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A Utah FHA refinance is available with a fixed mortgage rate or an adjustable rate on primary residences. FHA loans often offer more flexibility in qualifying than other loans, including, higher debt-to-income rates, higher loan-to-values, and lower credit scores.


Fixed Interest Rate

FHA home loans are one of the easier loans to qualify for, they allow for less than perfect credit and credit scores down to 500. A Utah FHA refinance is great for those lacking equity in their home, generally allowing for a higher loan to value than conventional refinance loans.

FHA government insured loan programs allow mortgage lenders to take more risk when qualifying homeowners because, which allows more Utahns to qualify for homeownership. Pre-payment penalties do not apply, and you can select a fixed rate or an adjustable rate.

FHA Adjustable Rate

An FHA variable rate loan gives you the benefit of lower interest rates while easing up on qualification requirements. FHA home loans are government insured, which mitigates loan risk for lenders.

FHA adjustable rate refinances are offered with a one year, three year, or five year fixed rate and then will adjust annually following the initial fixed period. Your interest rate will increase or decrease annually over the duration of the loan, depending on the fluctuation of mortgage interest rates.

If you are planning to move in the next few years, or simply want to take advantage of today’s low rates, this may be a great option for you.

FHA Streamline Refinance

The FHA streamline refinance program is designed for homeowners who currently have a FHA loan, whose homes have depreciated in value since they closed on their loan, or who are currently paying a higher interest rate than what is presently available.

You can choose an ARM or a 15-year or a 30-year fixed term. You are not required to have your home re-appraised. There are also no debt ratio requirements and assets do not need to be verified.

What an FHA Refinance Does for You

For further information about a Utah FHA Refinance please contact one of our mortgage brokers at (801) 272.0600.

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