Utah County Real Estate & Homes
FHA and Utah Home Loans - Utah Real Estate
FHA and Utah County Home Loans
The FHA (Federal Housing Authority) doesn’t actually fund your Utah County Home Loan in any way. The FHA simply provides mortgage insurance to help consumers become Home Owners. The FHA actually insures the lender from losses resulting from Home Owner default. The FHA helps mortgage lenders prepare loans for people who might not otherwise qualify.
One of the big advantages of an FHA Loan is that a smaller down payment is possible. As of January 1, 2009, the down payment for a FHA Loan is 3 ½ percent of the principle loan amount. In today’s market the down payment on conventional loans can be as much as 20 percent. FHA loans make it possible for many people to enter the Home Buyer market, just with the lower down payment alone. There are many other good incentives for getting a FHA loan:
1. Lower Credit scores are allowed with an FHA insured loan.
2. Higher Debt-to-Income ratio is allowed
3. No maximum income levels
When working with a Utah County Mortgage Loan Officer, always ask them to consider an FHA Loan, you might be able to see substantial savings if you do so.
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