In this article, we will cover and discuss FHA streamline refinance Utah mortgage guidelines. Gustan Cho Associates, Empowered by NEXA Mortgage, LLC, is a mortgage broker licensed in 48 states. We have wholesale lending relationships with over 160 wholesale mortgage lenders. Most of our wholesale lenders on government and conventional loans have no mortgage overlays on government and conventional loans. NEXA Mortgage, LLC. is licensed in the state of UTAH. Gustan Cho Associates empowered by NEXA Mortgage, LLC is the fastest mortgage broker in the nation.
National Reputation of Being a One-Stop Mortgage Shop
Gustan Cho Associates has a reputation of being a one-stop mortgage shop due to having relationships with over 160 wholesale mortgage lenders. NEXA Mortgage, LLC is a five-star mortgage broker that has been growing year after year. Our business model is that we can close home loans where others cannot. Over 75% of our borrowers at Gustan Cho Associates are folks who either got a last-minute mortgage loan denial or were told they do not qualify at other lenders due to their overlays. When we say Gustan Cho Associates has no overlays, we mean ZERO OVERLAYS. Gustan Cho Associates empowered by NEXA Mortgage, LLC. has grown from being licensed in three states to 48 states since 2017. We are the largest fastest growing mortgage broker in the nation.
Home Values And Utah Mortgage Loan Limits
FHA mortgage rates in early 2022 started to creep up. With great news in the economy and the Dow Jones Industrial Average hitting new highs, mortgage interest rates have been rising. There is no sign of any correction. Home prices throughout the state of Utah have been rising. With rising home prices nationwide, both the Federal Housing Finance Agency (FHFA) and HUD (the parent of FHA) have to increase conforming loan limits and FHA Loan Limits for three years in a row. Conforming Loan Limits in Utah have increased to $647,200. HUD increased FHA Loan Limits in Utah to $420,680.
Refinancing With FHA Refinance Mortgage Utah
Starting in May of 2022, mortgage rates spiked by more than 1.0%. Many homebuyers in Utah ended up settling with mortgage rates in the high 4.0% and some as high in the upper 5.0%. Borrowers with under 620 credit scores often had pricing adjustments on their FHA Loans where they had rates higher than 5.0%. Depending on what mortgage rate borrowers have, right now is the time to think about going through an FHA Streamline Refinance Utah loan. Gustan Cho Associates empowered by NEXA Mortgage, LLC is licensed in the state of Utah, and offers FHA streamline refinance mortgage loans at competitive mortgage rates. The FHA streamline refinance needs to make financial sense. Homeowners need the net tangible economic benefit of at least a reduction of 5% of the monthly mortgage amount in order to be worthwhile to the homeowner. Many homebuyers at today’s high rates should consider doing an FHA streamline refinance Utah once rates tank.
No Credit Scores Required On FHA Streamline Refinance
There are many lenders that have their own overlays where they require a minimum credit score from FHA streamline refinance mortgage loan borrowers. Gustan Cho Associates has to streamline refinance loan programs that do not require minimum credit score requirements. It does not matter whether credit scores are at 800 plus or at 400. Homeowners can have late payments, collections, charge offs, or other derogatory credit except for their FHA mortgage payments. The only requirement is that borrowers have been timely on mortgage payment history for at least six months and not more than one time 30 days late in the past 12 months.
No Income Verification Required On FHA Streamline Refinance Utah
With FHA streamline refinance UTAH, there is no income verification required. Utah homeowners do need to be employed but we do not require any W-2s, verification of overtime income, verification of bonus income, or any other income verification. As long as you are employed, that is all that is required. It does not matter whether your debt to income ratio is at 20% DTI or at 150% DTI. As long as you are employed, that is all that is required.
No Appraisal Required On FHA Streamline Refinance Utah
With FHA streamline refinance Utah mortgage loans, there are no appraisal requirements. The lender does not require a new appraisal so the value of the home does not matter
FHA Loans And VA Loans For Utah Homebuyers
The team at Gustan Cho Associates empowered by NEXA Mortgage, LLC has licensed loan officers in the state of Utah that can help home buyers get qualified for FHA and VA loans with no overlays. There are no credit scores and debt to income requirements on VA loans. We have no overlays on credit scores and debt to income ratios on FHA loans in Utah.
VA And FHA Streamline Refinance Mortgage Guidelines And Requirements
Here are our requirements for FHA and VA loans. Both FHA and VA have similar mortgage guidelines:
- 580 credit score for 3.5% down payment FHA loans
- We do not require any minimum credit score requirements on VA Loans
- However, 580 credit scores are recommended by veteran borrowers to get an approve/eligible per the automated underwriting system
- Collections and charge off accounts do not have to be paid to qualify for VA and FHA Loans
- Two-year waiting period after Chapter 7 Bankruptcy discharged date to qualify for FHA and VA Loans
- Borrowers can qualify for both VA and FHA loans during and after Chapter 13 Bankruptcy
- 12 months of on-time payments are required for borrowers currently in a Chapter 13 Bankruptcy Repayment Plan
- Three-year waiting period after foreclosure, deed in lieu of foreclosure, short sale to qualify for FHA loans
- Two-year waiting period after foreclosure, deed in lieu of foreclosure, short sale to qualify for VA loans
Gustan Cho Associates has dozens of wholesale mortgage lenders with no lender overlays on VA and FHA loans.
Other Requirements To Qualify For FHA Streamline Refinance
Homeowners recently purchased their home in the state of Utah and are interested in doing an FHA streamline refinance Utah the minimum seasoning period is 6 months. For those homeowners who purchased their homes last year at a high mortgage rate, they can qualify if they have made 6 months of timely mortgage payments. Every homeowner who has rates at or above 6.0% can benefit from an FHA streamline refinance Utah once mortgage rates drop.. For Utah homeowners with higher FHA mortgage rates with their current FHA Loans, please contact us at 800-900-8569 or text us for a faster response. Or email us at gcho@gustancho.com.
