Utah mortgage FAQ
Straight answers to the questions Utah homebuyers and homeowners ask us most.
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Your questions, answered
What credit score do I need to buy a house in Utah?
FHA loans can go as low as 580 with 3.5% down. Conventional loans generally start around 620, and the best pricing comes at 740+. We'll tell you where you stand on the first call.
Can I buy a house with no money down in Utah?
Yes. VA and USDA loans offer $0 down for eligible buyers, and some physician loans do too. Down payment assistance can cover most of the down payment on FHA and conventional loans.
How long does mortgage pre-approval take?
Usually 1–2 business days once we have your documents, and sometimes the same day.
Can I get a mortgage if I'm self-employed?
Yes. Full-doc loans work if your tax returns show enough income. If not, bank statement, 1099 and P&L programs qualify you on cash flow.
What's the difference between a mortgage broker and a bank?
A bank offers only its own loans. A broker shops many wholesale lenders for you, often with lower rates and more program options.
How much are closing costs in Utah?
Commonly 2–4% of the purchase price. Seller concessions and lender credits can reduce what you pay out of pocket.
How long does it take to close on a home loan in Utah?
Typically 21–30 days. Our Platinum Pre-Approval comes with a 21-day closing guarantee.
How much house can I afford in Utah?
It depends on income, debts, down payment, taxes and HOA. Try our mortgage calculator, then get a pre-approval for a firm number.
Can I buy before selling my current house?
Yes. Bridge loans, equity options and certain qualifying rules make it possible. See buy before you sell.
How can I access home equity without refinancing?
A fixed second mortgage or HELOC lets you borrow against equity while keeping your first mortgage.
What is the average down payment for homebuyers in Davis County, Utah?
Many Davis County buyers put down between 3% and 10%. First-time buyers often use FHA, conventional 3% down or down payment assistance, while move-up buyers often use equity from a prior home.
What mortgage programs are most popular with first-time homebuyers in Weber County?
FHA, conventional 3% down and Utah Housing down payment assistance programs are the most common, along with VA loans for military families near Hill AFB.
When does it make sense to refinance my mortgage in Utah?
When monthly savings cover the costs within the time you plan to keep the loan. We'll calculate your break-even.
Do VA loans require a down payment in Utah?
No, not for eligible borrowers with full entitlement.
Do physician loans require PMI?
Most physician loan programs don't require PMI, even with little or no down payment.
What is a bank statement loan?
A mortgage for self-employed borrowers that calculates income from 12–24 months of bank deposits instead of tax returns.
Hear it from Nelson
Nelson hosts the Utah Homebuyer's Quest podcast, where he breaks down credit, down payments, debt and the buying process.
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