If you come from this scenic state whose attractions range from skiing areas to parks, you may need to apply for FHA mortgage Utah. This will give you a ticket to homeownership at the easiest terms currently available. The most recent interest rate is 4.125 percent, which makes the program one of the easiest alongside that of the United States Department of Agriculture (USDA) and the Veterans Affairs (VA). With a down payment of just 3.5 percent, this is the best program that we at FHA Home Loan Group will facilitate.
Can I apply for a second time?
FHA mortgage Utah is, indeed, available to first-time and second-time applicants who meet these few stipulations:
- As a second-time borrower, you should have met the past loan obligations in full.
- You ought not to have any other outstanding balance from other entities like credit card companies.
Can you apply jointly with another homebuyer?
One of the greatest advantages of FHA mortgage UT is that it enables a borrower to co-opt with another party under these circumstances:
- One of the two lives in the property as the primary residence.
- You agree to share the cost either equally or through any other concession.
Additionally, you can have a co-signor who can be your spouse to shoulder the burden of repayment in case you default the plan.
Which are the current loan limits in the state?
Because this scenic state is manifest with varying living standards, the Area Median Income (AMI), which is the collective yearly earnings of a particular county, shows differences. Here are the major notable disparities to note when going for FHA mortgage UT:
- If you are going for a single-family unit in a low-cost county like Beaver, your AMI limit will be at $271050.
- If you have found property in a high-cost area, like Davis, you will find that the lending limit here is $397500 for the single-family unit.
Which mandatory qualifications do I require?
In order to pass our pre-qualification stage, FHA Home Loan Group will require these few qualifications from you for FHA mortgage Utah:
- You have a credit score of 620 or above. Some lenders will even accept 580.
- Your employment record goes back to the past 24 months with a steady income.
How can I apply?
The application method for FHA mortgage UT on our site is as easy as filling in these details:
- 1. Submit your request and pass the eligibility stage.
- 2. Find a lender with a competitive interest rate.
- 3. Gain approval from the federal government.
- 4. Remit the closing costs and start the repayment process.
Thus, you can easily gain approval for FHA mortgage Utah by just meeting the few guidelines on income, like having earnings that are 115% of your AMI. If your credit score is less than 620, we can help you to find a lender willing to accept rates as low as 580, though at an adjusted down payment.
Because we have never failed to honor our customers’ calls, this is your best chance to remit your application.
Call  202-4479 for assistance.