Conventional Loans
A traditional mortgage. Requires a minimum credit score of 640 and a minimum down payment of 5%. Interest rates are tiered based on your credit score. Any score 720 or above will qualify for the current prime rate. If you put less than 20% down, you will be required to pay monthly mortgage insurance on this product. Debt to income ratios up to 45% allowed. 10 year, 15 year, 30 year loans available.
FHA Loans
An increasingly popular loan program. Requires a minimum credit score of 620 and a minimum down payment of 3.5%. Any score above 660 will qualify for the current prime rate. Mortgage insurance is required for this product, which is required until 78% loan to value is reached. This loan is eligible for a streamline no-cost refinance program should rates drop after you close. 30 year, 15 year, and adjustable rate mortgages available. Debt to income rations up to 55% allowed. A great choice for first time home buyers.
Utah Housing Loans
A 100% financing option for first time home buyers in Utah. Minimum credit score requirement is 660 and there are income restrictions. The income limits vary per county, but generally you cannot have a household income greater than $62,000/year. An excellent option for first time buyers who have minimal funds available for a down payment.
Rural Housing Loans
A great option for buyers looking to purchase in rural areas. This program requires no down payment and has no monthly mortgage insurance. Eligible areas in Utah County include Payson, south Spanish Fork, Benjamin, Salem, Saratoga Springs, Eagle Mountain. Click here to see the official eligibilty map for Utah
