Conventional Loans

If you are a home buyer looking to purchase or  an existing home owner looking refinance your existing home in Utah a conventional loans are a great option.  Along with great down payment options conventional loans offer other advantages when buying a home.  In addition, If you have equity in your current home you can get cash out of that for home improvements or debt consolidation.  We are a leading provider of Conventional loans in Murray, South Jordan, Draper as well as the entire state of Utah.  For more information Megastar’s conventional loans and how to qualify call or email us today 801-903-2251.  sbates@megastarfinancial.com

What Are Conventional Loans?

Conventional loans are mortgage loans offered by non-government sponsored lenders. A conventional, or conforming, mortgage adheres to the guidelines set by Fannie Mae and Freddie Mac. It may have either a fixed or adjustable rate.

Advantages of Conventional Loans

With a larger down payment you can avoid or eventually remove any mortgage insurance from your monthly payment.  Conventional loans have many options on how or if you will pay private mortgage insurance (PMI). While many think that a 20% down payment is required for all conventional loans, many lenders now offer low down payment options

How to Qualify For Conventional Loans

The qualification guidelines for a conventional are set up by FNMA and FDMC.  The Guidelines include verification of and acceptable credit, income, and down payment funds from the applicant.  Megastar professionals are trained to help walk you through the application process and help you to see if you qualify as well as educate as a current or prospective home owner.  Contact a Megastar Professional

Mortgage Insurance (PMI)

While many think that a 20% down payment is required for all conventional loans, many lenders now offer low down payment options.

Conventional Loan Limits

Maximum Loan Amount for 2019

Units Contiguous States, District of Columbia, and Puerto Rico Alaska, Guam, Hawaii, and the U.S. Virgin Islands
1 $484,350 $726,525
2 $620,200 $930,300
3 $749,650 $1,124,475
4 $931,600 $1,397,400

Maximum Loan Amount for High-Cost Areas for 2019

+A number of states (including Alaska and Hawaii), Guam, Puerto Rico, and the U.S. Virigin Islands do not have any high-cost areas in 2019.

Units Contiguous States, District of Columbia+ Alaska, Guam, Hawaii, and the U.S. Virgin Islands
1 $726,525 Not Applicable
2 $930,300 Not Applicable
3 $1,124,475 Not Applicable
4 $1,397,400 Not Applicable

Qualify For A Conventional Loan Today

If you are Buying your home or looking to refinance your current home loan in Murray, South Jordan, Draper as well as the entire state of Utah we can help.  We are committed to helping our clients realize the dream of buying a home.  For more information on Conventional loans or how to qualify contact us today 801-903-2251.

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Licensing

Branch NMLS# 1821958

Corporate NMLS# 3043

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Contact Us

MegaStar Financial - Utah
480 E. Winchester St. Suite 100
Murray, UT 84107

Number:
(801) 903-2251

Hours:
MON-FRI 8:30AM - 6PM