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2013-08-08 10:17:34
Utah Housing New Loan Program - No MI

As you may have heard, Utah Housing is coming out with a new loan program with NO mortgage insurance.

The new program is set to start Monday the 12th.  As of yet, they have not updated their web site to include it.

Here is what we know so far:

1.      Mid credit score to be 700 or higher

2.      1st mortgage will be for 97% of purchase price. 2nd mortgage can be 4% of 1st mortgage amount to cover down payment and some closing costs.

3.      Household income max is $84,000

4.      Interest rate will be anywhere from .75 to 1.5% higher than current rate offered.

 

Like all Utah Housing loans, this program will not be for everyone. But it will be another option for those looking to buy a home.

 

 

 

John Fritsche

Mortgage Loan Originator

“Your Mortgage Guy”

Primary Residential Mortgage

801-475-7557x303

Cell: 801-726-3596

Fax: 801-475-7577

Web Site: http://johnloansutah.com

NMLS: 231055

 
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