"In order to be considered for a low down payment loan from Salt Lake City Real Estate Mortgage.com you must have enough income to handle the monthly payment, enough cash to cover the down payment, good credit, and sufficient appraisal value.
The closing costs will be paid when the buyer and seller meet to exchange the papers for the house to be legally transferred. Usually the closing costs are around 2-3% of the house price. Closing costs are made of the loan origination fee, points, prepaid homeowner's insurance, appraisal fee, lawyer's fee, recording fee, title search, insurance, tax adjustments, agent commissions, mortgage insurance, and other expenses.
Points are the finance charges that are calculated at closing. A point equals 1% of the loan amount.
Salt Lake City Real Estate Mortgage.com uses a basic formula to decide how much mortgage you can afford, however, each applicant is handled on an individual basis. To qualify for a conventional mortgage your housing expenses should not be more than 26-28% of your gross monthly income, although the FHA allows for 29%. Monthly housing costs include the mortgage principal, interest, taxes, and insurance.
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