Farmington, UT's Top Mortgage Solutions

Mortgage Loan Types

There’s no such thing as a universal loan solution, because each borrower is unique. We all have different needs, goals, and desires. That’s why we take the time to understand what makes you unique and tailor a financing solution that’s conducive to your life.

We help people from all life stages:

• New homeowners
• Credit-challenged buyers
• Healthcare workers with student loan obligations
• Contractors building luxury homes
• Veterans and active-duty service members
• And many more

If you’re unsure you won’t meet the requirements or don’t have enough cash upfront, don’t rule yourself out. Give one of our trusted loan specialists a call, and you’ll be surprised by how many financing paths there are for you at Summit Home Loans.

Should You Consider a Conventional Loan?

One of the leading and versatile mortgage loan options for buyers today is a conventional loan—and it’s easy to see why. These loans are backed by non-government entities as opposed to the government, which gives you more control when it comes to rate structures, home types, and repayment setup. If you’re in great shape financially with excellent credit, we can help you secure a conventional loan with the best mortgage loan rates in today’s market.

Pros: Minimal upfront costs when compared with government-backed loans including FHA or VA loans, and they come with varied term lengths.

Cons: Usually, you’ll be expected to provide at least three to five percent upfront in order to bypass extra costs, such as mortgage insurance. They also often have more demanding borrower criteria compared to programs like FHA, VA, or USDA.

Refinancing Solutions

Indeed, adjusting your mortgage terms is a wise decision that can help you save money over time. The standout perk? You could secure a far more competitive rate—lowering what you owe each month and building major long-term savings. Even a modest drop in your monthly mortgage payment can make a big difference—freeing up money for other financial priorities like building savings.

Benefit: Refinancing from an ARM (adjustable-rate mortgage) to a fixed-rate mortgage helps you stabilize your monthly mortgage costs and protect yourself from future interest increases—offering security throughout the life of your loan.

Drawback: The closing costs associated with refinancing can be significant, but we don’t charge any loan setup or admin fees, making us the leading lender for upgrading your home financing.

Senior Home Loans

Our skilled mortgage experts can help you explore whether this solution meets your needs.

Ground-Up Construction Loans

Construction loans are designed to provide quick financing, so you can create your dream home or embark on a large renovation project. They are typically high-interest mortgage loans intended to be fulfilled once the construction is completed. Different from standard loans, construction loans involve a series of payments as each stage of construction is completed. We offer a variety of construction loans, and our experienced lending team would be glad to find the right one for you.

Advantages: You enjoy the flexibility of accessing the funds to construct your place in your preferred style.

Disadvantages: Construction loans demand a final loan option once the project is done, but we are here to support you with that next phase of your loan and secure the lowest mortgage loan rate.

Our knowledgeable team knows construction lending and will keep your build on schedule financially and structurally..

How to Qualify for FHA Financing

We're an FHA-approved brokerage, and we’re dedicated to assisting you in understanding the benefits and features of FHA home loan programs. FHA financing options help those purchasing a home for the first time and buyers with limited income, providing less strict criteria than conventional loans. Less strict than other FHA mortgage loan criteria, we ask as little as a 1.5% down payment and a credit score of 580..

Advantages: FHA mortgage loans usually have lower mortgage loan rates.

Disadvantages: Limitations exist around how much you can borrow, which may differ depending on the area you live. Connect with a nearby mortgage loan specialist at Summit Home Loans to speak with an experienced professional.

Can't Afford a Down Payment? No Problem with USDA Loans

If you’re planning to move to a USDA-designated rural or suburban area, the government offers flexible mortgage options that encourage homeownership and economic growth in these areas. Become eligible for a USDA mortgage loan with a credit score as low as 580 and zero down payment needed. Reach out today for a quick loan preapproval experience.

Benefit: USDA loans are more credit-friendly, helping people from various credit backgrounds to qualify.

Drawback: Since USDA loans involve additional approval from the USDA itself, the loan process can take a bit more time than traditional loans.

Exclusive Eligible Veteran Home Loans

Every veteran should have the chance to become a homeowner without obstacles or red tape. Which is why we proudly offer Veterans Affairs loans—a robust home financing option designed especially for military veterans, current service members, and qualified surviving spouses. Issued by the U.S. Department of Veterans Affairs, VA mortgage programs are designed to honor your service by making homeownership more affordable and accessible. Thanks to no down payment, no need for private mortgage insurance, and lenient credit guidelines, VA financing is one of the best mortgage loans on the market. As a result, we remain thankful to extend this program to you and your family.

Pros: VA mortgage programs feature zero-down financing, so that no upfront money is needed. This helps make it possible for qualifying those who serve and their loved ones to own a home for the first time. Also, compared to standard home loans, VA mortgage programs do not mandate monthly private mortgage insurance.

Cons: VA mortgage programs often include a lump-sum government funding charge, which may raise your total financing cost.

Secure Your Dream Home With Jumbo Mortgage Solutions

For home loans over the conventional limit, our team delivers exceptional rates and flexible loan options throughout the Wasatch Front. Offering a low 10% down payment and no mortgage insurance, our Jumbo mortgage solutions are second to none. We welcome FICOs as low as 680 or higher with no origination or processing fees.

Benefit: You aren’t required to have a pristine credit score for a Jumbo Elite Loan. At Summit Home Loans, you can experience perks like 10% down, no private mortgage insurance, and funding solutions for buyers with FICOs of 680 and above.

Drawback: A smaller down payment helps you to move into your home faster, but it also means you’re financing a higher portion of the home's cost. Over time, this could raise your overall repayments and finance charges, especially for long-term mortgage loan periods.

Nationwide High Balance Mortgages

Get the larger house without the higher rate. As little as 10% down required with zero mortgage insurance. FICOs starting at 680. With no origination or processing fees. Only a limited number of lenders carry this program nationwide.

Pros: Favorable mortgage loan rates, giving more affordable loan options for bigger homes. Nationwide High Balance Loans let you borrow more than traditional mortgages and are a solid solution for borrowers in high-cost areas.

Cons: As a result of the increased loan limits, these loans typically come with a larger down payment. Borrowers must meet the tighter financial criteria.

Support Your Business Success With a Reliable Commercial Loan

When it’s time to grow your business, you need a loan that matches your effort. Our commercial financing options can help move your business forward—whether you're buying property, renovating your space, investing in equipment, or launching a new venture. Access our custom funding plans built around your goals, income cycle, and schedule—so you can stay focused on growth.

Benefit: We offer great rates to make it easier for you to manage your costs as you grow your business.

Drawback: Depending on the loan option and your financial profile, a larger down payment might be necessary.

A Smarter Way for Doctors to Buy a Home

We realize that becoming a doctor takes years of training, but we believe homeownership shouldn’t have to wait.Because of that we’ve built the best mortgage programs, exclusively just for physicians and medical experts. Whether you're in residency or already practicing, our doctor loan is made for you.

Benefit: You can save hundreds per month since Private Mortgage Insurance is usually not required.

Drawback: Only a small number of lenders specialize in medical professional loans, but we are proud to be one of them. Reach out today and secure approval for your dream home..

A Variety of Programs

We're a mortgage brokerage. We have access to all the mortgage options that our borrowers are looking for. Not seeing the loan program you wanted?. Contact us to ask. We’re confident we have a mortgage loan offer to suit your goals. If not, then we will guide you in creating a roadmap to meet your homeownership goals.