Using a Utah VA loan to buy a home in Utah

The VA loan is an excellent option for a veteran looking to buy a home. There are quite a few benefits involved, making it a much more convenient choice compared to many other types of loans. They tend to have more flexibility, are more easily attainable because more lenders offer them, and it is easier for a veteran to qualify.

The VA loan is specific to US Armed Service Veterans, who have served for at least 90 days and were not “dishonorably discharged”. As long as this requirement is fulfilled, the program offers a guarantee that protects the lender if the borrower defaults, through the Veteran’s Administration. This replaces the guarantee that is normally provided by the down payment. This provides financing to veterans where private financing may not be available.

Generally, Utah VA loans allow the veteran to qualify for a larger loan amount than a conventional loan, have lower rates, and do not call for any money down. In Utah, the maximum VA loan amount with zero money down on the loan for most lenders is $417,000, with the exception of Salt Lake, Toole, and Summit Counties at $516,250. However specific lenders will allow higher loan amounts to fund, up to a maximum of $1,000.000. Rates follow the market and may lower if the veteran does choose to make the optional down payment.

The government limits the amount that can be charged in closing costs, origination fees, and appraisal fees on a VA loan. There are no mortgage insurance premiums required. In fact, lenders are actually prohibited from requiring one. This is because of the guarantee that is put on the loan. Also, if the veteran has any kind of service disability, they have the ability to get their funding fees waived. Credit regulations on a VA loan are much less strict. The VA looks for a clear 12 month credit history; however the credit score does not affect your rate.

If you are a veteran and can qualify for this option, the VA loan is definitely one to take into consideration when buying a home! Utah has many great opportunities for this and the loan amounts available are well within the pricing of homes for sale in the state, so there are many lenders out there ready to fund your loan. Don’t miss out on all of the advantages offered by this program!

Posted in VA Loans

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