Cedar City FHA Loans
No matter whether you live in Cedar City or elsewhere in Iron County, FHA loans are a popular choice to finance your home. The FHA loan programs have become more popular than ever as many of the other home financing options have simply went away as a result of the economic conditions.
Just a few years ago, FHA loans were only really popular with first time home buyers – and now they are for sure more mainstream than they were just a few years ago. It is no longer “strange” to see a move up buyer finance his 3rd home with an FHA loan.
For people living in Cedar City, the 30 year fixed rate FHA loan is popular and the hybrid adjustable mortgages that FHA has available are more popular than the one year adjustable FHA loan. The 15 year FHA fixed rate loan is also an available loan program – but isn’t one of the most common ones that I see.
A couple of the more common reasons that I see people saying that they like the FHA loan programs are that they have low, fixed rates and that the FHA loan programs allow them to have a lower down payment than conventional programs.
As far as guideline flexibility – it is true that FHA guidelines when applying for a loan have gotten more strict lately, FHA guidelines are still far more flexible than other loan programs. When it comes to debt to income ratios, the FHA loan programs have more flexibility than conventional loan programs – as well as when it comes to credit scores.
Cedar City Utah FHA Loan Highlights:
- 3.5% down payment
- Low closing costs
- Fixed rates available
- Up Front Mortgage Insurance required
- Seller paid closing costs allowed
For those homeowners who have an FHA loan, one of the benefits of the FHA loan program is that when interest rates drop, they can take advantage of the FHA streamline refinanceprogram – where you don’t have to completely re-qualify for a new loan.
Certainly if you have more questions about the FHA loan programs right here in Cedar City, contact me directly – I am happy to answer any questions that you may have.
