All You Need to Know About FHA Home Loan and its Benefits With the help of FHA (Federal Housing Administration) over 34 million people have become homeowners in the U.S. FHA mortgage insurance program helps lender to attain homeownership easily. With the help of FHA's insurance, lenders are very much sure about the fact that they will be paid back in case a borrower defaults. Hence that reduces their risk and makes it possible for them to lend more liberally.
Here we will guide you through the eligibility criteria for FHA purchase loan in Utah. 1. You should occupy the home to be eligible for FHA loan in Utah. 2. Here, rentals or second homes simply do not qualify. 3. You can get loan for a multi-unit property if you aim to live in one of them. What are the basic minimum qualifications beyond the eligibility criteria? ➢ ➢ ➢ ➢
You must have worked for at least two years with same employer. Over previous two years, you must have a clean credit history. An approved FHA appraiser must have appraised your property You must qualify for financing based on the purchase price balance.