Whether you're interested in the state’s diverse geography, its rich history, or just searching for the right place to raise a family, buying a house in Utah is a great choice.
Purchasing a home is an exciting time, however, assessing your financing options usually isn’t. This is where Utah FHA loans can help. FHA loans are great for first-time buyers and take the stress out of mustering up a large down payment. Continue reading to see why so many residents in Utah are looking to FHA loans.
The median home cost in Utah is close to $341,000, which is about $121,000 more than the national average, making Utah a great candidate for FHA loans due to its lower down payment options. This is seen in the total value of FHA loans in Utah being over $203 million as of April 2019!
In most of Utah, the baseline limit of $472,030 applies, but in a place like the Ogden-Clearfield area, the limit is $744,050 and the limit in the Provo-Orem area is $601,450 due to the relatively high cost of real estate in these areas. Check the link below for the full list of Utah FHA loan limits.
You may be eligible for an FHA loan, if you:
Buyers must be able to provide the following information and documents as requested by lenders:
Note: Facts and figures sourced from the latest statistics available at the time of this writing including data from the United States Department of Labor, United States Census Bureau and the United States Department of Housing and Urban Development.