Home Buing Loans

Purchase Loans in Cache County Utah

Buying a home is a large financial investment. We want to help you get the right loan for a lower cost.
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Purchase Loan Options

Conventional

Conventional loans are one of the most popular types of mortgages in the United States. They are not insured or guaranteed by the government, unlike other types of loans such as VA or FHA loans. Instead, conventional loans are backed by private lenders, making them more flexible in terms of loan amount, credit score requirements, and property types.

Conventional loans typically require a higher credit score than government-backed loans. The down payment requirement for conventional loans start around 3-5%of the purchase price, depending on the loan product and the borrower's qualifications.

One of the benefits of conventional loans is that they offer a wide range of loan terms, from 10 to 30 years, giving borrowers more flexibility in choosing the right repayment period for their financial situation. Additionally, conventional loans do not require mortgage insurance if the down payment is at least 20% of the purchase price, which can save borrowers money in the long run.

Overall, conventional loans are a great option for borrowers who have good credit and can afford a higher down payment. They offer a wide range of loan terms and are more flexible than government-backed loans.



FHA Loans

FHA loans are government backed mortgage loans that are insured by the Federal Housing Administration (FHA). These loans are designed to help low- and moderate-income borrowers who might not qualify for conventional loans because of their credit scores or down payment requirements.

One of the primary benefits of FHA loans is that they allow borrowers to make a down payment as low as 3.5% of the purchase price. This means that borrowers who may not have a lot of money saved up can still become homeowners. Another advantage of FHA loans is that they are easier to qualify for than conventional loans. The credit score requirements are often lower, and borrowers may be able to qualify even if they have had a bankruptcy or foreclosure in the past.

In addition to these benefits, FHA loans also have some drawbacks. Borrowers are required to pay mortgage insurance premiums, which can increase the overall cost of the loan. Additionally, FHA loans have limits on the amount that can be borrowed, which may not be enough to purchase a high-priced home in some areas. Overall, FHA loans can be a good option for borrowers who are looking to become homeowners but may not qualify for conventional loans. It is important to carefully consider the pros and cons of FHA loans before making a decision.

Learn More: https://www.hud.gov/program_offices/housing/fhahistory



VA Loans

VA loans are government backed mortgage loans that are available to military service members, veterans, and eligible surviving spouses. These loans are guaranteed by the Department of Veterans Affairs, which means that lenders are protected from loss if the borrower defaults on their loan. VA loans are designed to make it easier for military families to become homeowners.

One of the biggest advantages of VA loans is that they do not require a down payment. This can be a huge benefit for military families who may not have a lot of money saved up for a down payment. Additionally, VA loans typically have lower interest rates than conventional loans, which can save borrowers thousands of dollars over the life of the loan. Another advantage of VA loans is that they do not require private mortgage insurance (PMI). PMI is typically required on conventional loans when the borrower puts down less than 20% of the home's value. This can add hundreds of dollars to the monthly mortgage payment, so not having to pay PMI can be a significant cost savings.

Overall, VA loans are a great option for military families who are looking to buy a home. They offer many benefits that can make homeownership more affordable and accessible. If you are a military service member, veteran, or eligible surviving spouse, it is definitely worth looking into a VA loan to see if it is the right choice for you.

Learn More: https://www.benefits.va.gov/homeloans/

USDA Loans

USDA loans government backed mortgage loans offered by the United States Department of Agriculture (USDA) for rural and suburban homebuyers. These loans are designed to provide affordable financing options to low- and moderate-income families who are unable to secure traditional financing.

The primary benefit of USDA loans is the zero down payment requirement, which allows borrowers to finance 100% of the purchase price of their home. Additionally, USDA loans typically have lower interest rates than conventional loans, making homeownership more affordable.

USDA loans are available to borrowers who meet income and credit score requirements, and the property being purchased must be in a designated rural or suburban area. The loan can be used to purchase a single-family home, as well as for repairs and renovations to the property.

Overall, USDA loans are an excellent option for those looking to purchase a home in rural or suburban areas. They offer many benefits, including no down payment requirements and low-interest rates. If you are interested in a USDA loan, it is important to speak with a qualified lender who can guide you through the application process and help you determine if you qualify.

Learn More: https://www.rd.usda.gov/programs-services/single-family-housing-programs/single-family-housing-guaranteed-loan-program



Jumbo Loans

Jumbo loans are designed for high-end homebuyers who need to borrow large sums of money. These loans typically have stricter requirements, such as higher credit scores, lower debt-to-income ratios, and larger down payments. The interest rates on jumbo loans are also typically higher than those of conventional loans. It is important to work with a knowledgeable lender to understand the terms and requirements of a jumbo loan.



First Time Home Buyer Loans

There are many options for first time home buyers that offer down payment assistance or little to no money down. Many grants are available through different counties and cities. To qualify for these benefits you must be a first time home buyer, not owned a home within the last three years, and are based on income limits.

Summit Lending LLC is not affiliated or endorsed by the government, FHA, VA, or USDA.
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Mandi Turner
John Hortin
Brodie Calder
Summit Lending

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