Estimate your FHA monthly payments, including Upfront MIP, annual mortgage insurance, and local Utah property taxes.
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An FHA loan in Utah allows you to buy a home with just a 3.5% down payment. For a median-priced $450,000 home, your down payment would be $15,750. You will also pay an Upfront Mortgage Insurance Premium (UFMIP) of 1.75%, which can be rolled into your loan balance, plus an annual MIP of 0.55% divided into your monthly payments.
The Federal Housing Administration sets maximum loan amounts by county. If your home price minus the down payment exceeds these limits, you'll need a conventional Jumbo loan.
$644,000
$644,000
$644,000
$644,000
$586,500
$1,149,825
This scenario perfectly fits within the $644,000 FHA loan limit for Salt Lake County.
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