If you are in the market for a Utah home loan then there are many options available to you depending on what your background is and what you need your loan for specifically. It doesn’t matter if you have great credit or not the best credit; there are Utah loan programs available to you. You may be in the market to buy a new home, buy a used home, re-finance your current home, remodel your current home or whatever it may be, there is probably a loan available for you. You just need the information on the different loan programs available to you so you can make an informed decision on which loan you want to use for your new home or whatever it may be. If you have a large amount of money to put down you might be interested in one loan over another. If you have poor credit you may have to deal with less than ideal terms because of the situation you have put yourself into. If you have credit that is not ideal, you may want to check into a Federal Housing Administration insured loan. These loans are a type of federal assistance that the federal government backs. Because the federal government backs these loans, the lenders are more lenient when it comes to the requirements to qualify for the loan. The Federal Housing Administration insured loan also requires a very low on comparison three percent down payment. Some loans require twenty percent down or more. FHA insured loans also have better interest rates than other Utah mortgage programs. The Federal Housing Administration insured loans are also great for the times when life is a little more difficult than normal. The FHA will work with you to make sure your home doesn’t get foreclosed. This doesn’t mean you can ignore the lender and write them off, as you should still deal with them as much as possible to take care of the loan.
If your credit is just fine and you make a substantial amount of income, you may want to consider a Jumbo mortgage loan. These loans are for an amount that is higher than the maximum allowed amount created by Fannie Mae and Freddie Mac. These two corporations are owned by the government and are two of the companies that give mortgages. A jumbo mortgage loan is a Utah home loan that is perfect for the person who wants a dream home high up in the mountains. This loan is best for those that want to buy a more expensive property, but they have a very high paying salary without the big down payment that is normally required for a larger purchase. These loans can be a great way to build equity in your home without have to waste money on rent every month. Right now the loan amount needs to be higher than four hundred seventeen thousand dollars to be considered a jumbo loan.
For the veteran or a member of the armed services who is on active duty, you probably qualify for a VA loan. These are a great Utah home loan program offered by the federal government for those who have served our country proudly. The loans offer much lower closing costs, the possibility of zero down payment and much lower mortgage payments than regular Utah loan programs. With banks requiring large down payments to get into homes now a days, it is very convenient if you are or were a service member to get into a home for no money down. This loan program includes financing one hundred percent of the home with zero down payment. There are other benefits to a VA loan as well. You don’t have to acquire Private Mortgage Insurance on a VA loan. This insurance is normally required on other more traditional types of home loans. Because it is not required on VA loans, you can expect a lower monthly payment. Interest rates on VA loans are also significantly lower than on traditional home loans. The VA loans are usually half to one percentage point lower than a traditional home loan. This also makes your payments much lower than a traditional home loan.
If you have good credit and a good amount of money to put down, you may want to look into a conventional mortgage. You must meet all the stringent requirements to qualify for the loans, but because of this you will reap rewards for this loan type. Borrowers who normally use a conventional mortgage for their Utah home loan will find that because of the stringent requirements to qualify for the loan, they have lower interest rates and lower monthly mortgage payments than with other loan types. The conventional mortgage comes with a limit of four hundred seventeen thousand unless you live in a high limit area. The higher limit is all the way up to seven hundred twenty nine thousand dollars. No matter what type of loan you are looking for, there is surely one that fits your needs. The better off your financial situation is, and then the better off the terms of any loan you take out will be. Remember this and do what you can to keep your credit score high and your debt low compared to your income. There are many Utah mortgage loans that are available on the market today.
About the Author
Primary Residential Mortgage, Inc. is one of the premier lenders in the mortgage industry. Our goal is to provide borrowers with the best possible financing options available in today's mortgage lending environment. Call us at 1-888-808-8227 for more information or visit us at http://www.primaryresidentialus.com
Which Loan Program is Best for You