The best loan for a residential property in Utah depends on a variety of factors, including your financial situation, credit score, and the type of property you're looking to purchase. Here are a few popular loan options in Utah to consider: Conventional mortgage: A conventional mortgage is the most common mortgage type there is. It’s a loan that is not insured or guaranteed by the government. Conventional loans (sometimes called conforming loans) are an ideal loan for borrowers with good credit and a stable income. Conventional mortgages usually require a higher down payment and have strict underwriting criteria. Conforming mortgage limits do apply. Federal Housing Administration (FHA) loan: An FHA loan is a government-backed loan that is designed to help lower-income and first-time homebuyers purchase a home. FHA loans have more lenient credit and income requirements, and they require a lower down payment. In 2023, Utah's FHA loan limits range from $472,030 to $1,089,300 for a single-family home. Veterans Affairs (VA) loan: A VA loan is a government-backed loan that is available to eligible active-duty military personnel and veterans. VA loans have more lenient credit and income requirements and require no down payment. There are limits on VA loans in Utah, and they vary by county. Non-Conforming or Jumbo Loan: These loans are designed for high-income borrowers looking to purchase a high-value property with a loan amount higher than conforming loan limits. You can get a Jumbo adjustable-rate mortgage (ARM) or a Jumbo fixed-rate mortgage. They are not insured or guaranteed by the government. They are the main mortgage option for high loan amounts. Jumbo loans usually require 10% down. Adjustable-rate mortgage (ARM): An adjustable-rate mortgage is a type of mortgage where the interest rate changes over a predetermined schedule. ARMs usually start with a lower initial interest rate, and the rate adjusts over time, usually making the monthly mortgage payment more expensive. Fixed-rate mortgage: A fixed-rate mortgage is a type of mortgage where the interest rate remains the same over the entire term of the loan. This can make budgeting for your monthly mortgage payment easier, as the payment remains the same over time.