New Home Loan with No Mortgage Insurance!

You may recall the recent changes to FHA financing that require you to pay your Mortgage Insurance for the duration of the loan. FHA financing is still appealing because of the low down payment requirements to get the house. However, if you don't like the idea of paying around $50K in Mortgage Insurance you are still in luck.

Utah Housing has announced a new loan program called the "No MI Risk Share Loan." This is a conventional loan that only requires a 3% down payment. Check out their current rates HERE. If you are interested in the program contact a qualifying lender to lock in your rate. A lender is the best source for relevant and reliable information about this loan product.

For those of you who need to research things on your own here are some of the key features of this new loan:

• Not limited to first-time home buyers (but you cannot own another property at the time of closing)
• Single family homes are eligible
• Minimum credit score of 700
• Maximum qualifying income of $84,000
• Maximum purchase price of $350,000
• Maximum Debt to Income ration: 43%
• 3% down payment requirement (check the financed down payment option here)
• Seller paid closing costs limited to 3%
• Cannot rent any portion of the home
• Home buyer education course required

There are limits on where you can purchase a home with this loan. Call me to find out where the best homes are that you can purchase with this great Loan!