Utah Homeowners: Keep Your Low Rate. Pay Off the Debt.

You don’t need perfect credit to buy a home in Utah. Depending on the type of mortgage you qualify for, you may be able to purchase a home with a credit score in the 500s or low 600s. FHA guidelines can allow scores as low as 580 with a 3.5% down payment, while some borrowers with scores between 500–579 may qualify with a larger down payment. Conventional loans typically have stricter credit requirements, while VA and USDA loans do not set a universal minimum credit score at the federal program level—although individual lenders may have their own requirements.

If you're considering a Utah Housing loan or down payment assistance program, current Utah Housing guidelines generally require a minimum score of 620 for its FHA/VA mortgage program, 660 for the FirstHome program, and 680 for its Freddie Mac HFA Advantage conventional program.

Your credit score is only one part of getting approved. Lenders also consider your income, monthly debts, employment, down payment, and overall credit history. Even if your score isn’t where you want it to be, don’t assume you have to wait years to buy a home. A mortgage professional can review your situation, explain which Utah home loan programs you may qualify for, and help you create a plan to become mortgage-ready.

Yes, it may be possible to buy a house with little or no money down in Utah. Certain loan programs, including VA loans for eligible veterans and service members and USDA loans for qualifying buyers and properties, can offer 100% financing with no down payment.

Utah buyers may also qualify for down payment assistance programs through Utah Housing Corporation or other local programs that can help cover some of the upfront costs of purchasing a home. Eligibility depends on factors such as your income, credit, the property, loan program, and whether you meet specific program requirements.

Keep in mind that no down payment doesn’t always mean no money out of pocket. You may still have closing costs, prepaid taxes and insurance, inspections, or other expenses. The best first step is to review your finances with a Utah mortgage professional who can determine which zero-down or down payment assistance programs you may qualify for and estimate how much cash you’ll actually need to buy a home.

Mortgage pre-approval can often be completed within one business day, especially if you have your financial documents ready. In some cases, it may take a few days if the lender needs additional information or has to review more complicated income, credit, or employment details.

During pre-approval, a mortgage lender typically reviews your credit, income, employment, assets, debts, and estimated down payment to determine how much you may be able to borrow. Having recent pay stubs, W-2s or tax returns, bank statements, and identification ready can help speed up the process.

Getting pre-approved before you start shopping for a home can give you a clearer home-buying budget and show sellers that you're a serious buyer. If you're planning to buy a home in Utah, getting pre-approved early can help you confidently begin your home search and be ready to make an offer when you find the right house.

Yes, you can get a mortgage if you’re self-employed. Business owners, freelancers, independent contractors, and other self-employed borrowers can qualify for home loans in Utah. The biggest difference is that lenders may require additional documentation to verify your income and make sure it is stable enough to support the mortgage payment.

Depending on the loan program and your situation, you may be asked to provide personal or business tax returns, bank statements, profit-and-loss statements, and other documentation showing your income and business history. Lenders will also consider factors such as your credit score, existing debts, assets, and down payment.

Being self-employed doesn’t automatically make it harder to buy a home—it simply means your income may be evaluated differently. If you’re self-employed and looking to buy a home in Utah, getting pre-approved early can help you understand how much you may qualify for, which mortgage programs fit your situation, and what documents you’ll need before making an offer.

Yes, it may be possible to buy a new home before selling your current house. Whether you qualify depends on your income, existing mortgage payment, available equity, credit, debts, and the type of financing you use. A lender can review your finances to determine whether you can qualify while carrying both homes temporarily.

There are several strategies that may help, including using savings for the down payment, accessing equity through a home equity loan or HELOC, using bridge financing when available, or qualifying for the new mortgage with your current home still in your name. Another option may be making an offer that is contingent on selling your existing home, although the strength of that offer can depend on the local housing market.

If you’re planning to buy and sell a home in Utah at the same time, talk with a mortgage professional before listing or making an offer. Understanding your financing options ahead of time can help you coordinate both transactions, avoid unnecessary stress, and determine whether buying first or selling first makes the most sense for your situation.

You may be able to access your home equity without refinancing your existing mortgage. This can be especially helpful if you already have a low mortgage rate that you don’t want to give up. Common options include a home equity loan or a home equity line of credit (HELOC), both of which allow you to borrow against your home’s available equity while keeping your original mortgage in place.

A home equity loan typically provides a lump sum that you repay over time, while a HELOC generally gives you a revolving line of credit that you can draw from as needed. Homeowners may use their equity for home improvements, debt consolidation, major expenses, or other financial needs.

How much equity you can access depends on factors such as your home’s value, current mortgage balance, credit, income, debts, and the lender’s requirements. If you’re a Utah homeowner with significant equity, a mortgage professional can help you compare your options and determine whether a home equity loan, HELOC, or another financing strategy makes the most sense without replacing your current mortgage.

There isn’t one set down payment for buying a home in Davis County. Utah homebuyers average around 15% down statewide, but many Davis County buyers purchase homes with significantly less. Depending on the mortgage program, qualified buyers may be able to purchase with as little as 3% down on some conventional loans, 3.5% down with FHA financing, or potentially 0% down with eligible VA or USDA loans.

For perspective, with a $550,000 Davis County home, a 5% down payment would be $27,500, 10% would be $55,000, and 20% would be $110,000. You do not automatically need 20% down to become a homeowner.

Davis County also offers a Homeownership Assistance Program for qualifying buyers that can provide up to $50,000 in assistance, which may be used toward principal reduction, an eligible interest-rate buydown, and/or up to 50% of the required down payment and closing costs. The amount of assistance and eligibility depend on the buyer's circumstances and current program requirements.

If you're buying a home in Layton, Kaysville, Farmington, Bountiful, Clearfield, Syracuse, or elsewhere in Davis County, a mortgage professional can compare your loan options and determine how much you actually need to put down based on your credit, income, budget, and eligibility.

First-time homebuyers in Weber County, Utah commonly consider FHA, conventional, VA, and Utah Housing loan programs. The best option depends on your credit score, income, down payment, military eligibility, debt, and the home you’re purchasing.

FHA loans are popular with buyers who want a lower down payment or have less-than-perfect credit, while conventional loans can be a strong choice for borrowers with good credit and may offer down payments as low as 3% for certain qualified buyers. Eligible veterans and service members may qualify for a VA loan with no down payment.

Another important option for Weber County buyers is Utah Housing Corporation. Its programs can combine FHA, VA, or conventional financing with down payment assistance for qualified borrowers. Utah Housing currently offers assistance of up to 6% of the first mortgage amount, subject to program limits, which can significantly reduce the amount of cash a buyer needs upfront.

If you're a first-time homebuyer in Ogden, North Ogden, South Ogden, Roy, Riverdale, Washington Terrace, Pleasant View, Farr West, or elsewhere in Weber County, comparing several mortgage programs before choosing one can help you find the right combination of down payment, monthly payment, interest rate, and closing costs.

A bank can only offer its own loan products and rates. An independent mortgage broker like Utah Independent Mortgage works with many wholesale lenders, so we can compare rates, fees, and loan programs across the market to find the best fit for your situation.

Because wholesale lenders compete for a broker’s business, borrowers can often access lower rates and fees than they would find by walking into a single retail bank. A broker also helps you choose between FHA, VA, conventional, and other loan programs based on your goals, not just one lender’s guidelines.

Working with a Utah mortgage broker means one application, one point of contact, and someone on your side of the table from pre-approval all the way to closing.

Most Utah home purchases close in about 30 to 45 days from an accepted offer, though timelines vary by loan type, appraisal scheduling, and how quickly documents are provided.

At Utah Independent Mortgage, every file is treated as a rush from day one. For buyers who complete our platinum pre-approval, we offer a 21-day closing guarantee, so ask us for details when you apply.

To keep your closing on track, respond quickly to document requests, avoid opening new credit or making large purchases, and keep your employment steady until after you get the keys.

Closing costs in Utah typically range from about 2% to 5% of the loan amount. They include lender fees, the appraisal, title insurance, escrow and recording fees, and prepaid items like property taxes and homeowners insurance.

Utah does not charge a state real estate transfer tax, which helps keep closing costs lower than in many other states. Sellers can also contribute toward a buyer’s closing costs, and some Utah down payment assistance programs may help cover them.

We give you a clear estimate of your rate, fees, and cash to close up front, and we attend your closing to make sure everything matches what you were promised.

How much home you can afford depends on your income, monthly debts, credit score, down payment, and current interest rates. Lenders look closely at your debt-to-income ratio, which is the share of your gross monthly income that goes toward your mortgage payment and other debts.

Your monthly payment includes more than principal and interest. Property taxes, homeowners insurance, mortgage insurance, and any HOA dues all factor in, and these vary by county and neighborhood across Utah.

The best way to know your budget is to get pre-approved. We’ll review your finances and set clear expectations for your price range, rate, and monthly payment before you start shopping for a home.

Refinancing may make sense if you can lower your interest rate, reduce your monthly payment, shorten your loan term, remove mortgage insurance, or switch from an adjustable-rate loan to a fixed-rate mortgage.

A cash-out refinance can also let Utah homeowners tap into home equity for renovations, debt consolidation, or other large expenses. Because refinancing has closing costs, it’s important to know your break-even point: how long it takes for your monthly savings to cover the cost of the refinance.

As an independent mortgage broker, we can shop multiple lenders to compare refinance options and give you an honest answer about whether refinancing makes sense for you right now.

In most cases, no. VA loans allow eligible veterans, active-duty service members, and some surviving spouses to buy a home in Utah with no down payment, as long as the appraisal supports the purchase price and the borrower meets the lender’s qualifications.

VA loans also don’t require monthly mortgage insurance and often come with competitive interest rates. Most borrowers pay a one-time VA funding fee that can usually be rolled into the loan, while veterans receiving compensation for a service-connected disability are typically exempt.

With Hill Air Force Base just minutes from our Clearfield office, we regularly help military families in Davis and Weber counties use their VA benefits to buy or refinance a home.