Conventional Loans in Centerville, Utah

The minimum down payment is 3% for first-time homebuyers through programs like Conventional 97 or HomeReady, and 5% for most other borrowers. Putting 20% or more down eliminates private mortgage insurance entirely. For an investment property, expect a minimum of 15–25% down. We help you weigh the tradeoffs between a lower down payment (preserving cash) and a higher down payment (lower monthly payments and no PMI).

Conventional loans have no upfront mortgage insurance premium, PMI cancels automatically at 78% LTV (FHA MIP is permanent on most loans), higher loan limits in many Utah counties, and no FHA-specific property condition requirements. However, FHA loans have more flexible credit requirements and lower down payment minimums. If you have a credit score above 680 and can put at least 5% down, conventional is typically the better long-term value.

Conventional loans are a common path for investment properties. Down payment, occupancy, and pricing differ from a primary residence. We will not publish a promised rate markup.

Most conventional programs start around a 620 score, with overlays often higher. Higher scores often improve pricing, but there is no single “best rate” score. Scores between 620 and 700 can still fit some files with different PMI or pricing. That is not a promise of approval.

Centerville and Bountiful share I-15 proximity, but Centerville tends to be slightly more affordable and less hilly than Bountiful's east bench. Centerville's Parrish Lane is more commercially developed than Bountiful's Main Street, giving it a slight edge in walkable errands. Both are in the Davis School District with quick SLC access. For investors, Centerville may offer marginally better yields, while Bountiful's east bench commands higher absolute rents. Both are strong, stable markets with low turnover.

A 3-bedroom single-family home in Centerville typically rents for $1,800–$2,200, with 4-bedroom homes reaching $2,200–$2,600 depending on condition and location. Townhomes and condos range from $1,400–$1,800. These rents are competitive with Bountiful and slightly below Farmington. The key differentiator is very low vacancy, well-priced properties often receive applications within the first week of listing, and renewals are common with modest annual increases.

Centerville has limited undeveloped land, and much of the remaining open space faces development challenges (steep terrain, wetlands, or established zoning). Some infill projects and tear-down/rebuilds occur sporadically. This supply constraint is actually a benefit for existing property owners, without new competition flooding the market, existing inventory maintains its value and rental demand. The city's General Plan prioritizes maintaining neighborhood character over density increases.