Low down payment options
Eligible buyers may qualify for a program requiring less than 20% down.
Buying your first home, moving to your next one, or refinancing? Explore conventional mortgage options with a plan built around your down payment, monthly budget, and long-term goals.
A conventional loan is a mortgage that is not insured or guaranteed by a government agency such as FHA, VA, or USDA.
Many conventional mortgages are conforming loans, meaning they meet Fannie Mae or Freddie Mac guidelines and the applicable loan limits. Conventional financing can also include nonconforming loans, such as jumbo mortgages.
Our Houzd Mortgage team can help you compare available programs and their requirements.
Eligible buyers may qualify for a program requiring less than 20% down.
Compare payment stability with adjustable-rate options and their future payment risks.
Borrower-paid private mortgage insurance may be eligible for cancellation under applicable rules.
Discuss primary residences, second homes, and investment properties. Requirements vary.
Compare available repayment terms against your monthly budget and borrowing costs.
Explore financing for a home purchase or an existing mortgage.
Your minimum depends on the specific program, property, and occupancy. The lowest down payment options generally apply to eligible primary residence purchases.
Compare your payment, mortgage insurance, closing costs, and savings remaining after closing before deciding how much to put down.
These examples illustrate down payment scenarios, not approval requirements for every loan.
Private mortgage insurance is typically required when a conventional purchase has less than 20% down. PMI protects the lender and adds to your borrowing costs.
Its cost depends on factors including credit, loan-to-value ratio, and loan structure. Ask how it affects your total monthly payment.
Many borrowers can request cancellation when their balance reaches 80% of the home's original value, subject to payment history and other conditions.
Automatic termination rules may also apply. Your servicer can explain the requirements for your loan.
Conforming loan limits depend on the property's county, number of units, and year. Some counties have higher limits than the national baseline. Your loan amount after the down payment determines whether you are within the applicable limit.
Based in Draper, our Houzd Mortgage team helps buyers and homeowners in Salt Lake, Utah, Davis, and Weber counties compare financing. Whether you are buying in Salt Lake City or refinancing elsewhere along the Wasatch Front, confirm the limit for your property's county.
Review the current FHFA conforming loan limits or connect with a Houzd loan officer to discuss your scenario.
Your review considers your full financial picture, the property, and the program's requirements.
Your loan officer will explain which documents and conditions apply to your application.
Understand your options before committing to a loan.
Share your finances, property plans, and purchase or refinance goals.
Review available terms, payments, insurance, and closing costs.
Discuss pre-approval, estimated cash to close, and remaining conditions.
Work through property review, underwriting, final approval, and closing.
No. Some programs allow as little as 3% down for eligible buyers. Requirements vary by program, property, and occupancy. A smaller down payment typically means PMI is required.
No. First-time buyers, repeat buyers, and existing homeowners may qualify. Individual low-down-payment programs can have additional eligibility restrictions.
For conforming financing, the limit depends on county, property unit count, and year. There is not one limit for every Utah property. Loans above the applicable conforming limit generally require jumbo financing.
No. A high-balance conforming loan stays within the higher conforming limit available in an eligible county. A jumbo mortgage exceeds the applicable conforming limit.
Requirements depend on the program, lender, and underwriting method. Credit is reviewed alongside income, debts, assets, and property details. Ask your loan officer to evaluate your complete application.
Many loans with borrower-paid PMI allow cancellation once applicable balance, payment history, and other requirements are met. Contact your servicer for the rules and process for your mortgage.
Yes, eligible investment properties may qualify. Down payments, pricing, reserves, and underwriting requirements differ from primary residence financing.
Yes, when they meet applicable guidelines. Lenders evaluate qualifying income using required tax returns, business records, and other documentation.
It depends on your qualifications and goals. Compare the rate, APR, mortgage insurance, closing costs, and total payment. The option with the lowest advertised rate may not have the lowest overall cost.
You may qualify based on credit, income, equity, property eligibility, and program guidelines. Compare closing costs, payment changes, and total interest before refinancing.
Start your application online or connect with a Houzd loan officer to discuss your Utah home purchase or refinance.
Let's compare your conventional mortgage options and build a plan around your budget and goals.
Have questions first? Talk with a Houzd loan officer.
Houzd Mortgage | NMLS #888979 | Equal Housing Opportunity.
All loans are subject to credit, underwriting, and property approval. Down payment requirements, mortgage insurance, loan limits, rates, terms, and program availability vary by borrower, property, occupancy, and lender guidelines. This information is not a commitment to lend.
Adjustable-rate mortgage rates and payments may increase after the initial fixed-rate period. Refinancing may increase total finance charges over the life of the loan.