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Securing a First Time Home Buyer Loan in Utah
If you’re a first time home buyer in Utah, there are many different ways you can fund your home purchase. The most common way to get the money you need is to take out a mortgage loan. But these loans can be difficult for first time home buyers to obtain in some cases. It’s our goal to help you identify the best way to finance your home.
Utah First Time Home Buyer Information
If you’re not certain what the proper steps to take to get a mortgage loan are, you should consider reading through our first time home buyer checklist. This outline was developed with the goal of eliminating stress and confusion by providing accurate information and mortgage knowledge.
First, decide how much money you can afford to borrow. This is perhaps the most important part of buying a home. You need to make sure you don’t overextend yourself financially. The best way to do this is to take a close look at your financial situation. What’s your income? How stable is it?
Make sure your credit score is high. You need a good credit history if you want to purchase a home. Loans are not given to individuals with poor credit.
Decide which type of loan you want to take out. Different mortgage types can help you or hinder you in different ways. Do as much research as possible on each loan type before you decide.
Compare different lenders to find the best local rates. The interest rate you’re able to get on your mortgage depends on more than just your credit score. It also depends on where you live and what type of loan you need. Most of all, though, it depends on which lender you work with.
Get preapproval for your loan as soon as possible. This is not hard to do and it will save you time later in the process.
You can refer to the mortgage calculator below to get an idea of what your monthly mortgage payment will look like.
1st Time Home Buyer Loan Programs
If you want to pursue a specialized mortgage program, consider the Utah FHA loan program. FHA loans are administered by the Federal Housing Administration, though the funds are provided by traditional lenders. These loans are highly advantageous for many reasons, not the least of which is that the down payment required is just 3.5% of the home purchase price.
Check to make sure that the loan amount you need fits within the Utah FHA loan limits. For additional information, check out the Utah page of the FHA website.
The state of Utah has a unique history. Development has been tied to the expansion and growth of the Mormon religious group. The state has nearly 2.5 million residents. Out of these, 71.5% own their own homes at a median home price of $146,100. There is no better place to buy your first home than Salt Lake City or another wonderful city in Utah.