Utah FHA Loans and More
Homes are some of the biggest investments individuals will make in their lives. Allow us at Summit Lending to assist you in securing the most competitive loan in Utah
Buying a House in Utah
Utah’s property market is thriving as a strong economy and growing population fuel the state’s strong housing demand. Many parts of Utah are seller’s markets due to increasing house prices. Homebuyers therefore face intense competition, making bidding wars and numerous offers for one home commonplace. The good news for buyers is that interest rates continue to be low, so now may be an excellent time to secure a desirable rate. You can also easily find a loan product (e.g., USDA, VA, conventional, or FHA loans in Utah) that suits your unique situation with the help of an industry adviser.
Are you a first time Home buyer?
Our First Time Home Buyer Assistance Program is just what you need.Purchase Loans to Choose From
Utah Conventional Loans
A conventional home loan is a highly popular mortgage option across the U.S. Unlike Utah FHA and VA loans, conventional home loans in Utah aren’t government guaranteed or insured. Private lenders back these loans instead. The benefit is that you can enjoy more flexibility in the type of property you finance, how much you borrow, and what your credit score must be to qualify for the loan. Still, credit scores must typically be higher for conventional loans than Utah FHA and VA loans, and down payments must be between 3% and 5% of a house’s purchase price.
Note that your conventional home loan’s term in Utah can be between 10 and 30 years. In addition, no private mortgage insurance (PMI) premiums are necessary if you put 20% or more of your purchase price down.
Utah FHA Loans
An FHA loan is generally an excellent option if you have trouble qualifying for a conventional loan. It can meet your needs even if you don’t have a large amount of money to put down, your credit score isn’t great, you’ve gone bankrupt before, or you experienced a foreclosure in past years. Just 3.5% of your house’s purchase price is all you need for a down payment. Keep in mind, though, that since the 3.5% is less than 20%, you will have to pay PMI monthly. In addition, Utah FHA loans may not provide enough money to buy a high-end house.
Utah VA Loans
Members of the military, surviving spouses, and vets may qualify for a VA loan. The loan makes becoming a homeowner rrelatively simple since no down payment is required and interest rates are lower than those of conventional home loans in Utah, saving you thousands long term. PMI also isn’t required.
Utah USDA Loans
The USDA offers mortgage loans to suburban and rural buyers. These government-backed loans are made for families who can’t obtain traditional home financing due to having moderate or low incomes. You won’t have to make a down payment, and you can take advantage of a lower rate of interest than you would with a conventional loan. An adviser can help you determine if your credit score and income are high enough to qualify for this loan option, which may be used for purchasing a rural/suburban home or simply making home repairs.
Utah Jumbo Loans
A jumbo loan in Utah can help a high-end buyer requiring a substantial loan. Since more money is at stake, you’ll experience the following stricter requirements with a jumbo loan:
- Bigger down payment
- Lower debt-to-income ratio
- Higher credit score
Expect to also pay more interest with jumbo loans. An experienced lender can help you determine if you’re eligible for one.
Utah First-Time Buyer Loans
If you’re interested in buying a home for the first time, down payment help is available. Cities and counties offer grants to buyers who meet certain income requirements and have not owned their own homes within the past three years.
Collaborate With Summit Lending Now
At Summit Lending, we have one objective: to match our clients with Utah FHA home mortgage loans or other loan options with exceptional interest rates, repayments, and terms. Get monthly payments you can afford in Utah by reaching out to us today!
The USDA, VA, FHA, and U.S. government do not endorse and are not affiliated with Summit Lending.
