FHA Home Loan Mortgage information for Clinton, Utah residents
Last Updated on Wednesday, 21 April 2010 03:21 Written by Casey Wednesday, 21 April 2010 03:21
Blogisode 149
Do you need an FHA mortgage for a home in Clinton, Utah? Whether it is for the purchase or refinance of a home I can help you. I’m Casey Persinger, The Low Price Lender. I have been in lending for more than 10 years and am licensed in the state of Utah to help you with your FHA mortgage needs.
An FHA loan is a great loan to help you with your dreams of purchasing a home. FHA requires a minimal down payment. All that FHA requires in down payment is 3.5% of the sales price of the home. If you were to purchase a home that is $100,000 that means that you will need a minimum down payment of $3,500.
Purchase price $100,000 X 3.5% that FHA requires = $3,500
FHA does allow for your down payment to be gifted. It can be gifted to you the client from a member of your family, your employer, or church. The gifted funds MUST be documented. There has to be a paper trail to prove that the gifted funds actually did come from one of these three sources. The gift giver must provide their bank statements showing that they had the funds in their account and the transfer of those funds into the borrowers account. Your down payment can’t be borrowed.
FHA does have a dollar limit for the purchase or refinance of a home in Clinton, Utah. The limit FHA has for a single family residence in Davis County in 2010 is $397,500. FHA loans are not investor loans and are only available to borrowers whose sole intent is to live in the home that they are purchasing.
FHA loans have a mandatory 2.25% Up Front Mortgage Insurance Premium. The UFMIP can be financed into the purchase or refinance of your FHA mortgage.
If your purchase price is $100,000 after the down payment of 3.5% the loan amount is $96,500 and the UPMIP is then added onto that amount.
Loan amount of $96,500 X the UFMIP of 2.25% = $2171.25 this means that the borrowers actual loan amount at closing would be $98,671.25. The UFMIP can be refunded on a prorated basis if you are to sell or refinance your home within the first five years of the life of the loan. With an FHA loan there is also a monthly mortgage insurance premium which is mandatory for the first 5 years of your FHA loan regardless of the Loan To Value (LTV).
My office in located in Layton, Utah at 2071 N Main Street Suite 204 which is about 5 miles from Clinton, Utah only a 10 minute drive east up 1800 north then south on Main Street. If you have any questions about possible loan scenarios that you would like to talk to me about call me, Casey Persinger, at 801-682-5626 and I will be more than happy to help you.
