Mortgage Originator NMLS ID # 1031145
Cell: (973) 809-8986
Office: (800) 332-1506 ext.605
E- fax (973) 500-6000
I hope this will be able to help you all find what your looking for and for the right price $$.
If you have any questions or concerns please feel free to contact me at anytime.
Cell: (862) 215 -2068
Email: Basimah.North@Prudential NewJersey.com
Here is an example of the conventional 3% down with no Mortgage Insurance offered by Utah Housing vs a FHA loan with 3.5% down on a $200,000 purchase .
FHA vs Conventional Utah Housing
Down payment $7,000 (3.5%) $6000 (3%)
Closing costs $6,500 $6,450
Total Loan $193,000 $194,000
Term 30 years fixed 30 years fixed
Interest rate 4.370% 5.375%
Principal and interest $995 $1,122
Property Tax $120 $120
PMI (mortgage ins.) $216 $0
Insurance $40 $40
Total monthly payment $1,371 $1,282
Good luck starting the home buying process! I am available if you need any help finding your new home.
Equity Real Estate Luxury GRP
Servicing Park City, Salt Lake, and the surrounding areas
Cell: 801-859-8566 or 435-200-4959
FHA loans only require 3.5% down, but they now have mortgage insurance for the life of the loan, causing you to pay more over time. Conventional loans can be obtained with as little as 5% down; however there will also be mortgage insurance until the loan-to-value ration dips below 80%.
If you want to maximize your value (pay the least amount over time for the home you want, consider putting 20% down because then you don't have an extra few hundred dollars each month going to MI.
Even if you don't have a full 20%, you can use a down payment to decrease your loan amount. So if you are looking at a $200,000 home and you have $20k to put down, you only need to borrow $180k loan amount, so your monthly payment and the amount of interest you pay over time will be less.
Alternatively, if you want to buy a more expensive home, you can use a down payment to add on to what your loan will be and get more home. So if you qualify for a $200,000 loan and you have $40,000 down payment, you've just jumped yourself into a higher bracket of homes - what you can buy for $240k vs. $200k.
The BEST thing to do is to sit down with an experienced mortgage lender who can go over ALL the options, show you actual numbers that can help you make the decision that is right for you! I work with several AMAZING lenders, I'm happy to provide their info to you, feel free to reach out to me for that or any help in finding the perfect home. :)
Starling Real Estate
Credit, Income, debt and employment history are all major factor that will help us determine what loans are available.
There are 2 no down programs available in Utah - Including the new Utah housing 100% no mortgage insurance program.
Other than Utah Housing and USDA - conventional lending offers a 3% down loan with mortgage insurance. After that comes the FHA loan at 3.5% down but the upfront as well as the monthly mortgage insurance - FHA has increased both insurances to a point that I would never recommend that loan to client that has at least 3% down.
If you would like a full analysis of your Purchasing Power and Loan Options, please give me a call
SecurityNational Mortgage Corp
To figure out what type of loan to get, and the pros/cons of each, I'll have you speak to my mortgage guy. He knows all those specifics. Give me a call at 801-455-8753 and I'd be more than happy to point you in the right direction.
Dustin Brohm, REALTOR
"Salt Lake's Favorite REALTOR"
(801) 455-8753 cell
Equity Real Estate
There are loan options that require no money down, these are called 100% financing options, such as VA home loans or USDA loans. Utah has recently opened the Utah Housing program to anyone looking to buy. This program will cover the cost of your down payment.
There are also many different grant money options depending on the location. These can range anywhere from $2,000 up to $15,000. This is money that you would not have to pay back. It is a gift from the city.
If you would like any more information on these options please feel free to contact me on my profile, I will be happy to help.