Conventional Mortgages in Utah
What is a Conventional Mortgage?
Conventional loans in Utah are home loans that are not issued or guaranteed by the government, or is
not a part of a specific government program. Conventional loans are issued by private lenders. These
loans adhere to the guidelines set by Fannie Mae and Freddie Mac. They may have either fixed or
adjustable rates. Conventional loans can be used for primary residences, second homes, and
investment properties. Conventional loans have occupancy stats requirements, loan to value
requirements, and credit score requirements.
Who can get a Conventional Mortgage?
Utah conventional mortgages take into account your credit score, income, and property information for
the home you hope to buy. While anyone is able to apply for a conventional mortgage not all applicants
will qualify. The best way to find out if you can qualify for a conventional mortgage is to find a mortgage
loan officer. Your loan officer gathers together any and all information needed and runs it through an
underwriting system. This system will allow you to know if you will qualify for a mortgage and the loan
amount that you may qualify for. Keep in mind that the actual amount to be loaned will depend on not
only your information but also information on the property you choose.
How Can I get A Conventional Mortgage?
To see if you qualify for a conventional home loan contact a mortgage professional. Typically, you will
-Driver’s license and social security cards
-Income proof for the last 30 days and Year-To-Date
-W2’s for the last two years
-Bank Statements for the last 60 days
-Other documentation for special circumstances.
Once you have this information gathered and submitted your individual situation will be assessed to see
if you will qualify for a conventional mortgage.
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