FHA Loans for Homebuyers in Salt Lake City, UT

FHA mortgage loans Salt Lake City, UT

Every year homebuyers apply for the Federal Housing Administration (FHA) loan because it acts as a sort of safety net. If an emergency happened and a homeowner defaulted on payments, the FHA loan would foot the bill. First-time homebuyers often opt for this type of financing because it requires a smaller down payment and provides some leeway as far as credit score. For more information, reach out to our mortgage lender, Ryan Harding at Security Home Mortgage. We’re an FHA approved lender that can give you accurate information every step of the way.


Who Qualifies for FHA Loans?

You may qualify for FHA financing if your debt-to-income ratio is low, have a relatively good credit score and a minimum down payment ready to go. It’s a great option for many homebuyers because the criteria is less stringent than conventional loans. These are some of the other factors a loan officer will take into consideration when reviewing for FHA approval:


  • Mortgage, HOA fees, homeowners’ insurance, etc. need to be less than 31% of gross income

  • Credit card, student loans, car payment debt, etc. needs to be less than 43% of gross income

  • Homebuyer has a minimum credit score of 580 for a down payment of 3.5%

  • Or homebuyer has a minimum credit score of 500-579 for a down payment of 10%

  • House must meet minimum standards at appraisal

  • Social Security number, lawful residency or citizenship required

  • Continuous employment for at least the past two years


Although there aren’t income limits to be approved for an FHA loan, there is a cap on the loan amount determined by the median home prices in your neighborhood. For further details about the housing market in Salt Lake City, UT, you may consult with Ryan Harding, our FHA approved lender at Security Home Mortgage.

Additional Perks of FHA Loans

These are just some of the great benefits of using an FHA mortgage loan and why lenders often suggest them to their clients:


  • Down payment money can be gifted by family members

  • Eligible for funding just two or three years after bankruptcy or financial hardship

  • Financing for home improvements and repairs with FHA 203k program

  • Lower down payment needed than with other loans

  • There are no repayment penalties with FHA financing

  • Still eligible for FHA loan with thin credit-files or minor blemishes on history



Call Work Harding – Security Home Mortgage

Our FHA loan lender, Ryan Harding, can see if you qualify and help you prepare the necessary paperwork to get your mortgage loan underway. If you are buying a home in Salt Lake City, UT, it’s important to understand the local housing market and get the accurate financing information from a professional mortgage banker. When you know your options, you make informed decisions that will make a positive impact on your many years to come as a homeowner. Call us at 801-228-0937 to speak with an FHA approved lender in SLC.


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