Home Loans

FAQs ABOUT HOME FINANCING IN UTAH

• What do I need to qualify for a home loan in Utah?

  To qualify for a home loan in Utah, you’ll need to meet basic credit, income, and documentation requirements. Lenders want to see that you can repay the loan and that the property is worth the purchase price. Here’s what they typically look for:

  • A credit score of 620 or higher for most conventional loans.
  • Proof of stable income and employment.
  • A low debt-to-income ratio, usually under 43%.
  • Bank statements, W-2 forms, tax returns, and ID verification.

• How much of a down payment do I need for a house in Utah?

  Conventional loans generally require between 5% and 20 % down, with as little as 3 % possible for some first-time homebuyers. Putting down 20 % helps you avoid private mortgage insurance (PMI). FHA loans start as low as 3.5 % down for well-qualified borrowers. USDA and VA loans offer 0 % down options for eligible borrowers.

• How much do I need to make to afford a 400k house in Utah?

  Assuming a 30-year fixed-rate mortgage with a loan amount of $400,000 at 6.5%, you would need to make a monthly payment of $2,275 per month. To maintain a debt-to-income ratio of less than 43% you would therefore need to make at least $5,290 per month, or around $63,500 per year.

• How do I know which mortgage is best?

  The best mortgage for you depends on your budget, how long you plan to stay in the home, and how much you are able to put down. Compare interest rates, fees, and loan terms to see which option offers the lowest overall cost with an affordable monthly payment. A reputable lender such as Wasatch Peaks Credit Union can help guide you to the best choice for your personal financial situation.

• What is the best place to get a mortgage loan?

  It’s worth comparing mortgage loans from several lenders. While credit unions, banks, and online lenders all offer access to home financing services, credit union mortgages generally offer better rates. Credit unions are also more likely to take your personal circumstances into account when deciding whether to offer home financing or extend credit. 

• Do I need to join Wasatch Peaks Credit Union to apply for a mortgage, refinance, or home equity loan or line of credit?

  For HELOCs, yes, a membership is required. However, for all other mortgage loans no membership is required.  

  Becoming a member is easy! You simply need to meet these criteria:

  • You are an immediate family member of an existing member-owner: parent, child, brother, sister, spouse or surviving spouse, grandparent, or grandchild. This includes stepparents, stepchildren, stepsiblings, and adoptive relationships.
  • You live, work, worship, attend school, or regularly conduct business with companies and other legal entities located in Weber, Davis, and Morgan Counties, or within a select underserved community located in Box Elder, Salt Lake, Summit, Utah, Tooele, and Juab Counties.
  • Member of Trails Foundation of Northern Utah (TFNU.org), a 501(c)(3) NGO functions as a planner, promoter, constructor, and protector of a network of public paths, trails, and related open spaces for non-motorized use. Not a member of the Trails Foundation Northern Utah? Wasatch Peaks will enroll you at no additional cost to you.
  • None of these fit, but I still want to join. A Wasatch Peaks Member Service Representative will find the best eligibility option for you.

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