Home Loans for First-Time Home Buyers in Utah

What is an FHA mortgage loan?

FHA loans are mortgages that are backed by the Federal Housing Administration. Although this backing means that mortgage insurance is required on FHA loans, because lenders are protected they are able to offer lower interest rates and less strict requirements to qualify. Many first-time home buyers find FHA loans attractive for these reasons, although you don’t have to be a first-time home buyer to qualify.

What are the requirements for an FHA mortgage loan?

In order to qualify for an FHA mortgage loan, you will need a credit score of at least 580 and a minimum of 3.5% cash down. Additionally, you will need a stable employment history and a debt-to-income ratio of 50% or less. Our friendly loan officers can help you figure out if this will be a good fit for your situation, give us a call and we can talk you through your options.

It is important to keep in mind that you will also need to cover closing costs and the upfront mortgage insurance premium. One benefit of FHA loans, however, is that closing costs can often be rolled into your loan.

Some additional requirements include: the home must have an FHA-approved appraisal, the home must be your primary residence, you must occupy the home within 60 days of closing, and an inspection must be performed.

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What are FHA Loan Interest Rates?

Oftentimes, FHA loans offer lower interest rates to buyers than other types of loans. This is because the government backing on the loan lowers the risk for lenders and allows them to in turn offer lower rates. Remember that your rate also depends on your credit score, income, down payment, loan amount, and debt-to-income.

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How much is FHA Loan Mortgage Insurance?

Because FHA loans are backed by the government, lenders are protected from defaulted loans by buyers paying a mortgage insurance premium.

Most of the time, FHA loans require mortgage insurance to be paid for the entire life of the loan. You must also pay an upfront premium at closing, which usually amounts to 1.75% of the base loan amount. Additionally, you pay annual mortgage insurance based on the term of your loan, the loan amount, and your down payment amount. Annual mortgage insurance premiums are about 0.45% to 1.05% of the base loan amount. Don’t worry, we are happy to explain and talk you through all the details. We aim to be upfront and transparent, but we don’t want this to feel overwhelming. Give us a call anytime!

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What are FHA loan limits?

The Department of Housing and Urban Development has set maximum limits to how much you can borrow for an FHA loan. The maximum amount of “high-cost areas” as well as Hawaii and Alaska in 2021 is $822,375. Loan limits are based on property values by county, and can be as low as $356,362 in “low-cost areas”.

For more information and specific figures on FHA mortgage limits in your area, visit the Department of Housing and Urban Development website.

Is an FHA mortgage loan right for me?

FHA mortgage loans are ideal for many home buyers who want to take advantage of low rates and flexible financing options. If you meet credit requirements and have at least 3.5% cash for a down payment, you may benefit from this loan option. Our helpful team of loan officers at Integrity First Lending can help you decide if an FHA loan is the best fit for you with an in person phone call and consultation.

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What Our Clients Say About Us

“There is a lot of hype about what a great lending company such-and-such is, but I can tell you from my recent personal experience that Integrity First Lending refinanced my home within in 10 days with no hassle. And I mean NO HASSLE. The individuals working for this organization are both professional and, if I may add personally, the nicest people I have ever worked with. Words cannot express how happy my wife and are that we found Integrity First Lending and will unhesitatingly recommend them to anyone looking for an initial or refinanced home loan.”
Joe L.
“What a fantastic team to work with. The commitment and communication with clients are the best. You will be in good hands working with Integrity First Lending. Highly recommended!”
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“This is our second time working with Integrity First. Both times we shopped around, checking for the best rates. Integrity had the lowest fees, lower even than the mortgage company who already held our loan. We received excellent customer care each time.”
Mica T.
“Very easy company to work with! Painless refinance process and fast closing!”
Cody W.
“Integrity First Lending is professional, helpful, and knowledgeable. They communicated clearly and regularly, so that I always knew what was happening. They responded promptly to my questions. The process went very smoothly because of their expertise. I highly recommend this team!”
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“The Integrity First team epitomizes a "customer-first" attitude. The team's responsiveness and timely communication make them stand out above the rest.”
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“Integrity First has a great team on individuals who made our refinance quick and easy. We were able to do everything ok online through their portal right up until we closed with the title company.”
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