K,

I would contact Sherry Barker with Bank of Utah at 801-409-5070. She is professional and very knowledgeable about Utah loan programs. Sherry is also quite creative and has been able to do difficult loans for many of my clients. Tell her I sent you and good luck with your home search!

Diana

Diana Holbrook McKee
Associate Broker
Keller Williams Salt Lake
DiSellsHomes@gmail.com
801-390-3982

Hello K,
I have helped two residents at The U get into homes this year, but neither of them were"Jumbo" buyers. The first was lower 200's the other was just short of 300k. The best advice I could offer is for you to work with a mortgage professional who is seasoned and has experience with your type of situation. There are some great deals out there especially on the higher end homes, but financing today is stricter and more conservitive than it has been in many years. Once you are confident in your financing arangments you should start your search, don't put the cart before the horse. Please feel free to contact me directly to discuss your quesuions further or visit the "Home Loans" section of my website for more information. NOWShowingUTAH.com

Good luck, and thanks for using Trulia!

Kristopher Furrow
Associate Broker
RealEstate.com Realtors
801-916-0815

Hello K and thanks for your post.

As far as a no-downpayment loan is concerned, we are all waving 'bon voyage" from the dock to that financial package. There are, however, low downpayment loans from the FHA, as low as 3.5 percent of the purchase price of the home. However, keep in mind that--unlike a conventional loan through Fannie Mae or Freddie Mac--an FHA loan does require the buyer to pay for MI (mortgage insurance) for the duration of the loan. This can be quite expensive, so while you're not paying for a higher down, you are paying more monthly fees for an FHA loan.

At present, I'm starting to see some 10 percent downpayment conventional loans for those with good or above average credit, so there are options available for conventional loan borrowers as well.

To learn what might best suit your home buying needs and your wallet, contact a qualified mortgage broker or lender in your area! Good luck!

Sincerely,
Grace Morioka, SRES, e-Pro
Area Pro Realty
San Jose, CA