August 22, 2013

Cover Story

CEO of the Year

Utah’s business landscape is rich with professionals who have le...Read More

Featured Articles

Did you go Skiing this winter?

Around Utah

Sections

Spotlight
Martin Plaehn

Spotlight
Karen Sendelback

Legal Briefs
Social Media and Employers: Friends or Enemies?

Money Talk
The Case for HSAs

Economic Insight
Time to Show Up

Lessons Learned
Make a Move

TechKnowledge
In the Lab

EntrepreneurEdge
Rent to Own

Business Trends
Back from the Dead

Executive Living
Artful Inspiration

Features
A Breath of Fresh Air

Features
Worst-Case Scenario

Regional Report
Northern Utah

Focus
Measure Up

Industry Outlook
Travel & Tourism

Players
Players

Article

Utah Housing Corporation Offers New Lower Payment Mortgage Option

Press Release

August 22, 2013

At a time when housing prices have begun to rebound and interest rates have increased from historic lows, Utah Housing Corporation has launched a new mortgage option to assist low- to-moderate income homebuyers by providing a product not available anywhere else. The Utah Housing No Mortgage Insurance (NoMI) Loan enables a homebuyer to achieve significantly lower monthly payments when compared to other 30-year fixed rate loan products.

Because there is no monthly mortgage insurance premium, although the interest rate is higher, the total monthly payment is lower. For example, compared to a standard FHA-insured mortgage with a $150,000 loan amount and an interest rate that is 1 percent below the NoMI interest rate, the monthly payment for a NoMI loan would be $80-$100 less, providing greater affordability or an additional $15,000-$20,000 in purchasing power. A down payment assistance loan (also a 30 year fixed rate) can also be obtained with the NoMI mortgage for up to 4 percent of the first mortgage amount.

“Utah Housing is eager to provide the NoMI loan product because it offers the lowest monthly mortgage payment available to Utah’s low and moderate income home buyers,” said Grant S. Whitaker, president and CEO of Utah Housing. “The extra layer of risk Utah Housing takes on with the NoMI loan is offset with higher credit score requirements, higher interest rate and tighter loan underwriting.”

The NoMI Loan is available to home buyers with credit scores of at least 700 and is not limited to first-time home buyers. As with all Utah Housing loan programs, income and purchase price limits exist for the NoMI loan and can be found on Utah Housing’s website at to www.utahhousingcorp.org and selecting “homebuyer” and then “loan programs.”

 

Utah Business Social
UB Events View All
Health Care HeroesUtah Business Event
Oct 21, 2014
Please join us, along with our sponsors, MountainStar Healthcare, and Roseman University in honor...
Content Marketing BootcampUtah Business Event
Oct 28, 2014
Please join Utah Business Magazine, along with our sponsor Adobe, for an in-depth, hands-on, educ...
Community Events View All
Utah's Crossroads Conference
Sep 17, 2014
The Crossroads Conference is the largest HR conference in Utah! It offers comprehensive and relev...
Business Succession Planning Seminar
Sep 17, 2014
You've built your legacy. Now don't leave anything to chance. Learn from attorneys and business p...

info@utahbusiness.com  |  90 South 400 West, Ste 650 Salt Lake City, Utah 84101   |  (801) 568-0114

Advertise with Utah Business

Submit an Event

* indicates required information
* Event Name:
Price (general):
Website (if applicable):
Coordinator's Name:
Coordinator's Email:
Coordinator's Phone:
Venue Name:
Venue Address:
Venue City:
Venue Zip:
Event Capacity:
Date(s):
to
* Event Description:
  Cancel