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FHA Loan Limits Utah 2022 | Loan Limits by County and Home Type

FHA loan limits in Utah set the maximum amount borrowers can get when purchasing a single unit or multifamily property with an FHA loan. FHA mortgages are backed and insured by the Federal Housing Administration and have different lending requirements than conventional loans to help borrowers qualify for a mortgage. The FHA loan limits in UTAH vary by county and the home type. They are subject to change each year. Let’s take a look at how these numbers differ across counties.

Editorial Note: All data regarding loan limits is pulled directly from the FHA and is current as of 2022. These numbers are subject to change based on changes set by the FHA.

Utah FHA Loan Limits By County and Home Type

In 2022, the FHA loan limit in Utah for a single-family home ranges from $420,680 to $970,800 depending on the county. The higher loan limits of $970,800 were located in Summit and Wasatch county. Median sales prices of homes in those counties range from $546,000 – $907,000. The FHA loan limit is also often referred to as the “loan ceiling”.

Making Sense of the Numbers

Looking further at the numbers we can see that the FHA loan limits in Utah increase in proportion to the size of the unit. The highest FHA loan limit in Utah is $1,867,275 for a four-unit property type in Summit county as well as Wasatch county.

Recommended Reading: Multiple FHA Loans – How Many FHA Loans Can You Have?

Looking at the FHA loan limit data in Utah, the highest FHA loan limits for a single-family home are in the following 5 counties below.

  • Summit – $970,800
  • Wasatch – $970,800
  • Box Elder – $646,300
  • Davis – $646,300
  • Morgan – $646,300

Median sales prices in those counties were also the highest which indicates that there is an overall higher cost of living associated in those counties.

On the flip side, below are the lowest FHA loan limits in Utah for a single-family home for the following 5 counties.

  • Beaver – $420,680
  • Cache – $420,680
  • Carbon -$420,680
  • Daggett – $420,680
  • Duchesne – $420,680

Median sales prices in these 5 counties were some of the lowest in Utah. This indicates an overall lower cost of living in those counties.

How to Qualify for an FHA loan in Utah?

Utah borrowers who are interested in getting an FHA loan will have to pass FHA loan requirements. FHA loans in Utah can help borrowers who have less cash and lower credit scores qualify for a mortgage. In addition, there are first-time homebuyer programs that can help borrowers qualify for a mortgage with down payment assistance options and more.

However, if you’re a first-time homebuyer or have purchased a home in the past, below are the FHA requirements you need to meet to qualify for a mortgage.

  • FICO score at least 580 = 3.5% down payment
  • FICO score between 500 and 579 = 10% down payment
  • Mortgage insurance is required
  • DTI of less than 43%
  • The home must be the borrower’s primary residence
  • The borrower must be employed and have a steady income

Why do FHA loan Limits Vary By County ?

FHA mortgage limits in Utah vary depending on different housing types and the cost of local housing depending on the area. The variation in loan limits by county depends on the cost of living, average home prices, taxes, insurance, and other expense factors related to that county.

Counties in which the cost of living and average home prices is higher will usually have higher loan limits to compensate for the additional expense related to living in that county. Subsequently, the average yearly earnings in those counties also tend to be higher.

Below are some of the most popular FHA lenders in Utah along with their minimum FHA credit score requirements in order to qualify.

Important Note: Some lenders may waive their minimum credit score requirement if a borrower puts down a larger down payment amount.

FAQ’s

Is down payment assistance available for FHA loans in Utah?

Yes, there are statewide and local first-time homebuyer programs in Utah to help out with down payment assistance. The Utah Housing Corporation can help borrowers with low income and military personnel and vets who are first-time homebuyers.