Choosing an FHA Home Loan Mortgage in Utah for Purchase or Refinance

Are you in the market for a home?  Since the burst of the home bubble prices in Utah have dropped from their peak in 2006 by about 20%, this means that a home bought in 2006 which sold for $300,000 could be bought in today's market for about $240,000. Today's remarkable values, coupled with near record low interest rates, as well as government incentives makes NOW a great time to buy.  
Now is the time to take advantage of this. A lot of people have realized this but don't know what loan program that is best for them. If you are looking for a home in Clinton, Utah then a Federal Housing Act or FHA Mortgage Home Loan is a great product to use for your home purchase or refinance.
An FHA purchase or refinance is a straight forward Federal Government program that is offered by the Department of Housing and Urban Development or HUD. The Federal Housing Act was set up to extend credit to borrowers for the purpose of purchasing or refinancing a home regardless of your race, color, age, religion, or gender. It was designed to allow borrowers to qualify solely on their income, down payment, and credit.
As an example if you were looking for a FHA purchase or refinance home loan in Farmington, Utah and want to use an FHA loan home guidelines suggest that all that a borrower would need to have, in most cases from most lenders, is a MID FICO credit score of 620, a down payment that is equal to or greater than 3.5% of the purchase price (as an example if the purchase price of the home were $100,000 then you would be required to come to closing with $3,500, home price of $100,000 X 3.5% = $3,500), a 2 year job history with no gaps in time on the job, and enough income to support a front and back end ratio of 29/41. The front end ratio is you income divided by the house payment and the back end ratio combines all of your debt (credit cards, cars, etc.) and the house payment.
If a refinance of your existing home mortgage is what you want to do you can? Guidelines state that if you currently have an FHA home mortgage you can "streamline" to a new rate and can do so with out an appraisal. Borrowers who do not currently have an FHA loan and want an FHA loan can refinance up to 97.5% of the homes Loan To Value (LTV). If a Borrower wants to pull equity out of their home they can do so with an FHA home loan by borrowing up to 85% of the homes value.   
Keep in mind that if you are looking for an FHA Home Loan Mortgage purchase or refinance in Fruit Heights, Utah that just because the FHA guidelines are met each Bank, Broker, Lender, or Credit Union may and usually does have their own particular set of guidelines above and beyond what FHA mandates. Depending on what additional guidelines each of these Banks, Brokers, Lenders or Credit Unions may have could impact the decision of whether or not a borrower is approved.
For more detailed information regarding an FHA home loan mortgage in Utah contact a mortgage professional who is licensed in the state of Utah.  

View this post on my blog: http://www.federalpersonalloan.com/federal-personal-loan/choosing-an-fha-home-loan-mortgage-in-utah-for-purchase-or-refinance.html