Top 5 Benefits of an FHA Loan in Cedar City UT
FHA mortgages are great for buying a home in Cedar City UT. Many of them are being helped by Dave Loescher, a top-shelf Cedar City UT mortgage professional.
Cedar City continues to grow in population and the average listing price of homes for sale in Cedar City is around $230,000. This is below the maximum FHA loan limit in Iron County (where Cedar City is located) which is 271,050 for a single family home.
As of 2009, Cedar City (zip 84720)’s population is 37,918 people. Since 2000, it has had a population growth of 30.74 percent.
Buyers in Cedar City UT have rediscovered the benefits of the FHA mortgage.
- FHA Loans Have Low Fixed Rates – In the past, if you needed a loan with a low down payment or if you had bad credit, you probably would have got a subprime loan with a high variable interest rate. But FHA loans offer low, fixed mortgage rates and help you stay in your home.
- FHA Loans Help You Qualify if You Have Had Bad Credit – Technically, FHA has no minimum credit score requirement, but most FHA banks now require that you have a 620 score or higher. Also, you also won’t be automatically disqualified if you have a foreclosure, bankruptcy, or short sale in your past.
- FHA Loans Have Flexible Qualifying Criteria – FHA guidelines are designed to offer more flexibility for evaluating individual borrowers. For example, FHA loans have a higher debt-to-income ratio tolerance than conventional loans, allow for gift programs, and allow for non-occupant co-signers.
- Low Down Payment Requirement – FHA currently only requires a 3.5% down payment making it easier to qualify.
- The Seller of the Home You Are Buying Can Pay Your Closing Costs – FHA currently allows the seller to contribute up to 6% of the purchase price toward closing costs.
If you have questions about financing your home in Cedar City UT, contact Dave Loescher at lenderdave@qwestoffice.net. I’ve known him for many years and he is as good as it gets.
