2024 FHA Loan Limits in Utah
Timothy Manni started his career as a writer, but for the better part of the last 15 years he has been an editor and content team leader in the mortgage and home buying space. For six years, he lead the Mortgage Content team at NerdWallet, and before that he was the managing editor at HSH.com. Currently, he’s utilizing his years of expertise to help websites like LendingTree, Yahoo Finance and MoneyGeek elevate the information they are sharing with consumers.
Understanding eligibility requirements for a Federal Housing Administration (FHA) loan in Utah can better your chances of qualifying for one. FHA loans come with low minimum down payment amounts and more flexible credit requirements. Another criteria includes loan limits, which vary by county. FHA loan limits in Utah for single-family homes range from $498,257 to $1,149,825.
Utah FHA loan limits by county
| County name | One unit | Two units | Three units | Four units | Median sales price |
|---|---|---|---|---|---|
| BEAVER | $498,257 | $637,950 | $771,125 | $958,350 | $220,000 |
| BOX ELDER | $744,050 | $952,500 | $1,151,400 | $1,430,900 | $632,000 |
| CACHE | $498,257 | $637,950 | $771,125 | $958,350 | $430,000 |
| CARBON | $498,257 | $637,950 | $771,125 | $958,350 | $236,000 |
| DAGGETT | $498,257 | $637,950 | $771,125 | $958,350 | $288,000 |
| DAVIS | $744,050 | $952,500 | $1,151,400 | $1,430,900 | $632,000 |
| DUCHESNE | $498,257 | $637,950 | $771,125 | $958,350 | $275,000 |
| EMERY | $498,257 | $637,950 | $771,125 | $958,350 | $235,000 |
| GARFIELD | $498,257 | $637,950 | $771,125 | $958,350 | $309,000 |
| GRAND | $607,200 | $777,300 | $939,600 | $1,167,700 | $528,000 |
| IRON | $498,257 | $637,950 | $771,125 | $958,350 | $344,000 |
| JUAB | $601,450 | $769,950 | $930,700 | $1,156,650 | $517,000 |
| KANE | $498,257 | $637,950 | $771,125 | $958,350 | $80,000 |
| MILLARD | $498,257 | $637,950 | $771,125 | $958,350 | $329,000 |
| MORGAN | $744,050 | $952,500 | $1,151,400 | $1,430,900 | $632,000 |
| PIUTE | $498,257 | $637,950 | $771,125 | $958,350 | $319,000 |
| RICH | $579,600 | $742,000 | $896,900 | $1,114,650 | $504,000 |
| SALT LAKE | $619,850 | $793,500 | $959,200 | $1,192,050 | $536,000 |
| SAN JUAN | $498,257 | $637,950 | $771,125 | $958,350 | $250,000 |
| SANPETE | $498,257 | $637,950 | $771,125 | $958,350 | $349,000 |
| SEVIER | $498,257 | $637,950 | $771,125 | $958,350 | $294,000 |
| SUMMIT | $1,149,825 | $1,472,250 | $1,779,525 | $2,211,600 | $1,012,000 |
| TOOELE | $619,850 | $793,500 | $959,200 | $1,192,050 | $536,000 |
| UINTAH | $498,257 | $637,950 | $771,125 | $958,350 | $326,000 |
| UTAH | $601,450 | $769,950 | $930,700 | $1,156,650 | $517,000 |
| WASATCH | $1,149,825 | $1,472,250 | $1,779,525 | $2,211,600 | $1,012,000 |
| WASHINGTON | $593,400 | $759,650 | $918,250 | $1,141,150 | $515,000 |
| WAYNE | $997,050 | $1,276,400 | $1,542,900 | $1,917,450 | $867,000 |
| WEBER | $744,050 | $952,500 | $1,151,400 | $1,430,900 | $632,000 |
How are FHA loan limits determined?
FHA loan limits are determined each year using a formula outlined in the National Housing Act. The formula creates FHA loan limits based on a percentage of the conforming loan limits which vary by county and metropolitan area.
There is a “floor,” or the lowest FHA loan limit which is 65% of the conforming loan limit. There is also a “ceiling,” or the maximum FHA loan limit which is at 150% of the conforming loan limit. The FHA loan floor for 2024 is $498,257 and the ceiling is $1,149,825, with several counties in Utah between these amounts.
How to qualify for an FHA loan in Utah
FHA loan requirements can be more flexible compared to some other home loan options due to low down payment and credit score requirements. Still, Utah FHA loan borrowers need to be able to meet minimum requirements, including:
→ Credit score. You need to have a minimum 500 credit score, though you can qualify for a lower down payment with a 580 credit score or higher.
→ Down payment. Lenders require you to make a 10% down payment if you have a credit score between 500 to 579. For those with at least a 580 credit score, you may qualify for a 3.5% down payment.
→ Debt-to-income (DTI) ratio. Your DTI is the percentage of your monthly income going towards monthly debt payments. While FHA lenders tend to require a DTI that’s at or less than 43%, there may be some exceptions if you have excellent credit or have a large amount of assets.
→ Home appraisal. Appraisals for FHA loans are required to determine whether the home adheres to safety requirements and to assess the home’s current value.
→ Primary residence. FHA loans are only for borrowers who live in the home for a minimum of a year as their primary residence.
→ Mortgage insurance. There are two forms of FHA mortgage insurance. FHA loans have upfront mortgage insurance (UFMIP), equal to 1.75% of the loan amount, and annual mortgage insurance premiums (MIP), which range between 0.15% and 0.75% of the loan amount. Both types are required, with UFMIP paid upfront and the MIP rolled into monthly payments lasting throughout the life of your loan.
Buying a multifamily property with an FHA loan
The FHA loan program lets you purchase a two- to four-unit multifamily home home with only a 3.5% down payment. Like a single-family home, the minimum loan requirements are similar:
→ One of the units needs to be your primary residence for a minimum of one year
→ Minimum 580 credit score (or 500 with a 10% down payment)
→ Meet DTI requirements of 43%
→ House needs to fall within FHA loan limits
→ Mortgage insurance
| Number of units | Low-cost FHA loan limit |
|---|---|
| Two | $637,950 |
| Three | $771,125 |
| Four | $958,350 |
FHA lenders in Utah
Lender | LendingTree rating | Min. FHA credit score | |
|---|---|---|---|
 Flagstar Bank | 580 | ||
 Guaranteed Rate | Not disclosed | ||
 PennyMac | 580 | ||
 Rocket Mortgage | 580 | ||
 BMO Harris | 580 |
