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USDA Loans Utah Income Limits

Jumbo mortgage lenders offer FHA home loans & first time home buyer loans in Utah County & Salt Lake City. Call home loan lenders for FHA loans!<br>

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USDA Loans Utah Income Limits

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  1. JumboHomeLoan • AJumbohomeloanfollowsestablishedunderwritingguidelinessetbyFannieMae,FreddieMacand/ortheirrespectiveinvestor.Generally,aJumbohomeloanisusedwhentheloanamountexceedstheconformingloanlimitof$548,250.However,insomehigh-costareas,aHighBalancehomeloanisavailable. • LoanUses • UseaJumbo mortgageloanforthefollowingtransactions: • Purchase– Financethepurchaseofanexistinghomeornewconstructionhome. • Rate&TermRefinance– Refinanceanycurrentmortgage loan in Utahthatwereusedtopurchaseahomethatprovidesafinancialbenefittotheborrowerbyloweringtheinterestrate,monthlypaymentorremovingmortgageinsurance.Secondmortgageloansthatwerenotusedtopurchasethepropertycanbesubordinatedtothenewhomeloan.Borrowersareunabletoreceivemorethan$2,000cashbackatclosing.Texasresidentsmaynotreceiveanycashbackatclosing.

  2. CashoutRefinance– Utilizetheequityinyourhometoconsolidatedebt,makehomeimprovementsortoreceivecashforanyneed.Texasresidentsmaynotexceed80%loan-to-valuewithacashoutrefinance. • LoanAmounts • LoanamountsthatexceedtheconformingloanlimitsetbyFannieMaeandFreddieMacof • $548,250areconsideredaJumbohomeloan.However,somehigh-costareasareeligibleforaHighBalancehomeloan. • Maximumloanamountsofupto$3,000,000areavailablewithspecificloan-to-value(LTV)requirementsdependingontheinvestor. • DownPayment • AdownpaymentisrequiredforaJumbohomeloan.Theminimumamountrequiredis5%ofahome’spurchaseprice.Foranydownpaymentslessthan20%,mortgageinsurancemayberequired. • Havingadownpaymentof20%ormorewillnotrequiremortgageinsurance. • MortgageInsurance • ToprotecttheJumboloanlender,mortgageinsuranceprotectsagainstlossescausedbyahomeowner’sdefaultonaJumbomortgageloan.Mortgageinsurance(orMI)typicallyisrequiredifthehomeowner’sdownpaymentislessthan20%ofthepurchaseprice. • MortgageinsuranceforaJumbomortgageloancanbepaidmonthly,asasinglepremiumatclosingorbythelender. • PropertyTypes • YoumayuseaJumbohomeloanforthepurchaseorrefinanceofthefollowingpropertytypes: • Singlefamilyresidence– oneunit,attachedordetachedincludingtownhomes • ModularHomes– musthavestandardfoundation • Multi-unit– twotofourunits • MixedUseProperty– condominiums&PUDswherethecommercialspacedoesnotexceed25% • Condominiums– warrantable • PlannedUnitDevelopments– PUDs • Investmentproperty– uptotenproperties • LogHomes– typicalfortheareawithnoexcessiveacreage • Cooperatives– mustmeetFannieMaeguidelines • CreditRequirements • CreditrequirementsforaJumboloanaremorestringentthanotherloanprograms.Thereisarequirementofa680FICOscorewithtwoormorecreditbureaus. 6740S1300ESTE100 SaltLakeCity,UT84121 JasonSkinrood– NMLS#180306,GALic#24538Direct:385-236-0025 Branch:801-265-8900

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