Utah Housing FAQ
What’s the loan limit on UH Home Again?
Follow FHA Loan Limit Requirements for Home Again Program
https://utahhousingcorp.org/lenders/limits
How are loans submitted to SNMC?
Email brokers@snmc.com cc your AE
Who should show as Mortgagee?
Utah Housing Corporation, PO Box 70569, Salt Lake City, UT 84170: its successors and/or assigns.
If deductible is over $2500 what else do you need to provide to cover the deductible?
Condo/PUD: If HOA deductible exceeds $2,500 a paid supplemental insurance policy for a high deductible, covering the deductible amount in excess of UHC’s maximum deductible of $2,500 is required.
Do we require Anti Steering?
Yes.
What fees can be charged on a Utah Housing Loan?
You can charge up to the following:
- 1% Orig
- $500 Processing
- $500 Admin Fee
- $250 Processing on the second
- SNMC UW Fee $995 *limited time only
What Utah Housing programs are offered through the wholesale channel?
What Utah Housing Forms need to be signed at application for the First Home Program?
- Loan Application Disclosure (UHC Form 045)
- Borrowers Authorization for Counseling (UHC Form 173)
- Borrower Affidavit (UHC Form 047b)
- Seller Affidavit (UHC Form 047s)
- Recapture Notice (UHC Form 048)
- Rider to Deed of Trust (UHC Form 14B)
- Borrower Certification of Income (UHC Form 190)
Which Program uses household income projected forward to determine income limits?
-
First Home – All other programs use only borrower’s income towards income limit guidelines.
What is the qualifying income limit for Salt Lake County on the Home Again Program?
Which program requires homebuyer education?
What is the minimum FICO score required for the First Home program? Home Again? Score?
What is the maximum debt ratio allowed on The Score Program?
Debt ratio cannot exceed 45%.
How is the 2nd maximum loan amount calculated for First Home and Home Again? Score Program?
- First Home: 6% of total loan amount including MIP
- Home Again: 6% of total loan amount including MIP
- Score: 4% of total loan amount including MIP
What is the “MPA” and who orders this?
Mortgage Purchase Agreement. UW orders from UH once all PTD conditions are cleared.
Does Utah Housing allow non occupant co borrowers?
- First Home and Home Again: Non-Occupant Co-Borrower(s) are allowed. The debt ratio cannot exceed 45% of Non-Occupant Co-Borrower’s
- Score Loan: Not Allowed
Where can the rates be found for the Utah Housing Programs?
How is the rate calculated on the 2nd mortgage?
Second mortgage rate is 2% above the posted rate.
When can Utah Housing Loans be locked? For how long?
Once the UW has the MPA from UH 20 Day locks.
If SNMC has ordered a commitment on a loan what is the penalty if we do not deliver the loan by the lock expiration date?
Maximum of one 30 day extension at a cost of $300.