Loan Programs
Conventional Loans
A conventional loan is backed by either Fannie Mae or Freddie Mac, the two entities which comprise the Federal Housing Finance Agency (FHFA). Conventional loans account for more than half of all new mortgage loans. Residential properties of all types can be financed with conventional loans. Down payments typically range from 3% to 20% of the total buying price. Mortgage insurance on conventional loans is typically less expensive than on other loan types! If the down payment is less than 20%, the loan will almost always require mortgage insurance. A conventional loan is for folks who have a larger down payment and excellent credit. 30-year, 25-year, 20-year, and even 15-year conventional loans are available. You can choose between a fixed-rate and an adjustable-rate mortgage loan. A fixed-rate mortgage’s interest rate never changes over the life of the loan, whereas an adjustable-rate mortgage’s rate might rise or fall depending on current interest rates.
Conforming and non-conforming conventional mortgages are two types of conventional mortgages. A conforming loan is one that meets the underwriting guidelines established by the government-sponsored enterprises Fannie Mae and Freddie Mac. A loan is termed non-conforming if it does not meet all of these requirements.
The most common way to determine whether you should do a conventional loan or jumbo mortgage is to be aware of the loan amounts. As of 2020, a mortgage with a loan amount below $510,400 is generally considered conforming, whereas any loan amount above $510,400 is considered nonconforming, better known as a Jumbo Mortgage. Conforming limits tend to vary depending on the area of the country. Jumbo Mortgages can sometimes have stricter requirements because they carry greater risk.
Key Conventional Mortgage Loan Points:
- As low as 3% down on a primary residence purchase
- Debt-to-income ratio as high as 45%
- Qualifying guidelines more strict than FHA
- Requires monthly mortgage insurance (MI) if down payment is less than 20%
- MI can be canceled at 80% loan-to-value
- Loan amount up to $510,400 as of 2020 (anything higher is a jumbo loan in most counties)
*Loan terms and limits subject to change. This page is meant for educational purposes is not a commitment to lend. To qualify for a conventional mortgage loan, please speak to one of our licensed loan officers or apply online.
Why We Chose a Conventional Loan
We have done a couple of mortgage with The Staples Group now because the experience has been very enjoyable. We had worked with another lender in our first home purchase and were pleasantly surprised at how low the Staple Group rates were just how much they communicated with us during the process! When spending so much money it was nice to always know what was going on. After doing an FHA loan for our first home purchase, we opted for a conventional mortgage in our most recent transaction because we were able to come up with 20% down and avoid mortgage insurance entirely! It feels great to not pay mortgage insurance anymore!
-The Glauser Family
FHA Loans
With an FHA mortgage loan, you have the confidence that the loan is funded by Sun American Mortgage and backed by the Federal Housing Administration (FHA). Since 1934, the FHA mortgage loan has been assisting homeowners by insuring home loans so that we can provide you with a better deal. The Federal Housing Administration (FHA) is the world’s largest mortgage insurer. FHA loans allow purchasers to put down as little as 3.5 percent on a home.
FHA loans offer more flexible guidelines, making them excellent for first-time home buyers or individuals with less-than-perfect credit. FHA home loans are also a good option for consumers with a low down payment or a high debt-to-income ratio. FHA home loans are also assumable, which means that your loan can be taken over by someone else.
Why Choose an FHA Home Loan?
- Only 3.5% down
- Flexible qualification guidelines
- Debt-to-income ratio as high as 55%
- Requires up-front & monthly mortgage insurance (MI)
- Maximum home loan limits vary by county
- Mortgage Insurance (MI) required for the entire life of the loan
- Allows for no cost, no qualifying “streamline” refinance
*Loan terms and limits subject to change. This page is meant for educational purposes is not a commitment to lend. To qualify for an FHA home loan, please contact one of our licensed loan officers or apply online.
Why We Chose an FHA Loan
We called Becky and Brandon after seeing how many positive reviews they had online. It was our first home purchase and we wanted to make sure we knew about all of our options. We met with them and they showed us all of our options. We ended up choosing an FHA loan because of the great interest rate and the fact that we only had to put 3.5% down. Our realtor negotiated to have all of our closing costs paid for by the seller so it worked out perfect for us! We are so grateful! We recommend them to all our family and friends!
-The Cervantes Family
Reverse Mortgages
A Reverse Mortgage, also known as a home equity conversion mortgage (HECM), is a type of home loan for those 62 years old or older, that requires no monthly mortgage payments. This is an FHA-insured loan. A Reverse Mortgage loan allows people who are at least 62 years of age, or older, to pay off their forward mortgage loan or use the equity in their home for other reasons. To purchase or refinance a home with a Reverse Mortgage loan, a borrower must have at least 40 to 57 percent equity (depending on age).
The home loan is not required to be repaid until the house is sold or otherwise vacated. You are not required to make any monthly mortgage payments against the loan balance as long as you live in the house. You must pay your property taxes, homeowners insurance, and condominium fees (if you reside in a condo) on time, as well as keep the house in good condition.
Contact one of our Reverse Mortgage Specialists to find out if a Reverse Mortgage is right for you!
*Must be 62 years or older to qualify. Borrowers must have a minimum percentage of equity in the home to qualify. Other terms and conditions may apply.
Why Choose a Reverse Mortgage?
- There is no requirement for a monthly mortgage payment
- To qualify, you must have a minimum of 40-57 percent equity (according to age)
- A financial assessment is required.
- There are no credit score requirements.
- Mortgage insurance is required up front and on a monthly basis (MI)
- A benefit of a Reverse Mortgage refinance is the possibility of receiving monthly income or a lump sum payment.
Why We Chose a Reverse Mortgage
When health issues arose and we could no longer stay in our home because my husband needed a one level home. Knowing this would be our final home, we chose to do a Reverse Mortgage.
Rural USDA Loans
0$ Down. Easy to Qualify. Lower Rates. The USDA Rural Housing Program is a federal program that aims to help lower-population towns and counties thrive by providing better deals, terms, and options to house buyers when they buy or refinance a home. USDA Rural Housing Loans are not offered by most banks, but we do! If you reside in a rural location and your household satisfies the income requirements, you may be eligible.
To be eligible, the desired home must be located in a rural region. Are you unsure whether your home qualifies for a USDA Rural Housing Loan? We can do the research for you when you call one of our licensed loan officers at 435.216.3081. The USDA home loan offers flexible credit standards, requires no money down, and even allows you to incorporate your closing costs into the home loan!
Please contact one of our licensed loan officers if you’d like to find out if your current or desired home qualifies for a USDA Loan.
Why Choose a Rural Housing USDA Loan?
- Buy your home with a USDA Loan!
- Zero down payment
- Low monthly Mortgage Insurance (MI)
- USDA home loans have low closing costs
- Available for 30 year fixed-rate loans only
- Available for properties in specified rural areas
- Flexible qualification guidelines
- Financing up to 103.5% of the appraised value
- Requires up-front guarantee premium & low rate monthly MI
- Maximum income limits vary by county
Why We Chose a Rural Housing USDA Loan
When my wife and I decided to move to Utah, I started my home search online. I found the Staples Group on Facebook and after reading all of their positive reviews I decided to call them. I knew I made the right choice after our very first meeting. Becky took things very slowly and explained all of our options to us. I decided to go with the USDA Rural housing loan because of the low mortgage insurance and the ability to put zero money down. We ended up building a home and are really happy how it turned out. We were also pleasantly surprised when they found us a grant for $2,000 from our city! They are my lenders for life!
-The Rogers Family
VA Loans
Affordable Home Financing. This is a Veterans Administration (VA) insured loan available to Veterans of the Armed Forces. It allows for 103% financing, allowing a veteran to purchase a home with no money down and pay for closing expenses afterward. The VA charges an up-front funding fee (which can be financed into the loan) that varies based on whether or not it is the borrower’s first time getting a VA mortgage. This program is ideal for Veterans looking for the most cost-effective and affordable home loan financing.
- Loan Terms: 15 & 30 Year Loan
- Interest Rate Types: Purchase, Refinance
- Loan Types: Fixed, Adjustable
- Property Type: Primary Residence
Why Choose a Veterans Administration Home Loan?
- Available to eligible veterans only
- No down payment required
- VA up-front funding fee, but no monthly MI
- Allows for no cost, no qualifying “streamline” refinance
- Available for 30-year fixed-rate home loans only
- Subject to VA eligibility rules
Why We Chose a VA Loan
I moved across the country for a new job opportunity in Southern Utah. As I didn’t know any local lenders, my realtor recommended I use Becky for my VA loan. I am glad I did. She and her team kept me very informed and I felt like they were very organized. This helped take some off the load of for me during the big move. I would definitely recommend them to my family and friends!
-The Hicks Family
Utah Housing Loan
A Utah Housing Loan is a no money, ZERO down loan program that gives buyers the flexibility they need to help with their down payment and closing costs. Utah Homes Corporation (UHC) was established in 1975 by Utah legislation to serve the public purpose of providing an adequate supply of money with which to provide mortgage loans at reasonable interest rates to help provide affordable housing for low and moderate income people.
- Your total gross household income must fall within the income limit restrictions. These limits vary by county so please call 435.216.3081 to find out if you qualify
- Your credit history must indicate that you pay your bills on time
- You must have at least a 620 credit score
- You must be able to qualify for government (FHA) or conventional financing
- You must live in the home – can’t purchase as a rental
- Non-occupant co-signers are allowed (First Home Loan only)
Jumbo Loans
You’ve worked hard, scrimped, and saved. You have earned the right to purchase the home of your dreams. That could be possible with a jumbo loan!
What Makes a Jumbo Loan?
A loan is considered jumbo if it is for a single-family home and exceeds $510,400 (as of 2020). However, a loan is considered jumbo if it exceeds the Fannie Mae and Freddie Mac maximum loan size in your location. Jumbo Loans are intended for residences with a greater purchase price. If you are ready to buy or build your dream home, a Jumbo Home Loan might be for you and your family!
Qualifying conditions for these larger home loans can be a little more stringent, requiring greater credit scores and down payments. The rules for Jumbo Loans are similar to those for conventional loans, but borrowers need to have higher “reserves” than with other loan types.
Why We Chose a Jumbo Loan
I moved across the country for a new job opportunity in Southern Utah. As I didn’t know any local lenders, my realtor recommended I use Becky for my VA loan. I am glad I did. She and her team kept me very informed and I felt like they were very organized. This helped take some off the load of for me during the big move. I would definitely recommend them to my family and friends!
-The Hicks Family
