Mortgage Products
The following is a list of some of the mortgage products that are offered by John Neil and Wasatch Mortgage Solutions. For a list of all the products offered, please contact John Neil at 435-755-2177
Conventional: Traditional loan programs that usually require 10% down and offer competitive interest rates. Documentation and fair-to-good credit are necessary. There is some talk that 5% down conventional programs are coming back soon but the main issue impeding this is whether or not the mortgage insurance companies will insure 5% down programs.
FHA Mortgage: Backed by the Department of Housing and Urban Development, this mortgage offers the borrower the ability to put as little as a 3.5% down payment – and they can even finance “allowable” closing costs. Seller can contribute up to 6% of the purchase price to the buyer towards closing costs. FHA mortgages have taken a much larger role as of late because it is the only mortgage that will still allow a borrower to get financing with credit scores as low as 580. One of the drawbacks of the FHA mortgage is the 1.75% upfront mortgage insurance premium that is tacked on to the loan amount. Before October of 2008 it was only 1.5% but FHA raised it to make up for a greater number of defaults in FHA backed mortgages.
FHA Kiddie Condo Loan: This is essentially an FHA loan with one important difference: It allows for a blood relative (i.e. parent, grandparent, sibling, etc.) to co-sign with the owner-occupying primary borrower that might not be able to qualify on their own. The co-signer does not have to live in the home. In Cache Valley this loan is perfect for parents who might want to invest in a condo, townhome, or single family residence (the home does not have to be a "condo") while their son or daughter attends Utah State University and lives in the home. It allows them to get the low down-payment and interest rate of an owner-occupied mortgage.
USDA Rural Housing Loan: Available for most of Cache County except for North Logan, Logan, Providence, and River Heights, this is one of the few 100% financing programs left. Another nice feature about this loan is the fact that there is no monthly mortgage insurance. There is a 2% Rural Housing "funding fee" however this is a closing cost that can be financed. Of all the 30 year fixed programs available, this program will offer the lowest payment. Please call John at 435-755-2177 for more details.
VA Loan: Backed by the Veterans Administration and the federal government, it is similar to FHA except that you have to be a qualified Veteran or military person. This is also a 100% financing program. Veterans that are interested need to provide a certificate of eligibility that can be obtained by visiting with John Neil at Wasatch Mortgage Solutions.
Conventional: Traditional loan programs that usually require 10% down and offer competitive interest rates. Documentation and fair-to-good credit are necessary. There is some talk that 5% down conventional programs are coming back soon but the main issue impeding this is whether or not the mortgage insurance companies will insure 5% down programs.
FHA Mortgage: Backed by the Department of Housing and Urban Development, this mortgage offers the borrower the ability to put as little as a 3.5% down payment – and they can even finance “allowable” closing costs. Seller can contribute up to 6% of the purchase price to the buyer towards closing costs. FHA mortgages have taken a much larger role as of late because it is the only mortgage that will still allow a borrower to get financing with credit scores as low as 580. One of the drawbacks of the FHA mortgage is the 1.75% upfront mortgage insurance premium that is tacked on to the loan amount. Before October of 2008 it was only 1.5% but FHA raised it to make up for a greater number of defaults in FHA backed mortgages.
FHA Kiddie Condo Loan: This is essentially an FHA loan with one important difference: It allows for a blood relative (i.e. parent, grandparent, sibling, etc.) to co-sign with the owner-occupying primary borrower that might not be able to qualify on their own. The co-signer does not have to live in the home. In Cache Valley this loan is perfect for parents who might want to invest in a condo, townhome, or single family residence (the home does not have to be a "condo") while their son or daughter attends Utah State University and lives in the home. It allows them to get the low down-payment and interest rate of an owner-occupied mortgage.
USDA Rural Housing Loan: Available for most of Cache County except for North Logan, Logan, Providence, and River Heights, this is one of the few 100% financing programs left. Another nice feature about this loan is the fact that there is no monthly mortgage insurance. There is a 2% Rural Housing "funding fee" however this is a closing cost that can be financed. Of all the 30 year fixed programs available, this program will offer the lowest payment. Please call John at 435-755-2177 for more details.
VA Loan: Backed by the Veterans Administration and the federal government, it is similar to FHA except that you have to be a qualified Veteran or military person. This is also a 100% financing program. Veterans that are interested need to provide a certificate of eligibility that can be obtained by visiting with John Neil at Wasatch Mortgage Solutions.
