Don’t Settle For Any Utah Jumbo Loan Lender
There are lots of Jumbo Loan Utah mortgage lenders to choose from. Work with the best.
Jumbo Loan Experts
Jumbo loans can be complicated. It’s important to work with proven professionals that will match you with the best program and help avoid pitfalls during the loan process. Working with an expert is the best way to ensure your transaction goes smoothly.
Unique Financing Solutions
Diverse Property Types
Utah features a large selection of property types that accommodate your needs and lifestyle. That’s why you can expect Jumbo loans in Utah for a variety of property types; even hard-to-finance properties.
What Other Homeowners Are Saying
Actual customer reviews on what sets us apart from other Jumbo loan Utah lenders.
Jumbo Loan Utah FAQs
What Property Types Can I Use A Jumbo Loan Utah For?
Jumbo loans in Utah can be used for a variety of property types. Buy or refinance your primary residence, second home or 1-4 unit investment properties. For hard-to-finance properties like condominiums, our portfolio of loan programs also offers competitive options. Financing is available for both warrantable and non-warrantable condos, condotels or cooperatives with a Jumbo loan Utah.
What Are The Income Requirements?
Income requirements for Jumbo home loans Utah will vary based on the investor and the loan program you qualify for. For most investors, your income is documented with pay stubs, W2s and other tax or bank documents. If you’re self-employed or receive 1099 income, you’ll need to provide the last two years of tax returns along with other financials from your business. If you have liquid assets that can support a monthly distribution for 36 months or more, those assets can be considered income to help you qualify. The amount of income you need to document depends on the amount you’re borrowing and your credit liabilities.
What Is The Jumbo Loan Limit Utah?
The Jumbo loan limit Utah 2022 is $647,200. This means that any mortgage loan over this amount will be considered a Jumbo loan Utah. Jumbo loans will likely have a higher interest rate and require a larger down payment when buying a home.
The conforming loan limit is determined by the Federal Housing Finance Agency (FHFA), which is the government agency responsible for regulating mortgage lenders. FHFA sets the limit at each different location based on a variety of factors, including median home prices and average incomes.
Homes located in Summit & Wasatch Counties are eligible for conventional high balance loans under $970,800.
How Much Money Do I Need To Put Down?
For loan amounts over the standard conforming limit of $647,200, the down payment amount will vary based on the property type, the home’s occupancy, your credit and if you are buying or refinancing the home. Depending on the Jumbo loan Utah program, a down payment of 10% to 25% may be required.
Use the mortgage calculator Utah to estimate your monthly payment with taxes and insurance.
What Type Of Jumbo Loan Utah Programs Are Available?
With access to investors at major financial institutions and other institutional investors that offer specialized financing, we offer a large portfolio of loan programs. Depending on which Jumbo loan Utah program you qualify for, you may select from a fixed or adjustable rate loan with varying loan terms.
Are There Jumbo Loans In Utah Available If I’m Self-employed?
There are many Jumbo options available if you’re self-employed, but there are a few things you need to keep in mind when applying for a Jumbo loan Utah. First, you’ll need to provide proof of your income. This can be done by providing tax returns or in some cases, business bank statements. You’ll also need to provide proof of your assets too. This can be done by providing bank statements or other financial documents. If you can provide all of this information and meet qualification requirements, you should be able to get a mortgage loan.
Just keep in mind that it requires a lot more documentation and paperwork than it does for someone who has a traditional job. It’s best to make sure you have all your paperwork in order before applying for a Utah Jumbo loan.
Begin Your Dream Home Journey
Schedule a 15-minute consultation to learn more about Jumbo loans in Utah. Get answers to any questions you may have and get started on the path to home ownership.
How To Choose A Utah Jumbo Loan Mortgage Lender
When looking for a lender to help with your Utah Jumbo loan, it’s important to find a local mortgage lender that specializes in Jumbo loans. Compare your options by finding a loan officer that:
- Offers a wide array of Jumbo home loan programs
- Has a network of other real estate professionals familiar with Utah
- Is familiar with the variety of property types and uses Is dedicated to finding the ideal loan program for you
- Has exceptional customer reviews and testimonials from past clients
Many mortgage lenders claim to specialize in Jumbo loans Utah. However, they typically hire loan officers with little to no experience. The lender doesn’t underwrite the loans themselves, have extended closing times up to 60 days, make you work with a team instead of a single person and don’t respond to your inquiries during the process. Plus, you typically end up with a higher interest rate.
Utah is a state in the Western United States. It was admitted to the Union on January 4, 1896, as the 45th state. Utah is bordered by Idaho to the north, Wyoming to the northeast, Nevada to the east, and Arizona to the south. The state has a population of about 3 million people.
Why Live in Utah
If you’re looking for a great place to live, Utah should be at the top of your list. With its incredible natural beauty, five national parks and dozens of state parks, Utah is a paradise for outdoor enthusiasts. And thanks to its thriving high-tech sector and strong economy, Utah is also a great place to do business.