Gustan Cho Associates is a mortgage broker licensed in 48 states (Not licensed in NY, MA) with a wholesale lending network of 170 wholesale financial institutions. Utah is one of the fastest-growing states in the nation with more and more families calling Utah home. Our team is currently focused on expanding our coverage area throughout the state. Over 75% of our borrowers are folks who could not qualify at other lenders due to a last-minute mortgage denial, stress during the mortgage process, and last but not least, not having the particular mortgage loan program the borrower needed.
The Great State of Utah Joins the Gustan Cho Associates Family
The team at Gustan Cho Associates’ goal for 2022 is to assist as many clients as possible across the nation. We know the financial markets are very volatile with a lot of uncertainty in the housing and real estate markets. the mortgage market is crazy right now. Therefore, we want to help clients find the best mortgage program for their situation. In this blog, we will discuss a few fun facts about the state of Utah, a few key loan mortgage programs offered in the state, and how to apply for a mortgage loan with our team in the state of Utah. It does not take long for us to help home buyers by getting pre-approved prior to moving to Utah.
Why Are So Many People From California Moving To Utah To Buy a House?
We get countless inquiries from people thinking about getting pre-approved prior to moving to Utah. Many of our clients, especially folks from California, are fleeing their home state to call Utah their new home. Many people in California are priced out of the expensive high-priced housing market. Besides the exploding housing prices in California, many people are fleeing the state due to overcrowding, traffic, congestion, high cost of living, political turmoil, ridiculous regulations, and quality of life. The team at Gustan Cho Associates can help homebuyers by getting pre-approved prior to moving to Utah.
Is Utah a Better Place To Live Tha California?
The cost of living in California is 36.8% higher than it is in Utah. The beautiful landscape, majestic mountains, sprawling terrain, clean air, strong economy, and ample job opportunities are attracting many people as well as businesses not just from California but from dozens of other high-taxes, high-cost-of-living states. Other states with large numbers of people fleeing to Utah are New York, Massachusetts, New Jersey, and Washington DC. The team at Gustan Cho Associates can help homebuyers with getting pre-approved prior to moving to Utah.
Buying Versus Renting in Utah
Current homeowners do not want to rent once they move to Utah. They want to purchase a home and when the home closes, they will move. Once a homeowner, always a homeowner. Current homeowners will be either selling or renting their exiting home. Just moving to a different state and renting a home can be a life-changing event. Current homeowners have a lot of responsibilities in structuring a plan for moving to Utah. Each situation is a case scenario.
How To Sell and Buy a House at The Same Time
The team at Gustan Cho Associates can help with planning and coordinating the simultaneous buying and selling of the home There are cases where we had to assist in selling and buying the home at the same time. It can be simultaneously or as separate transactions. Or the property may become a rental. Getting pre-approved prior to moving to Utah is key and of utmost importance. Licensed in 48 states, the team at Gustan Cho Associates is no stranger to people saying enough is enough in their current state due to the economy, soaring taxes, out-of-control housing prices, and political turmoil. We have helped many homebuyers by getting pre-approved prior to moving to Utah so they can start shopping for their new home.
Buying a Home in Utah With Non-QM Home Loans
If you live in Utah or have ever visited Utah, you know it is a beautiful state. While most residents live in the Salt Lake City area, there are some beautiful sites to see spread out throughout the state. Utah was one of the later states added to the nation in 1896. In fact, it was
the 45th state. The United States took the area where present-day Utah is located at the end of the Mexican-American war. Part of the treaty of Guadalupe Hildago awarded this area to the United States. Utah was once home to many prehistoric creatures including the mammoth.
Archaeologists have found numerous Ice Age fossils throughout the state.
Utah Is the State of Diversity and Rich Heritage
There were many Native American tribes in this area including Navajo, Ute, Paiute, and Shoshone. The state of Utah got its name from the Spanish nickname for the Yuta tribe. Utah is home to many Mormons who started inhabiting the area in 1847 while seeking religious freedom. Utah is nicknamed the beehive state because many early pioneers considered themselves to work as hard as bees. Non-QM loans in Utah are non-traditional portfolio loan programs for niche mortgage markets. Many Americans retiring choose Utah as one of their top choices. Non-QM loans in Utah offer homebuyers special mortgage programs with no income documentation. Gustan Cho Associates has no income documentation mortgage loan programs such as no-doc loans, asset-depletion mortgages, bank statement loans, and P and L mortgages.
Record Number of Americans Fleeing High-Taxed States To Utah
Join the Family | Record number of Americans fleeing high-taxed states to Utah because of the wide-open spaces with mountains, ridges, and plateaus. That’s Utah. Utah is a western state surrounded by six other states including Arizona, Nevada, Idaho, Wyoming, Colorado, and New Mexico. Utah makes up part of the “four corners”. This is a unique location where four states meet in one place. This is the only place in the nation where you can have a body part in four states at one time. There are three main geological areas in the state the Rocky Mountains, the Basin and Ridge region, and the Colorado Plateau.
The Wide Open Spaces with Mountains, Ridges, and Plateaus, That’s Utah
The highest peak in the state of Utah is a whopping 13,520 feet above sea level and is named Kings Peak. There are beautiful mountains and canyons throughout the entire state and many state and national parks bring in thousands of tourists a year. Besides the beautiful views, there is a wide array of wildlife. The mountain regions are the home of beautiful mountain lions, big horns, jackrabbits, and many species of birds. Prominent birdwatchers love the state of Utah so they can see golden eagles, red wing blackbirds, and numerous breeds of hawks. Utah has a desert region that is home to many reptiles including mountain king snakes, toads, salamanders, and say blotched lizards.
The Moab Region, Bonneville Salt Flats, and the Lakes are Just a Few Of Utah’s Attractions
The Moab region of Utah is a beautiful place for outdoor activities. This area has man-made lakes also produce potassium chloride which is used in many everyday products such as fertilizer and medicines. On the far west side of the state, there are the Bonnieville salt flats. This is a unique sight to see and many automobile enthusiasts test vehicles here. The state mineral of Utah is copper. Some copper mines in the state are so deep, that they could fit the Sears Tower in them.
Not Only Fun In The Sun But Snow Sports Too Come To Utah For Number One KY Fry
Utah is the second driest state in the country, second only to Nevada. That being said, the combination of high elevation and desert light climate creates snow that is dry and ideal for winter activities such as skiing and snowboarding. There are numerous ski resorts spread out throughout the greater Salt Lake City area. Salt Lake City has even hosted the Olympics back in 2002. Salt Lake City and Park City bring in avid winter sports enthusiasts from across the world. Will leave you with one more fun fact. Utah was home to the first-ever Kentucky Fried Chicken!
Traditional and Non-Prime Mortgage Options in Utah
The team at Gustan Cho Associates can help homebuyers by getting pre-approved prior to moving to Utah with the best home loans with the lowest rates. Gustan Cho Associates is Pleased to Offer Its Full Schedule of Home Loan Programs in Utah. Mortgage programs are offered in Utah! We are happy to offer our no overlay lending services throughout the state of Utah. And many of our readers are happy to learn they may qualify for a mortgage loan even if they have been turned down by another lender.
No Overlay Lender in Utah With Access To Non-QM Home Loans
Most banks and lending institutions have strict overlays on their mortgage programs. An overlay is defined as an additional requirement above and beyond the federal guidelines to qualify for a mortgage loan. Gustan Cho Associates do not have overlays on our conventional, FHA, VA, or USDA mortgage programs. Let’s dive into more detail. Gustan Cho Associates are experts in traditional government and conforming loans plus experts on non-QM and non-prime mortgages. Gustan Cho Associates are mortgage brokers licensed in 48 states with over 170 wholesale mortgage lenders.
Conventional Loan Requirements For Utah
Gustan Cho Associates offer highly competitive conventional mortgage loans. Many of our investors are direct Fannie Mae and Freddie Mac lenders. Conventional mortgage lending can be a tricky area to navigate. With today’s highly regulated mortgage market and uncertain market conditions, Fannie Mae and Freddie Mac have tightened up their lending criteria. Manual underwriting is not allowed for conventional mortgage lending so you must receive an automated approval through a desktop underwriter or loan prospector.
The Devil’s in the Details – Automated Mortgage Approvals versus Manual Underwriting Approvals
These are the respective names of the automated underwriting system or AUS for Fannie Mae and Freddie Mac programs. Some basic qualifications for conventional mortgage lending are:
- 620 minimum credit score
- 49.9% maximum debt to income
- 3% down payment for qualified first-time homebuyers
- It May be used to purchase a second home or investment property
- Allowed for single-family homes, condos, 2 to 4 unit properties
FHA Home Loan Guidelines for Utah
FHA mortgage lending is one of our main areas of expertise. Many lenders have strict overlays on their FHA mortgage lending which can make it difficult to qualify. As stated above, we do not have overlays on our FHA mortgage programs. We specialize in manually underwriting FHA mortgage loans.
Gustan Cho Associates Says Yes to Utah Borrowers in Chapter 13 Bankruptcy with FHA Home Financing
We are able to help clients who are in an active chapter 13 bankruptcy or less than two years of discharge from a chapter 13 bankruptcy. FHA loans are a great low-down-payment option for qualified homebuyers. FHA loans have slightly easier qualifications compared to conventional financing.
What Are The Benefits of an FHA Home Mortgage
The team at Gustan Cho Associates are experts in helping borrowers by getting pre-approved prior to moving to Utah with an FHA loan. What are some benefits of utilizing an FHA loan?
- Low 3.5% down payment
- Credit scores all the way down to 500 (500-579 require a 10% down payment, 580 and above require a 3.5% down payment)
- Higher debt to income thresholds compared to conventional financing
- You may go all the way up to 56.9% debt to income
- Consistent mortgage insurance compared to conventional loans
- Mortgage insurance premiums are standard across-the-board and not based on factors such as credit score and ZIP Code.
VA Loans in Utah With Bad Credit
Having periods of financial distress happens to the best of us. Many people got affected by the coronavirus outbreak in recent years. The outcome is having bad credit. Not all lenders VA lenders are the same. Gustan Cho Associates has no lender overlays on VA loans. What this means is we do not have a minimum credit score requirement, no maximum debt to income ratio, no maximum loan limit, and outstanding collections and charge-offs are fine on VA loans.
Utah Military Veterans Are Never Forgotten at Gustan Cho Associates – Zero Down VA Home Loans.
The state of Utah has a high density of veterans. A VA mortgage loan I one of the best mortgage programs available. If you served our country and are eligible for VA benefits, you have been rewarded the savings of a VA home loan. Veterans do not require a down payment when purchasing a home. That puts a huge leg up in today’s housing market.
How Much Money Do I Need To Buy a Home in Utah?
The number one thing holding most Americans back from purchasing a home is the substantial amount of money needed for the down payment and closing costs. While many veterans believe there are no closing costs, this is a myth. A veteran is responsible to pay closing costs such as the lender origination, appraisal fees, title fees, and taxes and insurance when purchasing a home. The team at Gustan Cho Associates can help our veterans buy a house by getting pre-approved prior to moving to Utah.
VA Loan Eligibility Requirements in Utah
There are ways to finance a home with minimal out-of-pocket expenses. Gustan Cho Associates work with many veterans who are able to have the closing cost paid for by the seller. For more information on closing cost credit, please call Mike Gracz on 630-659-7644. There are numerous advantages to a VA loan including:
- No minimum qualifying credit score
- High debt-to-income ratio threshold
- No down payment
- Competitive interest rates
- No monthly mortgage insurance
Gustan Cho Associates can help homebuyers eligible for VA loans by getting pre-approved prior to moving to Utah.
Non-QM Home Loan Requirements For Utah
NON-QM or Non-Qualifying Home Loans are the Self Employed or Small Business Owners Are One of the Best Options for Home Loan Financing, and Let’s Not Forget About Investors. NON-QM mortgage lending is a huge area of expertise for our team. We specialize in programs that are outside the box of everyday mortgage lenders. That is why we are able to help more borrowers than most banks or lending institutions. A NON-QM mortgage loan is a specific program geared to helping clients who may not qualify for a typical Fannie Mae or Freddie Mac or FHA mortgage program. Typically, these are self-employed borrowers or real estate investors. The team at Gustan Cho Associates are experts on non-QM loans in Utah and can help homebuyers by getting pre-approved prior to moving to Utah.
Non-QM Loan Programs For Homebuyers and Real Estate Investors in Utah
NON-QM mortgage loan programs in Utah offer bank statement loans and debt service coverage ratio loans. (DSCR), foreign national programs, 1099 income verification loans, and even loan programs where you can qualify with just one year of tax returns. NON-QM mortgage loans typically have shorter waiting periods for major derogatory credit items such as a foreclosure or bankruptcy. Since there are hundreds of different NON-QM programs available, we recommend you reach out to our team to go over your specific situation. It will not take long to qualify homebuyers by getting pre-approved prior to moving to Utah. We are experts in this area of lending and even have no documentation loans available. For more information email Mike Gracz at email@example.com.
USDA Home Loan Requirements in Utah
So You Say What’s USDA Home Financing? Most of Utah Qualifies for USDA. USDA home loans are an amazing loan program that also does not require a down payment. These loans are available in rural areas and are designed to encourage homeownership outside of major cities. USDA mortgage lending can be confusing if you are utilizing a mortgage team who is not familiar with this program. A gigantic section of Utah is eligible for USDA mortgage programs. In fact, most of the state is eligible outside of the greater Salt Lake area and the Logan area. USDA loans do have a strict credit history, credit score, and income requirements. For more information on USDA lending, please call our team today. USDA homebuyers, we are experts for homebuyers on getting pre-approved prior to moving to Utah.
Start Today on Getting Pre-Approved Prior To Moving To Utah
As Gustan Cho Associates continue to grow, we will update our borrowers on the states we are licensed in. We hope you learned a few fun facts about Utah and more importantly the programs the Gustan Cho Associates have to offer throughout the state. Our highly skilled team is here to help you with your mortgage needs with our no overlay platform. Even if you have been turned down by your current lender, we encourage you to let us put a second set of eyes on your situation. We are experts to help homebuyers by getting pre-approved prior to moving to Utah.
Gustan Cho Associates Are Here Waiting and Ready to Getting Pre-Approved Prior To Moving To Utah!
Home values are expected to climb even with the federal government intervening with rising interest rates. There is a low housing inventory throughout the nation and Utah is not exempt from this problem. The housing market is highly competitive, and you need a mortgage team who can get the job done for you. We can help homebuyers getting pre-approved prior to moving to Utah. We encourage you to reach out to our team as soon as possible with any mortgage-related questions. We can be reached via phone, email, or text! We can definitely help homebuyers by getting pre-approved prior to moving to Utah.
June 6, 2022 - 11 min read