FHA just announced the new loan limits for some of the counties in Utah starting 23 days hence. It represents an almost 8% increase in Utah County and a paltry 1.5% increase in Salt Lake County. The max loan amounts for Single Family Residences in the respective counties are $293,250 and $304,750 respectively.
That means buyers can purchase homes up to $303,886 in Utah County and $315,803 in Salt Lake County and still only come up with a 3.5% down payment.
Thirty year FHA loans are at 3.25% while Conventional 30 year loans are at 3.875%.
Fifteen year rates are still at 3.0% (APR will generally be higher, depending on the loan and down payment amounts, and amortization term--as closing costs and the presence of mortgage insurance affect each loan differently.)
Contact me if you need the name of a fantastic mortgage officer / lender. You can typically get pre-approved in 24 hours. This helps us find you the right home and present a solid offer to the seller, by sending over your pre-qualification letter.
Let's go see some houses!
