Mortgage Loans in Utah

If you’re planning on buying a home to live in or as an investment property in Utah, Griffin Funding can help you secure a mortgage loan so you can focus on finding the house that best fits your needs.

At Griffin Funding, we provide home loans in every corner of Utah. We offer mortgage solutions in Utah cities both big and small, including:

• Salt Lake City
• Layton
• Moab
• Ogden
• Orem
• Park City
• Provo
• Sandy
• South Jordan
• St. George
• West Jordan
• West Valley City

These are just some of the major cities we serve throughout the state of Utah. Whether you’re looking for a conventional mortgage or a non-QM mortgage loan, we make it easy to get approved for a loan no matter what Utah city you’re in.

We offer flexible loan options to make it easier to find home loans in Utah. Learn more about some of the types of mortgages we offer below:

• Asset-based loans: Asset-based loans are secured using liquid assets such as savings accounts, investments, and retirement portfolios. These loans don’t require a borrower to demonstrate traditional income.
• Bank statement loans: With a traditional loan, you have to provide W-2s and tax documents to prove your income. With bank statement loans, lenders look at your bank statements before approving your loan. Bank statement loans are limited to self-employed business owners.
• Conventional loans: A conventional loan is the standard mortgage loan that many home buyers take out. Traditional mortgages offer relatively low down payment requirements and good rates, although they can be difficult to qualify for if you have non-traditional income streams or have dealt with credit issues.
• DSCR loans: Debt-service coverage ratio (DSCR) loans are designed for income-producing real estate. With this type of financing, you can qualify based on the income a property is estimated to generate rather than going through a traditional income verification process. Note that this type of loan can only be used for investment properties.
• FHA loans: Federal Housing Administration (FHA) loans are designed for home buyers seeking out low down payment requirements and flexibility when it comes to credit score. FHA loans are backed by the government, and thus tend to offer attractive interest rates and beneficial terms.
• Home equity loans: With home equity loans, you can borrow money based on the equity you have in your home. This money can be used for anything from emergency medical bills to home repairs and maintenance. Lenders allow you to borrow a certain percentage of the equity you have in your home. You can choose between standard home equity loans or a home equity line of credit (HELOC), which works more similarly to a credit card.
• ITIN loans: ITIN loans are designed for non-citizens who don’t have a Social Security number (SSN). If you don’t have a Social Security number, you can get an Individual Taxpayer Identification Number (ITIN) from the IRS. With an ITIN loan, you can get approved for a loan with your ITIN instead of using an SSN.
• USDA loans: USDA loans are specifically geared toward rural and suburban home buyers, making it easier for people who buy homes in these areas to secure a loan. These zero down payment mortgages are a great option for first-time home buyers who don’t have enough savings to make a down payment with a conventional mortgage.
• VA loans: If you’re a veteran of the US military, you can enjoy better Utah home loan rates and terms with a VA loan. These loans are only offered to qualifying veterans and they offer several benefits. VA loans in Utah typically have lower interest rates, limited closing costs, and you don’t have to put any money down.

Utah mortgage rates change constantly, and different mortgage lenders in Utah may offer different rates. There are several factors that affect Utah mortgage rates. In addition to the current federal funds rate, your mortgage rate is also based on:

• The loan type you’re applying for
• Credit score
• Income level
• Down payment

Keeping an eye on market conditions and improving your credit score can help you find more favorable mortgage loan rates.

It’s also important to note that Utah home loan rates aren’t the only factor one should consider when taking out a mortgage. While it’s certainly important to pay attention to the current mortgage rates in Utah and shop around, borrowers should take into account things like a lender’s experience and reputation. When seeking out a mortgage company in Utah, it’s important to work with a lender who will help guide you through the mortgage process and be transparent with you from start to finish.

Getting approved for a Utah mortgage starts with understanding the requirements. Here’s what lenders look at when considering a loan application:

• Credit score: Your credit score lets lenders know how responsible you’ve been with credit cards and loans in the past. A good credit score makes it easier to get approved and unlocks better rates.
• Debt-to-income (DTI) ratio: If your monthly debt exceeds your income, you may have a tough time getting a loan.
• Down payment: Down payment requirements vary based on the loan you’re applying for and your financial profile. For instance, while VA loans and USDA loans often allow for no down payment, certain non-QM loans require a minimum 10% down payment.
• Employment: Lenders look at your employment status to make sure you have a reliable source of income. For many loan types, lenders like to see at least two years of consistent employment history in order to qualify.
• Income: Your monthly income is used to determine how much you can afford to spend on a house and monthly mortgage payment. If you have non-traditional income streams — for example, if you’re self-employed or your income changes seasonally — you may consider non-QM loans such as bank statement loans or asset-based loans.

As a general rule, you should aim to have at least a 620 credit score for most mortgage types if you want to buy a home in Utah. However, the minimum credit score needed to get a mortgage very much depends on the type of loan you’re taking out and other financial metrics.

At the end of the day, the higher your credit score, the better. A higher credit score will help you qualify for more loan types, as well as better rates and terms.

If you want to financially prepare for homeownership and manage your credit score, you can use the Griffin Gold app to conveniently track your finances and monitor your credit.

If you’re ready to buy a home, getting approved for a mortgage is the first step. At Griffin Funding, we make it easy to get pre-approved for a Utah home loan so you can start shopping for your home. Explore our Utah mortgage options today to see what options suit your needs. As a leading mortgage lender in Utah, we would be happy to help you embark on your homeownership journey. Apply now.