- Home
- Loan programs
- Conventional loan
Conventional loans, priced to your credit
The most common way to buy in Utah. Put down as little as 3%, and drop mortgage insurance once you reach 20% equity.
- Minimum down
- 3%
- Typical credit
- 620+
- Terms
- 10 to 30 years
- 2026 loan limit (UT)
- $806,500
How a conventional loan works
A conventional loan is not backed by a government agency. It follows guidelines set by Fannie Mae and Freddie Mac, which is why pricing rewards strong credit and larger down payments. For many Wasatch Front buyers with a credit score above 700, it is the lowest total cost option over the life of the loan.
You can choose a 30, 25, 20 or 15 year fixed term, or an adjustable rate that starts lower for the first 5, 7 or 10 years. If you put down less than 20%, you pay private mortgage insurance (PMI) monthly, and it cancels automatically once your balance reaches 78% of the original value.
What is included with Summit Ridge
Every conventional loan comes with one flat $995 lender fee, shown before you apply, plus everything below.
- Side-by-side quotes for 30, 20 and 15 year terms
- PMI options: monthly, single premium or lender-paid
- Rate lock up to 60 days at no charge
- Automated underwriting decision within 24 hours
- Appraisal waiver check on eligible purchases
- One loan officer from pre-approval to closing
The process, step by step
One loan officer and one processor from your first question to closing day.
- 1
Pre-qualify online
Answer a few questions in about 6 minutes. A soft credit check shows your likely rate range.
- 2
Upload documents
Link bank accounts and payroll securely, or drag in W-2s and statements.
- 3
Lock and underwrite
Lock your rate once under contract. Underwriting reviews your file in about 3 business days.
- 4
Clear to close
Review your Closing Disclosure 3 days before signing, then get your keys.
Why borrowers choose it
PMI that goes away
Unlike FHA, mortgage insurance cancels once you reach 22% equity, or earlier with a new appraisal.
Any property type
Primary homes, second homes in Park City or St. George, and 1 to 4 unit investment properties.
Credit rewards
Every 20 points of credit score can lower your price. We show you exactly where the breakpoints are.
Fewer property rules
Conventional appraisals are less strict about peeling paint or older roofs than government loans.
Requirements and pricing factors
Your rate and approval depend on these factors. We explain exactly which ones move your price.
See sample rates- Credit score
- 620 minimum, best pricing at 760+
- Debt-to-income
- Up to 50% with strong compensating factors
- Down payment
- 3% first-time buyers, 5% otherwise, 10%+ for second homes
- Reserves
- Often 0 to 2 months of payments, more for investment homes
- Occupancy
- Primary, second home or investment
Conventional loan questions
More answers in our full FAQ and learning center.
No. First-time buyers can put down 3% and repeat buyers 5%. Below 20% down you pay PMI, which cancels as you build equity.
In our sample pricing it runs roughly 0.2% to 1.1% of the loan amount per year, depending on credit score and down payment.
Yes. Family gifts can cover all of the down payment on a primary home with a signed gift letter and proof of transfer.
Ready to price your conventional loan?
Pre-qualify in about 6 minutes with a soft credit check. No impact to your score and no obligation.
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