FHA Loans

FHA MORTGAGE LOANS

The FHA or Federal Housing Administration is a government organization that acts as a branch of HUD to work at getting families across the United States into a home. Owning a home is still the American dream and getting an FHA loan can help make home ownership a possibility. FHA also offers the most competitive rates on the market today, and has great refinance programs available to those who currently have an FHA insured mortgage, and those who do not. FHA is currently the largest insurer of mortgages in the world.

Who Are FHA Loans Good For?

FHA loans are great for the first time home buyer as well as those that wish to buy another home but have very little to put down. FHA loans allow you to put down as little as 3.5%.

The other benefit on a purchase is that FHA will allow buyers to use funds for the down payment that are gifted to them. Down payment funds can be given by a family member, a friend, or maybe even an employer. Documentation is important to the FHA, so they request that a letter be given from the individual providing the funds, and that they have a vested interest in the individual buying the home.

FHA loans are also great for those who don’t have a lot of credit, or have been discharged from a bankruptcy for two years. Those who have very little credit can provide the lender with pay history from utility bills, and other alternative sources. FHA uses what they call “common sense underwriting”, which means that they don’t just look at the credit score, but they can look at compensating factors like good job time, consistent salary, and solid pay history on rent and more.

FHA Loans in Utah

It is also important to know that FHA loans have limits on what borrowers can get with an FHA loan. Loan limits with FHA will vary by state, city, county, and the property type. The state of Utah currently has 29 counties, so before applying for an FHA loan it would be wise to find out what the limits are for the county you live in, or will be buying in. Be sure to ask your mortgage loan professional about current FHA loan limits.

Upfront Mortgage Insurance

Most single family residence loans with FHA require upfront mortgage insurance premiums, or MIP. Lenders are required to pay out the mortgage insurance ten days prior to when the loan closes. The upfront mortgage insurance goes into an escrow account to protect the government in the case that the borrower defaults on the loan, and is regulated by the U.S. Treasury Department.

WHAT ARE THE STEPS TO BUYING?

Buying your home can be stressful, but it doesn’t have to be scary or difficult, especially with our expert mortgage planners and home loan officers to help you every step of the way.

Here are some basic steps that outline the refinance process.

Review your credit
Gather the necessary documents
Contact a loan officer at Fink & McGregor
Discuss which options are best for you
Get pre-appoved to help you with your home search
Find the right home for you
Make an offer that gets accepted
Apply for the loan and submit your documents
Prepare for closing

Fink & McGregor is dedicated to making your loan and home buying experience quick and simple. Get started today.

Get Started:

Email us at [email protected]
or Call 801-264-9494 now!

Three Easy Ways to Get Started:

Start Quick Application

Or if you are ready to begin the mortgage process:

Communication 100% 100%
Results Oriented 97% 97%
Expertise 100% 100%
Customer Service 98% 98%
Hard Working 100% 100%

Words from Our Clients

Thank you for your assistance on helping us refinance our home. I appreciate the effort to expedite the process and the basket was very nice as well.

- Jamien S

We closed on the loan last evening. Your staff made the process quite effortless and gave your firm a great endorsement. She said of all of the firms that she works with you, Fink and McGregor is in the top two. That reputation is not easily earned. Congratulations.

- BJ

I just closed and everything went great. We're thrilled and the process was quick and super easy. Loved working with you guys.

- Glenda M.

I can’t believe how quickly everything went through. Jeff took lots of time to discuss my options and answer all of my questions. I had only called to see what was possible & Jeff his team got me even better results than I imagined . I will recommend everyone I know to Jeff!

- Maya B.

I started the refinancing process when another lender, by the end of the process which took more than 6 months— my credit was so screwed up because I did what they told me to and they wouldn’t close my loans. They ghosted me for 3 months. I couldn’t even get a loan from any other lender until I worked out the issues with my current lender. Your service was great! Very responsive. You answered all my questions! Thank you for being kind!

- Rikard H.

The preliminary loan process was so easy and smooth I almost forgot I even had a closing scheduled to come in and wet-sign the final documents. The closing itself was probably the quickest/shortest one I have ever gone thru.

- Carol H.

We had a great experience, the process was smooth and completed in a timely manner. Niesha was amazing at communicating and keeping us up to date on our loan process. We would highly recommend Fink and McGregor to everyone we know.

- Dustin and Danyel A.

Fink & McGregor is awesome! They gave me hope from the very beginning. They were able to help me refinance my house, lower my interest rate, and enough cash-out to pay off all my debts and medical bills and still have enough to do upgrades and repairs on my house. Even with my low credit score they were able to make it happen! I would recommend them to anyone!

- Royce C.

It was a very smooth process despite our loan being a VA loan. Niesha was very helpful and made sure we always knew the status of our application and any changes that needed to be made to our loan. We are very satisfied with the service and attention to detail.

- Darrin B.

Everyone at Fink & McGregor has been great!! Emilee has always been very professional when I call. Niesha did everything she could to help merc we tried a VA loan at first but no worries she moved to the FHA! And Jeff, from the first time I contacted him he helped me out especially back in 2015 if I remember correctly. That just seemed difficult for everyone. Thank you all at Fink & McGregor!!

- Alex C.

Fink & McGregor was excellent to work with. Their representatives took care of me like I was their only costumer. I appreciate their timeliness and professionalism throughout the entire process. The team is stellar!

- Jane B.

Second time using Fink & McGregor. Quick, easy, and they honestly do make mortgages simple. The mortgage loan process has been smooth along with clear communication of timelines and what was needed to complete the process.

- Ryan O.