Mortgage Loan Types
Whether you’re buying your first home, refinancing, or looking into retirement options, there's a loan for you. Not sure which fits best? Reach out—we're happy to help guide you.
Conventional Loans (FNMA & FHLMC)
These loans are not backed by the government and are offered by private lenders. Most are sold to Fannie Mae (FNMA) or Freddie Mac (FHLMC), which helps lenders offer better terms.
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Great for buyers with good credit and stable income.
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Typically require a higher credit score.
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Often need at least 3%–5% down payment.
Government-Sponsored Loans (GNMA)
Backed by Ginnie Mae (GNMA), these are insured by federal agencies and are designed to help more Americans become homeowners.
FHA Loans
Insured by the Federal Housing Administration.
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Lower credit score requirements.
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As little as 3.5% down payment.
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Great for first-time homebuyers.
USDA Loans
Offered by the U.S. Department of Agriculture for rural and suburban homebuyers.
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Zero down payment.
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Must meet income and location eligibility.
VA Loans
Guaranteed by the Department of Veterans Affairs.
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For eligible veterans, active-duty service members, and surviving spouses.
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No down payment and no mortgage insurance.
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Flexible credit and income guidelines.
Non-QM & Non-Conforming Loans
These loans don’t meet traditional lending standards (Qualified Mortgage rules) or exceed conforming loan limits.
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Ideal for self-employed borrowers or those with unique income situations.
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Can be used for jumbo loans or investment properties.
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Often come with higher interest rates or down payments.
State Housing Loans (Utah Housing Corporation)
Special programs for Utah residents.
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Designed to help first-time and low-to-moderate-income buyers.
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Down payment assistance available.
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Must meet income and purchase price limits.
Reverse Mortgages (HECMs)
Home Equity Conversion Mortgages (HECMs) are designed for homeowners aged 62 and older.
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Turns your home equity into tax-free cash.
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No monthly mortgage payments required.
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Loan is repaid when the home is sold or the borrower moves out or passes away.
Mortgage Calculator | More Loan Options
Curious about how much you can qualify for? Check out Security National's affordability calculator, as well as more information on the available loan options by clicking on the loan options tab.
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