Getting an FHA Loan
FHA Mortgage Loan
FHA Loans promote homeownership in America for everyone. FHA loans in Utah are one of the easier loans to qualify for because of the lower credit score requirements and the lower down payment for the FHA loan. When getting a Utah FHA loan you are required to pay the mortgage insurance premium but are typically at a lower rate than conventional loans. You can check out the other FHA loan requirements below.
Who is eligible for this loan?
Eligibility requirements for an FHA mortgage are pretty flexible. They include:
- Minimum credit scores as low as 580
- Bankruptcy or foreclosure seasoning of just 3 years and 1 day
- US Citizen or legal resident
- FHA is not restricted by income limits or area designations
FHA Loans Utah Benefits
- Minimum down payment of 3.5% of the purchase price
- Down payment may be gifted from a family member
- Extended debt ratio requirements
- Reduced Credit score and credit history requirements
- Lower interest rates than Conventional loans