Mortgage Lenders

The Perks of Buying a Home with Low Or No Down Payment

The decision to buy a house in St. George may be exciting to make, but the process of buying a home could become overwhelming. One of the considerations when buying your first house relate to financing the plan. The first time or repeat homebuyers have two options. Either buy a home for cash or take a home buying mortgage. We are interested in the second option of purchasing a house through a mortgage facility.

Therefore, mortgage borrowers can choose the low to no down payment mortgage or take the conventional loan that requires a 20% down payment.  So, what are the perks that come with the no to low down payment home mortgage? This article examines the advantages of choosing a low to no down payment mortgage when buying a house st. George.

1. Become a Homeowner Sooner

Raising a 20% mortgage down payment could require months, if not years of saving. The low to no down payment mortgages could help you to fast track the homeownership dream. Therefore, an option like the 3.5% on FHA home loan could require a few or a single paycheck to clear. This allows you to become a homeowner sooner than you expected.

2. Have more Cash To Pay Property Maintenance

Home mortgage down payments have left a majority of new homeowners house rich but cash poor. Therefore, options that allow you to spend less on your home mortgage will mean you have more money in your pocket. This amount could be used to fund property maintenance or even buying new home furniture.

3. Qualify for First time Home Buyer Program

Many home lenders offer lower down payment options for people purchasing their first home. For instance, the VA home loan allows qualifying members to own a home at 0% down payment.

4. You Qualify for a Mortgage with Low Credit Score

Compared to conventional home loans, some low to no down payment home mortgages allow you to qualify for a home mortgage even with a lower credit score. Therefore, this helps you to fast track the homeownership ambitions. For instance, FHA home loan accepts mortgage borrowers’ applications with a credit score of as low as 580, with a down payment of 10%. The VA home loan accepts applications with a low credit score and sets no down payment requirements for the borrower to qualify for a loan. 

Now that we have looked at some of the rewards that come with a low to no down payment home mortgage let us examine the borrowers’ options.

1.  The FHA Home Loan —Low Down Payment Home Loan  (3.5% down)

One of the low down payment home mortgages is the Federal Housing Administration home loan. The FHA home loan allows first-time homebuyers a chance to afford a home with as low as a 3.5% down payment.

The FHA home loan is available through appointed mortgage lenders to help more Americans buy a home. Besides the low down payment requirement, the FHA home loan offers friendly mortgage terms. For instance, the mortgage allows borrowers with a credit score of at least 580 to borrow a mortgage so long as they can pay a 3.5% down payment. Alternatively, where the credit score is below 580 but above 500, the borrowers can still get a loan with a down payment of 10%.

2.  The HomeReady™ Mortgage – Low Down Payment Mortgage (3% down)

The HomeReady™ Mortgage is a unique home mortgage requiring a low down payment. Backed by Fannie Mae and available from various lenders, how down payment mortgage offers below-market mortgage rates and reduced mortgage insurance costs. Therefore, the HomeReady™ mortgage allows qualifying borrowers an opportunity to own a home.

3.  The VA Home Loan — No Down Payment (0% Down payment)

The VA home loan is an excellent example of mortgage loans providing up to 100% financing. The US Department of Veteran Affairs guarantees the home mortgage, and it is available to active service members or the surviving spouses. Like the FHA home loan, the VA home loan was established to improve home affordability in the US.


Therefore, we have looked at the popular low to no down payment home mortgages available in ST. George. When applying for the low and no down payment home mortgage, verify whether your preferred mortgage lenders offer the particular option you are interested in. borrowing.

home mortgage

10 Hacks To Improving Your Credit Score While Buying A House In Utah

Do you intend to buy a home in Utah? Maybe you may be considering a home mortgage. If so, mortgage lenders will look at your credit score to determine suitability for a home mortgage.  Buying a house with bad credit could limit your options. Therefore, if you have bad credit, work on credit repair to qualify for the home buying credit.

Are you looking for effective credit repair options? This post outlines different hacks to help you repair your credit score. Therefore, by practicing the tips explained here, your credit score will be on the upswing, enabling you to buy a house in Utah.

1. Keep An Eye On Credit Score Reports and Dispute Errors Immediately.

A bad credit score could be because of an erroneous entry by the mortgage lenders or the credit bureau. Therefore, you should raise a dispute immediately. The only way to identify such incorrect entries that cause lousy credit scores is by checking about your credit report regularly. Luckily,  credit reports can be generated online. Alternatively, you can call the credit bureau or send an email requesting your credit report.

2. Doubling the Bill Repayments

Another fundamental approach for ensuring credit score repair is to pay twice the amount due to outstanding debts. Doubling the bill repayments protects you in case of a rainy day, and you cannot keep up with the repayments. Bear in mind that defaulted mortgage repayments will accrue interest making your ability to repay the mortgage much difficulty. Therefore, to keep off debts, you should consider doubling the amounts paid monthly.

3. Embrace low Credit Utilization

Now that you are planning to buy a house in Utah, ensuring low credit utilization can be the right approach to keeping your credit on the upswing. In that regard, avoid taking additional credit cards and repay the existing balances on time. Eventually, you will have a low debt-to-income ratio, which improves your ability to qualify for house buying mortgages.

4. Keep Existing Credit Accounts Open

Even if you have stopped using individual credit accounts, it is wise you do not close such accounts. Keeping old credit cards open but low on credit helps improve the overall credit score.

5. Work on Reducing the Current Debts and Utility Bills

While this may sound obvious, some people are oblivious of the advantages of reducing credit when qualifying for a mortgage. Apart from improving the credit score, the debt-to-income ratio improves positively when your current debts and utility bills are lower.

6. Pay Off Student Loans

Missing student loan repayments negatively impacts your credit score. Therefore, if your student loan is in arrears, the chances are that it is the leading cause of a low credit score. Bear in mind that a delinquent student loan from your 20s will hurt your credit score for many years, preventing While this may sound obvious, some people are oblivious of the advantages of reducing credit when qualifying for a mortgage. Apart from improving the credit score, the debt-to-income ratio improves positively when your current debts and utility bills are lower.

you from achieving the homeownership dream.

7. Ask for Credit Limit Increase

Call your credit card company and ask them to consider a credit limit. Note that if you have a high credit limit but maintain a low credit utilization, there will be a positive impact on your overall credit score.

8. Set Targets

Setting credit score targets and working towards achieving the goal would be the best approach to improving the credit score. The plan on attaining the credit score within the set timelines will include strategies for repaying existing loans. Besides, you will stay focused on minimizing the credit utilization.

9. Downgrading Costly Credit Cards

If you do not want to keep paying a monthly fee on that flashy credit card, downgrading it helps in credit score repair. However, we mentioned that old accounts should not be closed. Instead, call the credit card company and request a swap to a similar and more affordable or to-fee credit card version. However, this could mean giving up on some benefits, but eventually, it pays off in the form of keeping the credit score afloat.

10. Take a Credit Builder Loan

Taking a credit builder loan is another strategy for beginners who do not have a credit score. Ideally, the credit builder loan diversifies your credit mix and counts as a loan you opened, paid off, and closed. Bear in mind that you may not qualify for a home mortgage if your credit score exists. Therefore, taking a credit builder loan helps much in your home buying journey.


A credit score is an important indicator when it comes to owning a home. Therefore, you ought to make sure that the score is high at all times. Check the credit score regularly and work towards repairing a damaged credit score. By doing so, mortgage lenders will consider your mortgage application and provide you a loan. 

When to Rent and When to Buy!

For a long time, tradition has been that homebuying is a significant achievement in one’s lifetime. However, today people are considering home rentals for a lifetime. So, how do you decide when to buy or to rent?

Whether to rent or buy a home remains an intensely personal decision. Here is an overview of the considerations that help you decide on renting vs. buying.

You Don't Have Enough Savings to Pay a Down Payment

If the only mortgage options available to you require a down payment, you need to set aside some savings to pay the required amounts. It’s never too late to start saving. Until you are ready, keep renting for the time being.

Your Credit Score is Low

A low credit score hurts your ability to qualify for a mortgage. However, not all mortgage loans require a good credit score. Your credit score and credit report have a significant impact on whether or not you can qualify for a home loan. If your credit score is still low, start working on repairing your credit. Stick with home rentals until you have a credit score high enough to qualify for a home mortgage.

Your Monthly Housing Cost Will Exceed 30% of your Gross Income if you Buy.

According to personal finance experts, your housing costs should not exceed 30% of your current gross income. If homebuying means your total housing cost will be higher than 30% of your income, you might consider renting until you have a higher salary. You can purchase a lower-cost home to make sure the cost doesn’t exceed that 30% mark or continue saving until you can afford to buy.

Buying Makes you Home Rich but Cash Poor

Property ownership comes with some additional responsibilities. For instance, you will be required to pay property maintenance costs, buy furniture, home repairs, utility payments, and other expenses. If you do not have enough cash flow to cover these additional costs, keep renting a home. 

Current Debt to Income Ratio is Above 43%

If you need to finance a home, lenders will calculate your current debt to income ratio. This ratio helps the loan officer determine your suitability for additional debt. A high debt to income ratio hurts your ability to repay the outstanding loans and ensure timely mortgage repayments. Bear in mind that late mortgage repayments will negatively affect your credit score.

You're Planning To Move to a Different City Soon

If you suspect an upcoming transfer at your workplace, this might not be the right time to buy a home. Wait until you’re settled in your new town before buying. If your work involves traveling often, you may postpone buying plans until you decide it is time to settle in a specific city.


When Buying a Home is the Ultimate Choice

You are Planning For Retirement

For seniors, renting a home may not be the right decision. You might want to stay away from city life, be closer to family or find a more peaceful location to retire. Buying a home makes the most sense in this scenario. You can buy the home with cash, finance the home, or take a reverse mortgage with your owned property and enjoy a happy retirement life with an income source guarantee.

You Have a Good Credit Score and Enough Savings For a Down Payment

If your credit score is above 640 and you have enough savings for a 20% down payment, take a conventional home loan and buy for a property. There are also loan programs that don’t require a large down payment to qualify. Credit score and ability to pay a down payment or settlement fees are some things to consider before applying for a mortgage.

You Do Not Have Other Debts

If you are keeping your debts low, it means that you can afford a mortgage. Some debt is healthy and helps build your credit score. Make sure to keep your balances on credit cards low and pay them on time each month. Besides, mortgage lenders will look at your debt-to-income ratio to determine your ability to repay the home mortgage.

Your Income is on the Upswing

Are you getting a pay rise soon? Probably you just landed a promotion or your dream job, and your income is increasing soon. Buying a new home could be a perfect way to celebrate your latest achievements.


When considering rent or buying a home, weigh the costs. If buying makes you house rich but cash poor, you are better renting than buying. If you are planning for retirement, buying could mean peace of mind, and you have an opportunity to live on home equity. Make a “pros and cons” list to help you decide whether to purchase a home or keep renting.


Tips To Maximize Your Income With Your Rental Property

Do you own new home rentals? Are you looking for ways to maximize your revenue by renting a home? Home rentals could be a faster approach to repaying an outstanding mortgage balance. Therefore, maximizing income with your rental property helps in a big way. In this article, we look at ways to maximize your revenue with your rental property.

Do some Market Research

One of the worst mistakes when renting a home is pricing the home rentals too low. Ideally, this occurs when the rental property owners think that by pricing the property more down, they will attract tenants and minimize the vacant periods. However, the reality is that pricing below the market price hurts your ability to attract quality tenants.

Researching the rentals market is the best practice before pricing your home rentals. Therefore, make sure that the pricing is at par with the current market pricing. By so doing, you are guaranteed to earn regular rent cycles as you attract the right tenants.

Do as Much Property Maintenance As You Can

One of the reasons Americans choose home rentals over homeownership is to avoid the responsibility of property maintenance. Therefore, to maximize the income generated from tenants, property owners must ensure proper property maintenance.

Property maintenance is not rocket science! It could include repainting old walls, ensuring broken plumbing fixtures are replaced, re-roofing worn roof, and other essential repairs. These go a long way in ensuring tenants’ satisfaction. Therefore, rent increment notice will not be met by notices to vacate. Besides, tenants stay longer, providing a regular income.

Hire a Property Manager

Rental property managers have a better experience on how to handle renters. Besides, experienced property managers have a marketing strategy for the rental homes they manage. In that regard, the rental properties under the management of an agency will have shorter vacancies.

The property management agencies are always on-site to attend to issues raised by the tenants. Therefore, there is a higher customer satisfaction rate. A good property manager has a good understanding of the current rentals market. Consequently, you are confident that your rental property will not be underpriced, leading to lower profit margins. Lastly, rental property managers will work harder to ensure the properties are filled and earn a regular commission for the hard work.

Implement a Pet Fee

Virtually, the majority of tenants have a pet. Adding extra fees to be allowed to live with the pet within your rental properties means an additional revenue stream. This additional fee can be a one-off payment or regular payments per pet. Therefore, if you own a no pets rental apartment, consider allowing pets. Then, come up with a strategy for introducing a pet fee or including the pet in the monthly rent.

Enforce Rental Contracts Using Written Rental Agreement

An excellent rental property agreement protects the interest of the property owner and the tenants’ rights. Besides, tenants feel secure when they have a rental agreement in the form of a document. Therefore, make sure you write a contract, and both parties sign the agreement to mark the beginning of the tenancy contract.

A well-written rental agreement helps the property owner and the tenants to avoid expensive legal battles. It’s great to have this in writing to refer back to the document if there is an issue. When there is a misunderstanding, the record will help the rent tribunal in reaching arbitration. If you have limited knowledge of writing a rental agreement, you could refer to the free templates available online and customize one. An experienced rental management agent can help you in writing the rental agreement.

Ensure Strict Tenants Screening

To ensure you find tenants who are always on time with rent cycles, you need to review the tenants’ screening process. The screening process starts with reviewing the rental application letters. Also, contact the prior property owners to find out if they had any issues with the tenant. Look out for complaints relating to rent payments and the ability to cope with other tenants. Do not allow tenants blacklisted by other property owners. To ensure high-quality tenants, request the rentals applicants to authorize credit background checks. This way, you can avoid blacklisted tenants and accept tenancy applications from tenants who pay rent on time.

Ensure an Easy Rent Payment Process

Tenants appreciate an easy rent-paying process. Therefore, provide different alternatives for the tenants to pay you through. A convenient rent payment approach guarantees you steady rent income, as tenants can pay from anywhere and at any time.


Your rental property should be treated like any other business. Ensure proper management practices so that the tenants keep paying rent on time and the market price. Besides, protect your rental property so that it remains attractive to renters.