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2016-03-10 09:45:10
Which Type of Home Loan is Right for You?


Whether your dream is to own your own business, your own home, or your own piece of property, chances are you'll need a little help to obtain it. Loans are not one size fits all and luckily there are a variety of options available to help you reach your goals. Here are a few types of loans and what they're typically used for.

Conventional: In a nutshell, conventional refers to 'vanilla' mortgages, with no frills and conservative guidelines. Most standard loan programs usually require at least 5% down and offer competitive interest rates. Fair-to-good credit is necessary to obtain a conventional loan, as is proper documentation of your finances.

FHA: An FHA loan is a mortgage insured by The Federal Housing Administration. FHA loans offer lower interest rates and more flexible qualification requirements, but as a result, the borrower has to purchase mortgage insurance, which protects the lender if the borrower defaults on the loan.

VA: A VA loan is a mortgage loan offered by the US Department of Veterans Affairs. It was designed to help first time home buyers with down payment assistance. Some VA loans require 0% down (for qualified buyers) and do not require private mortgage insurance.

Utah Housing: A Utah Housing loan is a mortgage loan offered by the Utah Housing Corporation. It was designed to help eligible service members, veterans, and surviving spouses become homeowners. Some Utah Housing loans require 0% down (for qualified buyers).

Physician: Applicable to doctors and dentists, a physician loan can help cover the cost of relocating, opening a new practice or the cost of living during residency. These loans are offered with a variety of rates and down payments, depending on your qualifications and the amount needed. Most physician loans do not require private mortgage insurance.

Construction: If you're thinking of buying a newly built home or building from the ground up, a construction loan may be the right choice. Because of the varying deadlines and choices associated with construction, these loans are typically short term and have variable rates that can move up and down with the current prime rate. The lender often needs to see a construction timetable and realistic budget for the project. Once construction is finished, the borrower's loan will often rollover in to a standard mortgage.

Rural Housing: The US Department of Agriculture has programs to provide home ownership opportunities to people living in qualifying rural areas. Eligible borrowers can build, rehabilitate, or improve housing in that area. The biggest draw of the rural housing loan is the 0% down required, along with better-than-average mortgage rates. A rural housing loan can only be used for the borrower's primary residence.

There are dozens of loan options out there and one of them is the right fit for you and your family's needs. Give us a call at 801.376.2709 to discuss your needs and we can give you references for lenders that specialize in each of these loan types.


Adam Wills - Associate Broker - Equity Real Estate



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