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For informational purposes only. This is not a commitment to lend or extend credit. Information and/or dates are subject to change without notice. All loans are subject to credit approval. Payments are quoted principal and interest with mortgage insurance if applicable, taxes and insurance are not included in payment estimation. Your payment obligation may be higher.
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Purchase Loans in Utah

Buying a home is a large financial investment. We want to help you get the right loan for a lower cost.
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Average Home Value in Utah$535,217
As of early 2025, the average home value in Utah stands at $535,217, showing a 1.4% increase over the past year, which indicates steady but moderate appreciation in the housing market.
Utah Housing Market: 2025 Home Prices & Trends | Zillow Image
Median Sales Price in Utah$547,700
The median sales price for single-family homes in Utah reached $547,700 in the fourth quarter of 2024, positioning Utah as one of the more expensive markets nationwide.
Utah home prices slowed in 2024 — but housing market still ranks among nation’s most expensive Image
Utah ranked as the 9th most expensive housing market in the country in 2024 - Kem C. Gardner Policy Institute Image
Year-Over-Year Home Value Increase1.0%
Utah home values have risen by 1.0% year-over-year as of September 2024, reflecting a slight slowdown influenced by market factors like interest rates and inventory levels.
Utah Housing Market: Trends and Forecast 2024-2025 Image

Purchase Loans to Choose From

Utah Conventional Loans

A conventional home loan is a highly popular mortgage option across the U.S. Unlike Utah FHA and VA loans, conventional home loans in Utah aren’t government guaranteed or insured. Private lenders back these loans instead. The benefit is that you can enjoy more flexibility in the type of property you finance, how much you borrow, and what your credit score must be to qualify for the loan. Still, credit scores must typically be higher for conventional loans than Utah FHA and VA loans, and down payments must be between 3% and 5% of a house’s purchase price.

Note that your conventional home loan’s term in Utah can be between 10 and 30 years. In addition, no private mortgage insurance (PMI) premiums are necessary if you put 20% or more of your purchase price down.

Utah FHA Loans

An FHA loan is generally an excellent option if you have trouble qualifying for a conventional loan. It can meet your needs even if you don’t have a large amount of money to put down, your credit score isn’t great, you’ve gone bankrupt before, or you experienced a foreclosure in past years. Just 3.5% of your house’s purchase price is all you need for a down payment. Keep in mind, though, that since the 3.5% is less than 20%, you will have to pay PMI monthly. In addition, Utah FHA loans may not provide enough money to buy a high-end house.

Utah VA Loans

Members of the military, surviving spouses, and vets may qualify for a VA loan. The loan makes becoming a homeowner rrelatively simple since no down payment is required and interest rates are lower than those of conventional home loans in Utah, saving you thousands long term. PMI also isn’t required.

Utah USDA Loans

The USDA offers mortgage loans to suburban and rural buyers. These government-backed loans are made for families who can’t obtain traditional home financing due to having moderate or low incomes. You won’t have to make a down payment, and you can take advantage of a lower rate of interest than you would with a conventional loan. An adviser can help you determine if your credit score and income are high enough to qualify for this loan option, which may be used for purchasing a rural/suburban home or simply making home repairs.

Utah Jumbo Loans

A jumbo loan in Utah can help a high-end buyer requiring a substantial loan. Since more money is at stake, you’ll experience the following stricter requirements with a jumbo loan:

  • Bigger down payment
  • Lower debt-to-income ratio
  • Higher credit score

Expect to also pay more interest with jumbo loans. An experienced lender can help you determine if you’re eligible for one.

Utah First-Time Buyer Loans

If you’re interested in buying a home for the first time, down payment help is available. Cities and counties offer grants to buyers who meet certain income requirements and have not owned their own homes within the past three years.

Collaborate With Summit Lending Now

At Summit Lending, we have one objective: to match our clients with Utah FHA home mortgage loans or other loan options with exceptional interest rates, repayments, and terms. Get monthly payments you can afford in Utah by reaching out to us today!

The USDA, VA, FHA, and U.S. government do not endorse and are not affiliated with Summit Lending.

Average Days to Pending25 Days
Homes in Utah are typically going pending in about 25 days, suggesting a competitive yet balanced market where buyers need to act relatively quickly.
Utah Housing Market: Trends and Forecast 2024-2025 Image
Housing Market Expense Ranking9th in the Nation
In 2024, Utah ranked as the 9th most expensive housing market in the United States, with home prices growing less than 1% since 2022 despite the high rankings.
Here's what Utah's housing market looks like right now Image
Utah ranked as the 9th most expensive housing market in the country in 2024 - Kem C. Gardner Policy Institute Image
Home Price Appreciation Since 2022<1%
Utah home prices have increased by less than 1% since reaching a high in 2022, indicating a period of stabilization in the market amid national trends.
Utah home prices slowed in 2024 — but housing market still ranks among nation’s most expensive Image

Frequently Asked Questions

Everything you need to know about home mortgage loans in Utah
What information should I submit when applying for Utah home loans?

Your Utah mortgage lender will require you to complete a loan application requesting your work history, personal details, and financial information. Documents you’ll likely need to submit with your application include tax returns, bank statements, and pay stubs. Be prepared to also submit details about the property you’re interested in buying.

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Mandi Turner
Michael Evenhuis
Brodie Calder
Summit Lending

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