The Utah Conventional Loan Consumer Guide
The complete conventional financing handbook for Utah buyers
How conventional (Fannie Mae / Freddie Mac) financing works in Utah — down payment tiers from 3% to 20%+, PMI mechanics and removal, loan limits, HomeReady and Home Possible programs, and when conventional beats FHA or VA.
- 28 pages
- 40 min read
- Version 1.0.0
- Updated July 2026
- First-time buyers
- Move-up buyers
- Refinance homeowners
- Higher-credit borrowers
Key questions, answered in seconds
- What is a conventional loan?
- A conventional loan is a mortgage not insured or guaranteed by a government agency (FHA, VA, USDA). Most conform to Fannie Mae or Freddie Mac guidelines and are the most common mortgage product in Utah.
- How much down payment does a conventional loan require in Utah?
- As little as 3% down for eligible first-time buyers (Conventional 97, HomeReady, Home Possible), 5% for most repeat buyers, and 20% to avoid monthly PMI.
- When can I remove PMI from a Utah conventional loan?
- You can request PMI removal once you reach 20% equity based on the original value, and it is automatically terminated at 22% equity. Appreciation-based removal at 20% is also available with a new appraisal after two years.
Frequently Asked Questions
Continue learning
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Related Consumer Guides & Resources
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Educational only. This guide does not constitute legal, tax, or financial advice. Programs, guidelines, and limits change frequently — verify current terms with a licensed Utah mortgage professional. Serving Salt Lake, Utah, Davis, Weber, Cache, Washington, Tooele, and Summit counties.
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