Background image for Advanced Funding Home Mortgage Loans 13287



Considering a UTAH FHA MORTGAGE?

Considering a Utah FHA mortgage? You have plenty of company. The Federal Housing Administration, also known as FHA, is the largest insurer of mortgage loans in the world.

Understanding how an FHA loan works and how they can benefit you is important.


What is an FHA Loan?

FHA, which is part of the U.S. Department of Housing and Urban Development, also known as HUD, doesn’t actually provide home loans. It collects mortgage insurance premiums on loans made by mortgage lenders. The insurance premiums are paid by adding an upfront mortgage insurance premium to your loan and charging you an annual premium paid as part of your monthly payment. Since it was created in 1934, FHA has insured more than 47 million home loans. Mortgage insurance helps protect Utah mortgage companies against losses in the event borrowers default on their loans.

FHA mortgage insurance makes it so mortgage lenders are able to offer loans that require less of a down payment. Easier qualifying criteria than they otherwise would be able to offer, and often FHA interest rates are better than conventional loans. The insurance helps offset the higher risk of default on FHA mortgages with lower down payment requirements and are easier to qualify for. This makes it easier to refinance an existing loan or to buy a home and with less cash.

Once primarily a loan program for first-time homebuyers, FHA today helps all kinds of homebuyers and their families afford a home of their own. And remember, it is always a good idea to get pre-approved from a mortgage broker before shopping for your new home. Call us today to pre-qualify for an FHA loan.



Benefits of an FHA Mortgage Loan

FHA Refinance Benefits

FHA Loan Qualifications

Qualifying for a home mortgage loan can be difficult, an FHA mortgage loan can make the process easier. There are fewer restrictions for an FHA loan qualification in comparison to a standard conventional mortgage loan. Basic qualifications for a Utah FHA mortgage are:

Why Choose Advanced Funding Home Mortgage Loans

Since 1994, Advanced Funding Home Mortgage Loans has been a leader in providing quality Salt Lake City mortgages and is one of the top mortgage companies in Utah. We specialize in only residential loans, making your mortgage our priority.

Start Your FHA Loan Application

Apply Now