Home prices are high nationwide, and Utah is no exception. Soaring housing costs can make it difficult to get a foot in the door, especially if you’re just starting out and don’t have a lot of cash on hand. An FHA Mortgage is backed by the government and is designed to make it easier for young and working families to get a start in the housing market.
For families looking to put down roots, limited income or a lack of savings can put home ownership out of reach. Wasatch Peaks Credit Union FHA loans are designed to help you get into a home sooner.
The FHA home loans program is backed by the Federal Housing Administration (FHA) and comes with easier terms than conventional market-driven mortgages. With an FHA loan, you can benefit from:
Start your application below, or contact us today to learn more about what you need to qualify for an FHA loan.
*Rates, fees, and Annual Percentage Rates (APRs) displayed are intended as mortgage market indicators only, are time-delayed, and may change without notice. The information provided assumes the purpose of the loan is to purchase a primary residence, a single-family dwelling in Utah with a 20% down payment. The rate-lock period is 30 days and the assumed credit score is 740. Actual rates, fees, and APRs may vary based on these and other factors. There may be additional fees assessed by the investor that will increase the APR. NMLS# 631141
An FHA mortgage loan is a home financing tool extended and insured by the Federal Housing Administration. Government backing allows lenders like Wasatch Peaks Credit Union to offer more affordable deals and better mortgage terms.
These types of loans typically have much lower down payments, interest rates, and monthly payments than conventional mortgages.
We offer FHA Mortgages with:
Looking to buy but not sure you have the ready cash for a down payment, or the financial resources to make payments on a conventional home mortgage? An FHA loan could be the way to go!
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Apply online for an FHA loan. You can also apply over the phone or come into one of our branches.
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Head out to find the home of your dreams, confident you have the funding you need to back up your offer.
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Requirements for an FHA loan in Utah are similar to those in most other states. In most cases, you will need:
Yes, you can get prequalified for an FHA loan. Prequalification is simply an estimate of how much you might be able to borrow based on financial information like your income, debts, and credit score. It’s not a guarantee of funding, but it gives you an idea of how much you are able to spend when you go house hunting.
FHA loans are generally easier to get than conventional loans. They’re designed for first-time buyers and people with lower credit scores or smaller down payments. Lenders still check your credit, income, and debt, but the requirements are more flexible than most other loan types.
FHA loan preapproval is typically good for 60 to 90 days. If you don’t find a home in that time, you may need to update your financial information and get pre-approved again.
Yes, you can apply for an FHA loan yourself through FHA lenders in Utah. You don’t apply directly with the FHA. Instead, you choose a lender, like Wasatch Peaks Credit Union, that offers FHA loans.
The amount you can qualify for with an FHA loan depends on your income, debts, credit score, and local FHA loan limits. We’ll calculate your borrowing power using your financial information, like your debt-to-income ratio (DTI ratio), and the FHA’s maximum loan limit in your area.
You could be disqualified from getting an FHA loan for several reasons:
For FHA mortgages in Utah, you’ll need a credit score requirement of at least 580 to qualify for loans with the lowest down payments (3.5%). Credit scores of between 500 and 579 might still qualify for a 10% down payment. Credit scores below 500 are unlikely to receive FHA funding.
Yes, you need to join the credit union, and becoming a member is easy! You simply need to meet these criteria:
Looking to buy a larger home? Our Jumbo Loans let you borrow more than the conventional limit of $806,500.00.
Available to veterans and most service members, VA mortgage loans offer better rates and terms than conventional loans and down payments as low as 0%.
Reduce your monthly payment, lower your interest rate, or pay off your mortgage sooner with a short-term fixed-rate mortgage loan from Wasatch Peaks Credit Union.
Wasatch Peaks Credit Union 4723 Harrison Blvd Ogden, Utah 84403
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