Flexible In-house Loan Options

While there are conventional loans, there are also unconventional loans. These are ideal for homebuyers that have specific circumstance that prevent them from securing traditional financing options. If you’re looking at “Outside the Box,” personalized lending, lenders can take a closer look at your individual financial situation to find the right options.

Fixed-Rate Mortgage

Fixed-rate mortgages are conventional loans with set terms and guidelines. With this mortgage, the rate stays consistent throughout the entirety of loan term. There are also options that don’t require private mortgage insurance (PMI).

No Down Payment Options

Putting a down payment on a home can be a tough undertaking for many homebuyers. If you’re looking for zero down payment, there are loans available with no income limits or area limitations, as well as options not requiring private mortgage insurance (PMI). Utah-Housing-approved lender.

Adjustable-Rate Mortgage (ARM)

Adjustable rate mortgages are conventional loans with set terms and guidelines. Loan rates will either adjust throughout the entirety of the loan’s term or switch from fixed to adjustable. For example, a 5/1 ARM will stay at a fixed rate for five years before switching to an adjustable rate for the remainder of the loan’s term.

Down Payment Assistance Program

Homebuyers in Utah may purchase a home using government grant money for their down payments and closing costs.

Call or meet with a Mortgage Advisor to see if you qualify for a Home Start Grant at 801-260-7605.

Federal Housing Administration (FHA)

Ideal for first-time homebuyers on a budget, FHA loans provide more flexible credit options compared to conventional mortgages. Down payments can be as little as 3.5% and credit score requirements are less strict. However, these loans do always require private mortgage insurance (PMI).

Jumbo Loans

Jumbo loans are ideal for those with low debt-to-income ratios and higher credit scores. These loans are able to exceed the conforming cap on conventional mortgages set by the Federal Housing Finance Agency (FHFA), so you can purchase more expensive properties.

Investment Properties

Looking to grow your investment portfolio through real estate? Start financing investment properties with as little as 10% down. To be eligible, you can have up to a 45% debt-to-income ratio. You’re also allowed one- to four-unit properties. However, you can’t exceed more than 10 financed properties. There’s also a Maximum three of these products per member.

USDA Loans

Guaranteed by the U.S. Department of Agriculture, USDA loans are directed at homebuyers looking to purchase a home in rural areas. They normally require little to no down payment required, but private mortgage insurance (PMI) is always required.

To be eligible, you must be a U.S. citizen or permanent, purchase the home in a local, qualified area and use it as your main residence. There are also income requirements, starting with a consistent, reliable, income for at least two years. Monthly income can also not exceed more than 29% of the mortgage payment and more than 41% on non-mortgage debt. 

Veterans Affairs Loans

For service members looking to buy a home, VA loans are a great option with less strict requirements. They’re guaranteed by the U.S. Department of Veteran Affairs and don’t require down payments and private mortgage insurance (PMI). They’re also ideal for lower credit scores.

To be eligible, you must have 90 consecutive days of service during active wartime or 181 days of active service during peacetime. You may also have served more than six years in the National Guard of Reserves or be the spouse of a service member who died in the line of duty or of a service-related disability.