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2014-02-05 16:07:49
Utah Mortgage Insurance for Utah Home Loans

Unless you have 20% down and qualify for conventional loan, then you are probably going to be required to have mortgage insurance. This is an extra upfront fee and monthly fee that ensures the lender that if the borrower defaults that they will be covered for losses.

However, getting 20% down or qualifying for a convention can be difficult. Saving enough money can take a while and getting a conventional loan requires almost perfect credit and income. But there are loans that exist that don't have mortgage insurance.

Utah Housing announced a new loan that does not require mortgage insurance. If needed, they also don't require a down payment. The rate is slightly higher than their other products, but the total monthly payments can be less. Also, this loan does not require a FHA appraisal or requirements, which can help with homes that need a little bit of work.

Also, USDA / Rural housing does not require mortgage insurance or a down payment. However USDA has revised their qualifying areas to very south Utah County, very north Weber County or parts of Tooele county, Salt Lake and Davis county are not eligible.

Another loan option which often trumps most other loans is a Utah VA loan. Probably one of the best loans around, but reserved for military service people. Just a small thank you for protecting our freedom.

Otherwise mortgage insurance may sound bad, but it does allow us to get loans with a huge down. Lenders just aren't willing to lend money unless they know their assets are protected. If a no mortgage insurance option does not work for you, then mortgage insurance is ok. You still get to buy Utah homes and mortgage insurance can be removed by refinancing or enough equity in the home (depending on the loan)

By Jerome Bennett - Realty Experts - 801-913-1385



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