Conventional Loans · Utah
Conventional Loans in Utah
Flexible financing for Utah buyers with stronger credit — compare conventional loans against FHA, VA, and DPA options with Mike Shehan.
What Is a Conventional Loan?
A conventional loan is a mortgage not backed by a government agency like the FHA, VA, or USDA. Conventional loans often suit buyers with stronger credit and a steady down payment, and they can offer more flexibility on property types and mortgage insurance. The key requirement is meeting lender credit, income, and down-payment standards.
Who Conventional Loans Fit
Conventional loans often suit buyers with stronger credit and a steady down payment, and they can offer more flexibility on property types and mortgage insurance than government-backed loans.
How Conventional Loans Work
A conventional loan is not insured by a government agency like the FHA, VA, or USDA. They follow guidelines set by Fannie Mae and Freddie Mac, and terms depend on your credit, income, and down payment.
Understanding the Full Picture
Conventional loans may let you cancel mortgage insurance once you reach enough equity, which can lower your long-term cost. Mike helps you weigh that against other programs.
Did You Know?
FAQs About Conventional Loans in Utah
What is a conventional loan?
A conventional loan is a mortgage not backed by a government agency like the FHA, VA, or USDA. Conventional loans follow guidelines from Fannie Mae and Freddie Mac and often suit buyers with stronger credit and a steady down payment.
How much down payment do I need for a conventional loan?
Conventional loans commonly allow a range of down payments, though your exact requirement depends on your credit, the loan type, and the property. A larger down payment can help you avoid or reduce mortgage insurance.
Is a conventional loan better than an FHA loan?
Neither is universally better. Conventional loans can offer lower mortgage insurance costs for stronger-credit buyers and let you cancel it later, while FHA loans can be more flexible on credit and down payment. Mike compares both against your numbers.
When does mortgage insurance cancel on a conventional loan?
On conventional loans, private mortgage insurance (PMI) can typically be removed once you reach a certain equity threshold and meet the lender's requirements — unlike FHA mortgage insurance, which often lasts the life of the loan. Mike factors this into your comparison.
Can I use a conventional loan for a second home or investment property?
Yes — conventional loans can finance second homes and investment properties, which is one reason investors often use them. Terms and requirements differ from a primary residence, so Mike reviews the details with you.
What credit score do I need for a conventional loan in Utah?
Conventional loans generally require a stronger credit profile than FHA loans, with the best terms available to borrowers with higher scores. Mike reviews your credit and shows how it affects your options during pre-approval.
Is a Conventional Loan Right for You?
Mike compares conventional loans against FHA, VA, and DPA options using your real numbers.
Client Reviews
Buyers Mike Has Helped
Real reviews from Utah borrowers who worked with Mike Shehan.
"I love Mike! He is the best with dealing with my clients. He offers full service to all of them and treats them all like family. Thanks Mike!"
Tim Lowry
Verified Google Review
"Mike Shehan was amazing getting our financing going through the process. He and his team were very responsive and walked us through the process. He also worked very well with our real estate agent. Hands down would go to him with all future house financing options."
Rony Tovar
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"I reached out to Mike a couple years ago just to see where I was at on potentially buying a house, my credit wasn't very good and I had some debt. Mike told me what it would take to improve everything. I called Mike a couple years later when things had improved. Long story short we CLOSED on our house! Thanks to Mike and his team. My family and I are so grateful!"
Travy Fanua
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Whether you're buying your first home, refinancing, or building an investment portfolio, Mike will help you understand your options and make informed decisions.
