Salt Lake City, Provo and Ogden FHA Loans

Right now is a great time to apply for an FHA loan if you are considering moving to Salt Lake City, Provo or Ogden. The Federal Housing Administration (FHA) has been around for over seventy years helping people afford new homes through the home loan guaranty program. Over that time, the FHA has made homeownership a reality for millions of Americans by making the loan process as simple and affordable as possible for those who qualify. Here are just a few of the many great benefits you’ll be able to take advantage of with an FHA home loan.

Low Down Payment

With an FHA loan, you will only have to pay a small, 3.5% fee for the down payment on a new property. This makes the upfront costs of homeownership much more affordable than conventional loans which can sometimes charge as much as 20%. Even if you need help paying for this 3.5%, you will have the opportunity to apply for the American Dream Down payment Initiative (ADDI). Alternatively, the FHA will allow the money for the down payment to come any source, whether your friend, employer or charitable organization pays this cost.

Lower Overall Cost

Besides the upfront costs of FHA loans being much more affordable, the overall cost is also much lower than conventional loans. For starters, with an FHA loan in Utah you will be able to take advantage of really competitive interest rates, and may even procure one that is below the current mortgage market rate. You also won’t have to pay any private mortgage insurance (PMI) because you will already be insured by the Federal Government.

Keep Your Home

The FHA strives to keep everyone in their homes. To avoid unnecessary foreclosures, the FHA offers two really great programs designed to help those in need. Through both FHASecure and HOPE for Homeowners, the FHA helps people refinance their homes even if they have already missed a couple payments. Even if you have a conventional loan that you are having difficulty paying, you will still be able to take advantage of these two great programs to help you get back on your feet.

Get Started Today!

Getting pre-approved for a new home loan in Utah has never been easier when you take a minute to fill out our online form. The pre-approval process is simple, fast, secure and 100% free with no obligation.

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