Buying a house is a dream for many, but not everyone can afford to finance it. Fortunately, there is a way for you to buy a house in Salt Lake City with no down payment. How? You have to work with the best mortgage lenders in Utah.
Integrity First Lending empowers aspiring homeowners by providing them flexible financing options to purchase their dream property.
How Can I Buy a House if I Don’t Have the Down Payment?
The standard for down payments is at least 20% of the purchase price. But if you can’t afford this, you can still buy a home, as long as you meet the requirements.
VA Loans require no down payment. They are available to war veterans, spouses of deceased war veterans and active-duty service members or National Guard members. The Department of Veterans Affairs regulates this type of loan, and instead of paying for mortgage insurance, you may opt to pay a VA funding fee equivalent to 2.15% of your loan value.
To qualify for a VA loan, you must have actively served in the military for at least 90 consecutive days during wartime and 181 consecutive days during peacetime. If you’re a member of the National Guard or a reservist, you must have served for a minimum of six years.
If you’re a spouse of a deceased service member, in order for you to qualify, they must have died while performing their duty or due to a related injury. Also, your credit score must be at least 640. Applying for this type of loan will take about 30-45 days and is commitment-free.
Another type of loan that will allow you to acquire a home with little to no down payment required is an FHA loan. You may have to make a small down payment, but only 3.5% — significantly less than the standard 20% for most residential properties.
Getting the Best Mortgage Rate in Utah
Integrity First Lending offers FHA loans as well as a no-cost refinancing program that allows you to modify your current mortgage terms without having to pay settlement fees or adding to the cost of the loan. You just have to pay a little more interest instead, which ends up being more manageable in the long run.
If you are interested in what other home financing options you might have, give us a call. Our trained representatives will help you any way they can. We have a three-step process that enables you to get the best mortgage rate in Utah and close your home on or before your commitment date.