FHA

Buying a home when you have little money saved and a less-than-perfect credit score might seem like a pipe dream, but it’s not. In many cases, an FHA loan can help.

FHA

Buying a home when you have little money saved and a less-than-perfect credit score might seem like a pipe dream, but it’s not. In many cases, an FHA loan can help.

FHA Loan Benefits

For those who little money saved an FHA loan can be a great option.

Always talk with one of our experts to help you decide the best option for you.

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Low down payment required

FHA loans generally require as little as 3.5% down on the purchase of a home, however Utah Mortgage has no down payment options available.

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Lower credit score requirements

The FHA requirements for credit score and down payments are far lower than for conventional loans. Borrowers can technically qualify for an FHA loan with credit scores of at least 580.

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Closing costs

FHA loans allow sellers to pay up to 6 percent of the loan amount to cover buyers' closing costs. Conventional loans only allow 3 percent.

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FHA loans are assumable

When it comes time to sell, buyers can take over sellers' existing FHA loans instead of taking out new mortgages at whatever the current mortgage rate is at the time. This is especially advantageous in a rising-rate environment. Learn more about assumable loans here.

Fixed Or Adjustable

Most loans can be financed at a fixed or adjustable rate. Each type has its advantages and disadvantages. Both are great options depending on what your looking for in your home financing needs.

Fixed Rate Most Popular

A fixed-rate loan has an interest rate that never changes for the life of the loan.

Ready to take root

If you plan on remaining in your home for a long period of time, a fixed-rate mortgage might be the option for you.

Peace of mind

Sleep better knowing that your interest rate and mortgage payment cannot change.

Adjustable Rate (ARM)

An adjustable-rate mortgage (ARM), the interest rate may go up or down over the life of the loan.

On the move

If you're only going to own your home for a set period of time, an adjustable-rate mortgage might be the option for you.

Lower inital

Decrease your monthly payments by taking advantage of the lowest available interest rate.