There are many types of home loans available and my job is to find the one that best fits your needs.  Loans are available with or without a down payment for home construction, purchases, remodels or refinancing. 

I assist clients with great credit or lower credit which may include past foreclosures and/or bankruptcies. 

FHA

FHA offers several types of loan programs to individuals and is a very common loan used for First Time Home Buyers. The most common loan that FHA provides is the 203(b) mortgage insurance program for purchase or refinance of a principal residence. Approved lenders issue the mortgage funds while FHA offers the Insurance if the lender uses their lending guidelines so really FHA is a Government Backed Mortgage Insurance Program. With an FHA loan, you will have an up-front mortgage insurance premium that is added to the loan then a monthly mortgage insurance payment so the cost of this insurance can be higher than a conventional loan. The FHA loan program offers borrowers many benefits including a low down payment of 3.5% (which can be gifted from equity, a family member, or even a down payment Assistance Program) and the credit and income guidelines are more relaxed on an FHA loan. This program allows past bankruptcies and even foreclosures in the credit history allowing many families a fresh start. FHA also offers a loan to purchase or refinance a home along with certain home repairs and/or energy efficiency upgrades. This is a great “Fixer Upper” loan program known simply as a 203k.

Along with FHA we offer the Utah Housing Loan!

Graystone Mortgage, LLC is a preferred lender for The Utah Housing Corporation (UHC). UHC Loan Programs offer mortgage loans to qualified first time homebuyers and seasoned homeowners. UHC uses a FHA First Mortgage then UHC uses a small Fixed Rate Second to cover the 3.5% down payment plus up to 3% for closing costs. So this is truly a 100% financing loan because it covers the down payment and the closing costs! This loan uses the same guidelines as FHA with a few add-ons from UHC so having an expert work through this loan option is crucial. For more info and today’s rates with UHC visit their website at https://utahhousingcorp.org/

VA

A mortgage loan program established by the United States Department of Veterans Affairs to help veterans and their families obtain home financing. The Department of Veterans Affairs does not directly originate VA loans; instead, they establish the rules for those who may qualify, dictate the terms of the mortgages offered and ensure VA loans against default. VA loans offer up to 100% financing on the value of a home. To qualify for a VA loan, borrowers must present a certificate of eligibility, which establishes their record of military service, to the lender. VA loans, FHA loans and other loans insured by departments of the United States government are securitized by the Government National Mortgage Association (Ginnie Mae). These securities carry the guarantee against default of the United States government.  This is one of the best mortgage loans on the planet because it offers 100% financing and no monthly mortgage insurance so the payment is lower than any other loan program.  This loan can be used to purchase or refinance a home.

USDA

The United States Department of Agriculture (USDA) Guaranteed Rural Housing (GRH) offers a 100% financing home loan program – meaning zero down payment required! There are certain specific requirements for his loan program, both for the borrower and for the location of the property. The borrower must meet certain income restrictions, and they must plan to occupy the property. The borrower’s income cannot be above 115% of the U.S. median income for the area, adjusted by family size. Best of all, you do not need to be a first-time homebuyer.

Benefits of a USDA Guaranteed Rural Housing loan program:

•  No first-time homebuyer requirements
•  Eligible in rural areas with a population of 20,000 or less*
•  102% loan-to-value financing (2% up-front Guarantee Fee included)
•  Annual fee of 0.40%* of the unpaid principal balance will be included in the monthly   payment
•  Fixed rate loan
•  No financial reserve requirements
•  Owner-occupied residence only
•  Income limitations vary per applicable city or area. Cannot be above 115% of the U.S. median income for area, adjusted by family size
•  Seller can contribute up to 6% of the sales price towards buyer’s closing costs
•  100% gift funds allowed from a family member

Conventional Loans

A loan that conforms to conditions and terms of the government-sponsored enterprises Fannie Mae and Freddie Mac is called a conforming conventional loan while one that does not is called a non-conforming conventional loan. The down payment of a conventional loan can be higher but they do have programs for as little as 3% down! With Conforming Loans, the Mortgage Insurance options increase giving you more flexibility. They even have no monthly Mortgage Insurance with as little as 7.15% down. Generally, these loans are for higher creditworthy clients because with lower scores FHA and USDA loans can be cheaper. These loans also allow for Investment Property and Second Home financing.

Jumbo Loans

A jumbo mortgage is a loan that is above the limits set by the government and can change per county. For instance, Washington County has a lower limit then Wasatch or Salt Lake Counties. The cost of a jumbo loan is higher than a standard loan, so expect a higher interest rate for a jumbo loan. We offer Jumbo Loans in-house to $3 Million and have other sources to go even higher on a case by case bases. A Jumbo Loan can be used to purchase or refinance a home. Jumbo Loans can be used to build or buy an existing home. You can use this loan for your Primary Residence, Second Home, or Investment Property. A Jumbo Loan may have a fixed or an adjustable interest rate. These loans can be a bit niche so call for a free quote on your specific needs.

Reverse Mortgage

As the cost of living continues to rise, seniors are increasingly utilizing the reverse mortgage to help them achieve financial independence in their golden years. A Reverse Mortgage is a federally insured financial tool that offers homeowners aged 62 and older the ability to convert some of their home equity into a supplemental cash flow. It can help provide financial security while guaranteeing that you continue to own your home – without giving up title, or making monthly mortgage payments. Best of all, there are minimal income and credit requirements, and you can use the money without any limitations.

Recent changes by Congress to the FHA-insured Reverse Mortgage program have now made it possible for seniors to buy a home with a reverse mortgage – to be closer to family, to switch to a single story or smaller home, or to move into an active adult community.

Alternative to Reverse Mortgage

The Reverse Mortgage Program can be a great tool to help homeowners at 62 and older. The down side can be the costs and interest rate for this program is much higher than a standard mortgage. I have an exciting new way to help those looking into a Reverse Mortgage that can reduce the costs and interest rate dramatically while still giving you control of your money and peace of mind. You owe it to yourself to have all the loan options available so simply call for a specific quote on how this loan program works in comparison to a Reverse Mortgage.