NoMI Loan: Covers down payment and closing costs up to 5% of the loan amount.Requires a 620 credit score and FHA loan or VA mortgage Score Loan: Covers down payment and closing costs up to 4% of the loan amount.Requires a 660 credit score and FHA loan or VA mortgage FirstHome Loan & Home Again Loan: Covers down payment and closing costs up to 6% of the loan amount.The UHC offers four separate down payment assistance programs, helping to cover your out-of-pocket loan costs up to 4-6% of the mortgage loan amount (depending on which loan program you qualify for). In those circumstances, a lender may actually need to deter borrowers by being expensive.įirst-time home buyers in Utah may be able to get assistance from the Utah Housing Corporation. Occasionally, they may increase their rates because they need to reduce their workflow or they’re waiting on new money. But it’s important you protect yourself from occasional rogues.Īnd even the best lenders aren’t always the most competitive. Of course, the vast majority of lenders are reputable and honest. Your lender needs a genuinely good reason to change the loan terms or fees your original estimate Make sure you get a written “Loan Estimate” (your lender should send you one by law) and that your closing documents match up with its promises.Read all your documentation carefully.Good reasons to refinance can include getting a lower interest rate and monthly mortgage payment replacing an adjustable-rate mortgage with a fixed-rate loan eliminating an FHA loan’s mortgage insurance premiums or getting cash out for home improvements Refinance only when you’ll get a real benefit.Beware of “no-cost” offers: This typically means you’ll pay closing costs over the life of your mortgage (with interest) or pay a higher interest rate in exchange for an upfront fee reduction.Do an online search, including the Better Business Bureau’s website Shop around for the best refinance rates.
In particular, it urges Utah borrowers to:
The Utah Department of Financial Institutions has some useful tips for mortgage borrowers, many of which apply to existing homeowners who want to refinance. Or, if you still want to move forward, issues listed on the home inspection report could be grounds to negotiate the purchase price or get the seller to make repairs before you move in. Most buyers in Utah will want to order an independent home inspection as well, even when provided with a seemingly comprehensive and candid disclosure form.Īn inspection may reveal problems that convince you to buy a different home. So don’t rely wholly on the disclosure form. Of course, no seller can be expected to disclose problems they don’t know about. If you haven’t seen a disclosure form for the property, insist on seeing one before negotiating further. But it’s up to buyers to make sure they see a disclosure form. In spite of such minimal requirements, sellers in Utah are generally prepared to provide a lot more information to buyers. Utah law explicitly requires only one disclosure: A seller must tell any prospective buyer if there has been "use, storage, or manufacture of methamphetamines" within the property (Utah Code. This will then be provided to you, the potential buyer. In Utah, most property sellers will fill out a disclosure form provided by their real estate agent. You can find these, and most anything in between, in the Beehive State.īut when it comes to the actual home buying process, you’ll encounter some laws that apply no matter where you buy. Maybe you’re looking for a cozy ski cabin - or maybe a sprawling ranch. House hunting can look completely different from one corner of Utah to another.
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