Here are a few basic rules that you should know about when using an FHA Mortgage Loan to buy a home in Utah:
1. FHA requires at least a 3% investment from you (the buyer) of the home. However the 3% can be gifted to you from a relative or from a Non-Profit Foundation (aka Down Payment Assistance Program).
2. The Seller of the Home can contribute up to 6% of the Purchase Price of the home to pay for your closing costs and/or prepaid items such as taxes and insurance.
3. You must occupy the home that you are buying.
There are many more guidelines to an FHA Home Loan in Utah but this is a good start!
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