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The Utah Housing loan program that is best for you will depend on several factors such as credit score, debt ratios, your income and the purchase price of your home. Utah Housing has programs with credit scores 620 and higher and household income up to $8,900 monthly (properties in Summit county up to $12,500 monthly).
To qualify for an FHA loan in Utah borrowers need to have a minimum mortgage specific credit score of 580. A credit score of 580 can qualify you for a 3.5% down payment. Some lenders may accept a credit score of 500-579 with a 10% down payment.
Score mortgage program is for homebuyers with a credit score of 620 or higher. This mortgage offers homebuyers who have recovered from previous credit challenges a loan that can assist them with the purchase of their home. This program has a purchase price limit and annual income limits based on household income.
The required credit score to buy a $300K house typically ranges from 580 to 720 or higher, depending on the type of mortgage.
The Utah Housing Score Loan is Utah mortgage loan program for borrowers who do not meet the minimum Fico requirement of the FirstHome or HomeAgain loan. For the Score Loan Utah Housing Corporation has set a 620 mid score for the minimum fico score.
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