VA Loans in Utah

There are more than 110,000 veterans living in Utah, and at Griffin Funding we’re proud to assist these veterans, active-duty service members, and their families in securing a mortgage and buying their dream home.

Griffin Funding is proud to specialize in VA loans for our veterans and service members throughout the entire state of Utah. Here are just some of the cities where we can help you buy, sell, or refinance a home using a VA loan:

• Salt Lake City
• Provo
• Orem
• Ogden
• St. George
• Lehi
• Layton
• Millcreek
• Logan
• Murray

The VA loan is a mortgage loan program that was established by the U.S. Department of Veterans Affairs (the VA) to help our veterans, active-duty service members, and their eligible surviving spouses attain affordable loans and become homeowners. The VA will partially guarantee each VA home loan in Utah, which greatly reduces financial risk for the lenders and allows them to offer very competitive rates, no required down payment, and more flexible credit requirements when compared to conventional mortgage loans.

First-time buyers, or those who have completely paid off and sold a home that was purchased with a previous VA loan, will be eligible for full entitlement. This full entitlement grants well-qualified buyers with zero-down financing for the full purchase price of the home, regardless of any VA loan limits in place.

For applicants who have previously utilized a VA purchase loan and still owe money or still own the home, a partial entitlement may be available from the VA. With a partial entitlement, the VA will guarantee any amount up to the prescribed VA loan limit for the home’s county. Any amount exceeding this limit will need to be paid by the borrower – typically as a down payment.

Griffin Funding proudly specializes in providing VA home loan programs throughout Utah. Qualified veterans and active-duty service members can take advantage of the following loan varieties to suit their needs:

• VA purchase loan: This is the most common financing option for first-time home buyers utilizing the Utah VA loan program. With a VA purchase loan, qualified service members and veterans can secure a mortgage loan with competitive VA loan rates in Utah, no down payment requirement, and limited closing costs.
• VA cash-out refinance: If you are a service member or veteran and already own a home, you may be able to use a VA cash-out refinance to extract cash from your home’s equity while refinancing your existing mortgage or VA loan with a lower rate. The extra cash can be utilized for paying off the old mortgage, performing home repairs or improvements, or to cover surprise expenses; use it however you need to. Eligible veterans are able to cashout up to 100% of the value of their property.
• VA streamline refinance: These VA loans are also known as interest rate reduction refinance loans (IRRRL), and are a very popular option for existing VA home loan recipients in Utah. It allows borrowers to refinance their VA loan at a lower rate, but without the need for another appraisal, pest inspection, Certificate of Eligibility (COE), or burdensome out-of-pocket costs that are required for traditional mortgage refinancing.

If any of these options sound like a good fit for your home buying or refinancing needs, check out our VA loan calculator to see what you may qualify for. You can also compare your financing options using the Griffin Gold app, as well as monitor your credit, financial health, and home value.

Because the VA is backing a portion of each VA loan in Utah, Griffin Funding is able to offer our qualified veterans and active-duty service members these mortgage loans with no down payment requirements, flexible credit qualifying criteria, and very competitive VA home loan rates in Utah. Here are a few of the most important benefits:

• No down payment required
• Competitive rates
• Limited closing costs
• No prepayment penalties
• No private mortgage insurance (PMI) required
• Cashout for up to 100% of the home’s value
• FICO scores as low as 550 are considered

Qualifying for VA home loans in Utah can be a fast, straightforward process. Here are the primary qualifications you must meet to apply:

• Certificate of Eligibility (COE): A COE proves that you meet the necessary service requirements to be considered for VA loans in Utah. A COE must be requested directly from the VA.

• Identification: Applicants must have a valid driver’s license or government-issued photo ID.

• Credit score: To be considered for a Utah VA mortgage loan, you must have a minimum FICO score of 550.

• Proof of income: Prior to applying, you’ll need to gather your pay stubs, recent tax returns, W-2 forms, and any other documentation that will prove steady income.

Prior to 2020, VA loan limits applied to each VA home loan. These limits were set by the Federal Housing and Finance Agency (FHFA) and were calculated according to the median home price in each of Utah’s counties. However, since January 1st, 2020, any borrower who receives a full-entitlement VA home loan will not be subject to any VA loan limits; any overage is automatically covered by a bonus entitlement.

Partial-entitlement VA loans, however, do not receive this bonus entitlement and are subject to VA loan limits. These limits vary by county; the current VA loan limit in Utah is $766,550 for most counties, and up to $1,149,825 in higher-priced counties.

It is important to note that partial-entitlement VA loan limits in Utah do not limit the price of a potential home purchase. As long as your credit qualifies, you will likely still receive a VA loan but will need to cover any difference over the Utah VA loan limit with a down payment.

VA home loan rates in Utah are extremely competitive, and full-entitlement approvals feature zero down payment requirements and minimal closing costs. Additionally, their flexible credit qualifying criteria make them ideal for service members and veterans looking to buy their first home, refinance their current home, or cash-out on an existing mortgage.

Getting locked in for a VA loan pre-approval is easy with Griffin Funding because we don’t just offer VA loans, we specialize in them. When you apply today, you’ll be taken care of by knowledgeable agents and a straightforward application and funding process from start to finish.