UHC Form 210 Rev. 08.06.20 Utah Housing Corporation ...

Utah Housing Corporation Refinance (Refi)

Are you looking to refinance your existing Utah Housing mortgage loan? Contact a Utah Housing Approved Lender to explore your FHA Refinance options.

Refinance program available May 1, 2024

Do I qualify, if so what will my payment be? What are the Refi qualification requirements?

Do I have to pay off my Utah Housing 2nd Mtg?

What will my Interest Rate be? What loans are eligible? Is an Appraisal required?

Contact a Utah Housing Approved Lender. They are your resource for questions, and your resource to qualify you for your Utah Housing Refinance Loan.

Your approved lender will require you to complete an application and a Utah Housing Refinance Loan Application Disclosure to qualify you. It is important to read the disclosure.

The following are some key requirements: ? You must be employed at closing and provide the lender with current paystubs. ? Your interest rate must be at least ?% less than your current interest rate. ? On the date of closing, you must have made at least 12 payments on your Utah Housing mortgage, with no late payments. ? You could not have previously refinanced your Utah Housing 1st mortgage, only one refinance is permitted. ? A minimum credit score of 620 for FHA and VA loans and 700 for a Conventional HFA Advantage. ? Non-occupant co-borrowers are not permitted unless currently on the mortgage. Non-occupant co-borrowers can be removed, if it meets FHA, VA, or FHA requirements. ? The refinance must meet FHA, VA, or HFA Advantage eligibility requirements.

No. If you are eligible for the Refinance Utah Housing will subordinate your current Utah Housing 2nd Mortgage and/or the FTHB Assistance Program behind your new Refinanced 1st Mortgage. The loan number for your 1st Mortgage will change when you refinance.

Your 2nd Mortgage payment will still: ? Be payable to Utah Housing. ? Have the same monthly payment. ? Have the same due date (cannot skip a payment). ? Have the same loan number.

You will coordinate this with your approved lender. Utah Housing's interest rates are posted on Utah Housing's Website. Rates can change at any time without advance notice.

Any Utah Housing loan.

Yes.

What is the cost to Refinance?

Your Utah Housing Approved Lender will provide you with an analysis of your costs to refinance and how much money you will need (if any).

Can I skip a mortgage payment?

No. ? If you have not made your current month's 1st mortgage payment you will be required to bring that to closing. You cannot include a mortgage payment in your refinance. ? You must make your 2nd mortgage payment to Utah Housing when due. If not paid by the due date the Subordination Agreement may be voided.

Can I receive cashback? No.

Can I add a person to the Yes. new loan?

Can I delete someone from the original loan?

Rate and Term Refinance will allow you to remove someone from the original loan if you qualify.

Must I occupy the residence?

Yes. ? You must continue to occupy the property as long as you have a current Utah Housing Mortgage.

What are the loan terms? 30-year, fixed rate 1st mortgage loan.

Utah Housing Corporation | 2479 South Lake Park Blvd. | West Valley City, UT 84120 Toll Free 800-284-6950

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