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2015-05-13 13:40:26
Home Loans in Salt Lake

 

Salt Lake 97% Conventional Financing

Many people think that you must submit a huge down payment to use a conventional home loan, but this is in fact not the case.. Although FHA financing is popular for first time property buyers with low down payments, there are certain conventional financing alternatives with low terms. This article describes Salt Lake 97% conventional financing. See about Salt Lake home loans here.

Regarding Conventional Home Loans

Some Calculations

When qualifying for any kind of home loan, lenders will review your finances. Your current salary and supplemental income sources and all existing liabilities is particularly important. The two are compared to calculate your debt-to-income percentage. Normally, the debt-to-income (including the estimated monthly payment on the new home loan) cannot go beyond a specific percentage. For conventional home loans, that ratio is less than FHA mortgages. This makes it more difficult for certain buyers to qualify or can lead to a lower price for which a purchaser can be approved.

Other Loan Criteria

For home buyers with low debt-to-income ratios and who meet other relevant criteria, conventional home loans offer an easier underwriting process overall. Up-front and recurring mortgage insurance rates will also be lower and may lead to useful savings. Be aware that not all companies have the exact same rules or fees.

Additional Information On Salt Lake 97% Conventional Financing

Every home loan program has different features. It is crucial to understand your options, compare them, and choose one that better fits your needs and finances. It is valuable to speak with an experienced loan consultant for detailed facts. Many offer pre-approvals for free. For help with selecting a local home loan consultant, contact Gordon Sloan at Group1 Real Estate at 801-567-0946 or gordongroup1@msn.com.

To apply for a loan, or to ask questions about qualifying for a home in Salt Lake, check out Doug Walker @ Prime Lending.

 
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