Loan types: Purchase, Refinance

Interest Rate Types: Fixed, Adjustable

Property Type: Primary Residence

This is a HUD or government insured loan that allows buyers to purchase a home for only 3.5% down. The FHA loan has maximum loan limits for each county which are significantly lower than conventional limits (Utah County’s limit is $323,750). An FHA loan is excellent for someone who has less money to put down, and someone who has higher debt-to-income ratios, or someone whose credit is less than perfect.

Loan types: Purchase, Refinance

Interest Rate Types: Fixed, Adjustable

Property Type: Primary Residence, Second Home, & Investment Properties

The conventional conforming loan is the traditional mortgage program. It is called “conforming” because it fits within the standardized guidelines set by Fannie Mae and Freddie Mac. It can be used to finance all different types of residential properties. The loan requires mortgage insurance if the down payment is less than 20 percent. The monthly mortgage insurance required for this loan is cheaper than FHA mortgage insurance. A conventional loan caters to those who have more money to put down & great credit scores.

Loan types: Purchase, Refinance

Interest Rate Types: Fixed, Adjustable

Property Type: Primary Residence

This is a Veterans Administration insured loan available to Veterans of the Armed Forces. It allows for 103% financing so a veteran can buy a home for no money down and finance the closing costs. The VA charges an up-front funding fee (which can be financed into the loan) that varies based on whether or not it is the borrower’s first time getting a VA mortgage. This program is a perfect option for a Veteran seeking the most affordable type of home financing.

Loan types: Purchase, Refinance

Interest Rate Types: Fixed

Property Type: Primary Residence

The Rural Housing loan is a federal program offered through the United States Department of Agriculture (USDA). It is designed to help borrowers with low-to-moderate income obtain home financing in specified rural areas. The program has an upfront guarantee fee of 2.0% (which can be financed into the loan) and a low monthly mortgage insurance premium. This is a great loan for those seeking financing in a rural area. Income and property location restrictions apply- see below for more details.