Utah FHA Loans

For anyone planning to relocate to Utah, right now is an ideal time to apply for a Utah FHA loan. The Federal Housing Administration (FHA) is a part of the US Department of Housing and Urban Development (HUD). Together, both the FHA and HUD have helped make homeownership a reality for millions of American families over the years. Today the home loan program is as strong as ever, making new loans affordable for everyone and helping others avoid foreclosure.

Conventional Loans vs. FHA Loans

Conventional loans typically charge around 20% for a down payment these days, making it nearly impossible for many Americans to afford new homes. The FHA helps reduce this initial financial burden by only requiring a small 3.5% down payment on the property. This means that even if you haven’t spent years saving up for a new house, you will still be able to afford a new house in Utah for you and your family. There are even programs designed to help people pay the 3.5%, making your upfront costs zero.

Additional Benefits

Besides the low down payment feature of Utah FHA loans, you will get to take advantage of other great benefits that make the total cost of the loan much less expensive than conventional loans. For example, you will get to take advantage of competitive interest rates and won’t be required to pay private monthly mortgage insurance. Other benefits of FHA loans include flexible repayment plans, programs to help you avoid foreclosure and easy approval.

Refinancing

If you already have an FHA loan, you may want to refinance to take advantage of the lower interest rates currently available. If you opt for a streamline refinance, you’ll be able to get a new mortgage without having to supply additional paperwork or any out-of-pocket expenses. There is also an FHA cash-out refinance for those who need to borrow cash against the house’s equity.

Get Pre-approved Today!

Whether you are looking to take out a new loan or refinance an old one, we are here to help. Take a minute to fill out our Utah FHA home loan form and we’ll have you pre-approved instantly. The pre-approval process is secure, 100% free and has zero obligations.

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