FHA Loans · Utah
FHA Loans in Utah
Flexible-credit, lower-down-payment financing for qualifying Utah homebuyers — explained clearly by Mike Shehan, Select Rate.
What Is an FHA Loan?
An FHA loan is a mortgage insured by the Federal Housing Administration that allows qualifying borrowers to put less down and work with more flexible credit guidelines than many conventional loans. It can fit first-time buyers and buyers with smaller down payments. The key requirements are that the property and borrower must meet FHA guidelines, and mortgage insurance applies.
Who FHA Loans Fit
FHA loans often suit first-time buyers and buyers with smaller down payments or a few credit bumps, because the program offers more flexible qualifying guidelines than many conventional loans.
How FHA Loans Work
An FHA loan is insured by the Federal Housing Administration, which reduces the lender's risk and can open the door to financing for qualifying borrowers. Mike explains how the program applies to your situation.
Understanding the Full Picture
FHA loans require mortgage insurance, and the property must meet FHA condition guidelines. Mike walks you through the costs and trade-offs so you can compare FHA against other options.
Did You Know?
FAQs About FHA Loans in Utah
What is an FHA loan?
An FHA loan is a mortgage insured by the Federal Housing Administration. It allows qualifying borrowers to put less down and use more flexible credit guidelines than many conventional loans, which can make it a fit for first-time and repeat buyers alike.
Who typically explores an FHA loan in Utah?
FHA loans are commonly explored by first-time homebuyers, buyers with smaller down payments, and borrowers whose credit profile fits FHA guidelines better than conventional. Mike helps you compare FHA against conventional, VA, and DPA options to see what fits your goals.
How much down payment does an FHA loan require?
FHA loans may allow a lower down payment for qualifying borrowers, though your exact requirement depends on your credit, the loan amount, and current FHA guidelines. Mike will walk through your real numbers during pre-approval.
Can I use an FHA loan for a condo or multi-unit property in Utah?
FHA financing can be used for eligible condos and multi-unit properties up to four units, provided the property and project meet FHA approval requirements. Mike can help confirm whether a specific Utah property qualifies.
Does FHA mortgage insurance go away?
FHA mortgage insurance typically stays for the life of the loan on most newer FHA loans, which is a key difference from conventional loans where mortgage insurance can be removed once you reach certain equity milestones. Mike factors this into your long-term cost comparison.
How does an FHA loan compare to a conventional loan?
FHA loans offer lower down payments and flexible credit but require ongoing mortgage insurance, while conventional loans often need a stronger credit profile and larger down payment but may let you cancel mortgage insurance later. The right choice depends on your credit, down payment, and how long you plan to keep the loan.
Talk Through Your FHA Options
Mike explains whether an FHA loan fits your Utah home purchase — no pressure, just clear answers.
Client Reviews
Buyers Mike Has Helped
Real reviews from Utah borrowers who worked with Mike Shehan.
"I love Mike! He is the best with dealing with my clients. He offers full service to all of them and treats them all like family. Thanks Mike!"
Tim Lowry
Verified Google Review
"Mike Shehan was amazing getting our financing going through the process. He and his team were very responsive and walked us through the process. He also worked very well with our real estate agent. Hands down would go to him with all future house financing options."
Rony Tovar
Verified Google Review
"I reached out to Mike a couple years ago just to see where I was at on potentially buying a house, my credit wasn't very good and I had some debt. Mike told me what it would take to improve everything. I called Mike a couple years later when things had improved. Long story short we CLOSED on our house! Thanks to Mike and his team. My family and I are so grateful!"
Travy Fanua
Verified Google Review
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Whether you're buying your first home, refinancing, or building an investment portfolio, Mike will help you understand your options and make informed decisions.
