Utah FHA Loans

Utah FHA Loans

Across the US and all over Utah, more and more people are turning to FHA loans as a way to buy their dream homes. It wasn’t all that long ago that people weren’t very interested in getting an FHA loan, but with the credit crisis, many of the other home mortgage loan options went away and FHA has become the major player in the Utah market when it comes to mortgages.

As you are probably aware – -FHA isn’t a lender, it really acts as an insurance fund that insures your loan in the event that you should default. Because FHA is an insurer,you are required to pay the insurance premium any time you take out an FHA loan — and in the case of an FHA loan today, you are required to pay both an Up Front Mortgage Insurance Premium as well as monthly mortgage insurance. The amount of UFMIP that you will be required to pay will vary based on the loan amount and loan type — for example the FHA secure mortgage program requires more UFMIP than the FHA streamline program. Because the amount of UFMIP varies by situation, it is vital that you work with a Utah FHA loan expert who knows how to calculate the correct amount of UFMIP.

Utah FHA Loan Highlights Include:

* No prepay penalty on Utah FHA loans
* 3.5% down payment for new home purchases
* Monthly mortgage insurance is required for all Utah FHA loans
* UFMIP is required to be paid, but can be financed into the loan
* Sellers allowed to pay closing costs for Utah FHA loans
* Popular Utah FHA loan programs include the FHA streamline, FHA 203k and FHA 85% cash out

For a Utah FHA loan, there are a wide variety of uses that you can use it for — you can buy an existing home, build a home or even get financing for a home that is in need of repairs before you move in.

Utah FHA Streamline Refinance

For people who currently have a Utah FHA loan, the most popular refinance program by far is the Utah FHA streamline refinance program. With the FHA streamline program, you can get a lower interest rate and get a lower monthly mortgage payment – without having to completely re-qualify for a new loan. FHA designed the streamline program to allow eligible FHA borrowers to save money on their monthly mortgage with minimal qualification criteria. If you currently have a Utah FHA loan and think that your interest rate might be higher than whatever today’s interest rates are at, the Utah FHA streamline program will help you lower your rate. Get started by speaking with a Utah FHA loan expert now.

Utah FHA 203k Streamline Program

Many people are interested in buying a bank-owned property that might need a few repairs before moving in. If you are thinking of buying a home in Utah that needs a few repairs, the Utah FHA loan 203k streamline program is a great choice. The Utah FHA loan 203k streamline program allows people to finance up to 35,000 for eligible repairs and improvements and the money can be disbursed directly to the contractors who perform the work. If you have questions about the Utah FHA loan 203k streamline program, be sure to speak with a Utah FHA loan expert about your specific situation.

Utah FHA 85% Cash Out Program

Whether or not you currently have an FHA loan, if you are interested in getting cash out of your property you will want to consider the FHA 85% cash out program. With the Utah FHA loan 85% cash out program, homeowners can get up to 85% of the appraised value of their home in cash – many people use this as a way to consolidate high interest credit cards or pay off other debts. Once upon a time, there was a 95% cash out limit, but in recent times that limit has changed to 85%.

Utah FHA Loan Experts: Contact Us

If you have questions about the Utah FHA loan programs or are just interested to see if you can qualify for a mortgage of any type, be sure to speak with a Utah FHA loan expert today!