Important Facts About FHA

1. A Borrowner can obtain financing while still in a Chapter 13 bankruptsy
2. Utah Housing (through the FHA program) will finance up to 103% of a home's value. In other words, you can finance most of the time, everything, no down payment is needed, and even closing costs.
3. Sweat Equity is allowed for new construcion.
4. Screens on windows are no longer required.
5. Termite inspections are no longer required unless specified by the appraiser.
6. Non-occupant co-borrowers are allowed.
7. All money to close is allowed to come from a gift.
8. New, temporary loan amounts in Salt Lake County were increased to $729,750

FHA/Utah Housing

Currently at 5.5%/5.49%
1. easier credit qualifying
2. current max loan amount is $362,790 and FHA loan limit may increase to FNMA limit of $417,000
3. Gift for 3% down payment still acceptable
4. Property requirements are not as tight as they once were
5. 100-106% Utah Housing loans
6. Income limits $70,500 for a family of 3 and requires two scores above 620
7. Down Payment assistance still available (until April 2008)
8. Low monthly Mortgage Insurance- only 0.5%
9. Rates similar to Conventional

Any questions, please call me (Marina-your Real Estate consultant) at 801-649-5883