FHA – First Colony
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FHA

Loan terms: 15, & 30 year loans
Loan types: Purchase, Refinance
Interest Rate Types: Fixed, Adjustable
Property Type: Primary Residence

This is a HUD or government insured loan that allows buyers to purchase a home for only 3.5% down. The FHA loan has maximum loan limits for each county which are significantly lower than conventional limits (Utah County’s limit is $323,750). An FHA loan is excellent for someone who has less money to put down, and someone who has higher debt-to-income ratios, or someone whose credit is less than perfect.

  • Only 3.5% down
  • Flexible qualification guidelines
  • Debt-to-income ratio as high as 55%
  • Requires up-front & monthly mortgage insurance (MI)
  • Maximum loan limits vary by county
  • MI required for the entire life of the loan
  • Allows for no cost, no qualifying “streamline” refinance

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