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The Utah Housing loan program that is best for you will depend on several factors such as credit score, debt ratios, your income and the purchase price of your home. Utah Housing has programs with credit scores 620 and higher and household income up to $8,900 monthly (properties in Summit county up to $12,500 monthly).
Here are some general FHA loan requirements for Utah. A credit score of 580 or higher: A lender may accept credit scores of 500-579 under certain conditions. A credit score lower than 580 will require a larger down payment. Minimum of two years employment: Must have verifiable, steady, and consistent income.
Some basic requirements for getting a home loan include income, employment, a credit score, tax returns, and other documentation that all mortgage lenders need in order to determine your eligibility to repay a mortgage loan.
Your income, debt, credit score, assets and property type all play major roles in getting approved for a mortgage.
"Score" mortgage program is for homebuyers with a credit score of 620 or higher. This mortgage offers homebuyers who have recovered from previous credit challenges a loan that can assist them with the purchase of their home. This program has a purchase price limit and annual income limits based on household income.
The uniform residential loan application is a form designed by Fannie Mae and Freddie Mac, government-sponsored enterprises (GSE) that support the mortgage market. The form was created to collect the information lenders need to assess your creditworthiness for a mortgage loan.
Uniform Residential Loan Application (URLA/Form 1003)
Typical home loans, including conventional, FHA 203K, and VA loans, require a credit score of 620 or above.