FHA Loan Requirements, Guidelines and Application Tips
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2023 FHA Loan Limits in Utah

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The FHA loan limits in Utah determine how much a homebuyer can borrow when purchasing a single- or multifamily property using an FHA-insured mortgage loan. These mortgages, backed by the Federal Housing Administration (FHA), offer lower credit score requirements and allow buyers to purchase with as little as 3.5% down. In 2023, FHA loan limits in Utah range from $472,030 to $1,089,300 for a single-family home.

Utah FHA loan limits by county

County NameOne-FamilyTwo-FamilyThree-FamilyFour-FamilyMedian Sale Price
BOX ELDER$744,050$952,500$1,151,400$1,430,900$647,000
SALT LAKE$619,850$793,500$959,200$1,192,050$539,000
SAN JUAN$472,030$604,400$730,525$907,900$212,000

How are FHA loan limits determined?

Each year the U.S. Department of Housing and Urban Development (HUD) uses the national conforming loan limit to calculate maximum loan amounts for FHA loans. In 2023, the conforming loan limit is $726,200 for a single-family home. FHA loan limits fall between a “floor” and “ceiling,” which are 65% and 150% of that conforming loan limit, respectively.

In 2023, the FHA loan floor for a single-family home is $472,030, while the ceiling (offered in only two Utah counties) is $1,089,300. Many counties have a loan limit somewhere in between the floor and ceiling; the exact number depends on the previous year’s median home sales price in that county.

How to qualify for an FHA loan in Utah

FHA loans can help borrowers with lower credit scores and less cash for a down payment reach homeownership. To qualify, you’ll need to meet the following FHA loan requirements:

A 3.5% minimum down payment. If your credit score is 580 or above, you may qualify for a down payment of only 3.5% on the purchase of your home.

A 500 minimum credit score. A credit score of 500 or higher is required for FHA-insured financing. If your score is between 500 and 579, a down payment of 10% will be required.

A DTI ratio of 43% or less. Your DTI ratio is the amount of your monthly income devoted to debt payments. Lenders typically look for a DTI of 43% or less, but some will make exceptions for borrowers with great credit or a significant financial cushion.

An FHA appraisal. If you purchase a home with an FHA loan, you’ll need to get an FHA home appraisal.

Mortgage insurance. You’ll be required to pay two types of mortgage insurance: upfront mortgage insurance (UFMIP) and annual mortgage insurance premiums (MIP). UFMIP is 1.75% of the home purchase price and can be rolled into the mortgage balance, while MIP ranges from 0.15% to 0.75% of that purchase price, charged annually and added to your monthly payment.

Primary residence. FHA loans require that the borrower live in the home as their primary residence for at least one year after closing. If you want to purchase a second or investment home, you may need to use an investment property loan instead of an FHA loan.

Buying a multifamily property with an FHA loan

An FHA loan can also be used to purchase a multifamily property, up to four units. As long as you live in one of the units for at least 12 months and meet the credit requirements, you can purchase a multifamily property with just 3.5% of the purchase price.

FHA lenders in Utah

Lender nameLT ratingMinimum FHA credit score
Bank of America5 starsNot disclosed
Lower Mortgage4 stars580
Carrington Mortgage3.5 stars500
Better Mortgage5 stars580

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