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Conventional mortgages in Roy, Utah with as little as 3% down. Loan limits, credit tiers, and exactly when PMI drops off at 78% LTV.
Compare loan options against Roy's $370K median price point before you shop, refinance, or lock a rate.
A conventional mortgage is a common loan type in Roy. The median home price snapshot we use is $370,000; confirm whether that sits under the current FHFA conforming limit for the property county. Credit, down payment, and DTI overlays decide pricing. PMI on conventional can often be removed with enough equity, unlike typical FHA MIP on low-down files. For Roy buyers, conventional terms still depend on the file, from 15-year options that build equity faster to 30-year terms that keep the payment lower.
Roy's daily rhythm is shaped by Hill Air Force Base, shift changes fill 1900 West with commuters heading to defense contractors like Northrop Grumman and Boeing. Roy Aquatic Center and the city's parks are heavily used rec amenities. Weekend errands center on the Riverdale Road retail corridor just south. Roy Days in June is the signature community event with carnival rides, a parade, and live music. Dining options include local burger joints and Asian restaurants scattered along 5600 South. The FrontRunner station gives car-free access to Salt Lake City in about 50 minutes.
Median Home Price
$370K
Median Rent
$1,350/mo
Population
40,000
Annual Growth
1.4%
Avg Days on Market
23
Owner-Occupied
68%
Ondo city medians as of Aug 2026 — verify. Not an MLS pull, appraisal, BPO, or CMA. Population and annual growth are approximate and are not tied to a named public source here. Check the U.S. Census Bureau for official figures.
We pull your credit, verify income and assets, and issue a pre-approval letter that sellers take seriously. Pre-approval shows you're a qualified buyer and strengthens your offer in competitive situations.
Once you're pre-approved, we can lock your interest rate while you shop. Rate locks are available for 30, 45, or 60 days, protecting you from market fluctuations while you find the right property.
Our processing team manages appraisal ordering, title work, insurance verification, and underwriting conditions. We keep you informed at every stage and target a 30-day close for most transactions.
School District: Weber School District
Notable schools: Roy High School, Roy Junior High, Midland Elementary
Flat, expansive city west of I-15 developed largely around Hill Air Force Base employment.
Outdoor Activities
Local Landmarks
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.
12 months is standard; many households renew at 24 months given commute convenience.
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Send details for notary, loan signing, property questions, or anything that needs a follow-up from our team.
Loan information is provided by Ondo Real Estate (NMLS ID on file). This is not a commitment to lend, a loan approval, or an offer of credit. Rates, terms, and payments shown are estimates for illustration only, are not a quote, and are subject to credit approval, underwriting, and market conditions. You are not required to use Ondo for financing to buy or sell with Ondo. Equal Housing Lender. Program rules, fees, and county loan limits change. Confirm the current published schedule and lender overlays. Nothing here is a quote, a lock, or a credit decision. Licensing and disclosures