FHA Home Loans

FHA home loans in Logan Utah and Idaho | Home Loans in Logan Utah

If you’re looking for a low down payment mortgage with less strict qualifications, then a FHA home loan could be right for you. FHA home loans have lower credit requirements, with options available for credit scores below 600. FHA loans are also more lenient with debt obligations. They allow higher debt-to-income ratios compared to other home loan options.  

 

There is a great refinance program available for individuals who currently have an FHA home loan. The FHA streamline refinance doesn't require an appraisal or credit report, which eliminates a lot of hassle, speeds up the refinance process, and saves money.

No Down Payment FHA Mortgage

 
No down payment FHA home loan | Logan Utah mortgage company

With our no down payment FHA home loan you can buy your new home without breaking the bank. A forgivable soft second mortgage covers your down payment requirement, but this second mortgage is different! It is completely forgivable, meaning you do not have to repay it, if you meet a few simple requirements. So the second mortgage is more like a down payment gift or grant.

Requirements for Second Mortgage to be Forgiven:

  • ​Live in your new home for at least the initial 12 months after your loan closing

  • Make your first 36 monthly mortgage payments on time

  • Your income is at or below 115% of the Area Median Income

  • For the 3 years following your closing you don't:

    • Sell your home​

    • Refinance your mortgage

    • Transfer title

*Note: If you don't meet these requirements you can still use the second mortgage to cover your down payment requirement. You'll pay back the second mortgage over 10 years with NO interest!