Conventional Loan

Conventional loans come in a variety of options and with excellent advantages for qualified borrowers.

What is a conventional loan?

A conventional loan is a type of mortgage that is not guaranteed or insured by any government agency, including the Federal Housing Administration (FHA), Department of Agriculture (USDA) and the Department of Veterans Affairs (VA) and is typically fixed in its terms and rate.

However, conventional loans are commonly interchangeable with 'conforming loans', since they are required to conform to Fannie Mae and Freddie Mac’s underwriting requirements and loan limits.

   A wide range of down payment options

   Overall loan cost is often lower than other loan types

   Advantages for higher down payments

   Eliminate MI with a 20% down payment

   Financing options restricted by government loans

Conforming vs Non-Conforming

Conventional mortgages fall into two categories: 'conforming' and 'non-conforming' loans. Conforming loans follow the guidelines set by Fannie Mae and Freddie Mac, two government-controlled companies that provide money for the U.S. housing market. The most well-known rule has to do with the size of the loan. In 2018, home loans for single-family homes in most of the continental U.S. are limited to $453,100 for Conventional Loans.

Jumbo & High Balance

For more information on non-conforming loans check out our Jumbo & High Balance Products.

Or, if you're looking to purchase in Carbon, Davis, Tooele or Weber counties, check out our exclusive Conventional High Balance.

County GSE 1-unit limit FHA 1-unit limit
Beaver $453,100 $294,515
Box Elder $453,100 $389,850
Cache $453,100 $294,515
Carbon $453,100 $294,515
Daggett $453,100 $302,450
Davis $453,100 $389,850
Duchesne $453,100 $294,515
Emery $453,100 $294,515
Garfield $453,100 $294,515
Grand $453,100 $294,515
Iron $453,100 $294,515
Juab $453,100 $341,550
Kane $453,100 $294,515
Millard $453,100 $294,515
Morgan $453,100 $389,850
Piute $453,100 $294,515
Rich $453,100 $296,700
Salt Lake $600,300 $356,500
San Juan $453,100 $294,515
Sanpete $453,100 $294,515
Sevier $453,100 $294,515
Summit $679,650 $679,650
Tooele $600,300 $356,500
Uintah $453,100 $294,515
Utah $453,100 $341,550
Wasatch $453,100 $428,950
Washington $453,100 $323,150
Wayne $453,100 $294,515
Weber $453,100 $389,850

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