan officer that:

    • Possesses knowledge of the home-buying process and loan program guidelines
    • Has a network of other real estate professionals
    • Demonstrates working with similar clients
    • Knows what resources are available to find the latest information
    • Can show exceptional reviews and testimonials from clients

Many mortgage lenders claim to specialize in conventional loans. However, they typically hire loan officers with little to no experience. The lender doesn’t underwrite the loans themselves, have extended closing times up to 45 days, make you work with a team instead of a single person and don’t respond to your inquiries during the process. Plus, you typically end up with a higher interest rate.

Choosing the right lender for conventional home loans Salt Lake City UT could save you thousands of dollars and ensure a positive home buying or refinance experience.

​About Salt Lake City, Utah

Salt Lake City is the capital and most populous city of the U.S. state of Utah. The city is seated at the foot of the Wasatch Mountains and lies in a valley stretching out to the Great Salt Lake. With a population of just over 190,000 residents, Salt Lake City is Utah’s largest city and metro area. It serves as headquarters for many Church of Jesus Christ of Latter-day Saints institutions including Brigham Young University (BYU).

Why Live in Salt Lake City, Utah

Salt Lake City is a great place to live if you love the outdoors. The city is located at the foot of the Wasatch Mountains, providing easy access to some of the best hiking and skiing in the country. In addition, the area provides plenty of opportunities for swimming, boating, and fishing. The city also has a thriving arts scene, with several museums and theaters worth checking out.