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VA Loans in Salt Lake City, Utah

Use your VA loan in Salt Lake City, Utah to purchase or refinance a home.
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Why Choose A VA Loan For Your Home Purchase Or Refinance

Up To 100% Financing

Other loans require you to have a down payment or equity in your home. VA loans in Salt Lake City don’t require a down payment. This is perfect for veterans who don’t want to put money down or utilize their home’s equity.

Lower Interest Rates

Because the VA provides a guarantee to the lender, VA home loans typically have lower rates than other loan programs. This makes your monthly payment more affordable and saves you money.

Flexible Credit Guidelines

You don’t need perfect credit for a VA home loan. VA loans have lower credit score requirements and shorter waiting periods if you had a bankruptcy or foreclosure in the past.

No Mortgage Insurance

Even without a down payment or 20% equity in your home, veterans are not required to pay mortgage insurance each month. This helps save you money on your mortgage payment. Alternatively, most veterans pay a funding fee of 1.25% to 3.3%.

Enlist The Help Of A VA Loan Specialist

Many lenders and loan officers can do Salt Lake City VA loans, but very few have the right knowledge & experience.

Jason Skinrood - Mortgage Loan Officer

Jason Skinrood

Experience makes the difference. Who you choose to work with matters.

  • Assisted 1,193 veterans purchase or refinance a home
  • Salt Lake City VA home loan subject matter expert
  • Industry resource for VA loans
  • Understands unique challenges & circumstances of veterans
  • USAF veteran
  • Loan officer since 2003

I’m a Salt Lake City VA loan specialist. Get to know me better here.

What Other Veterans Are Saying

Salt Lake City, Utah VA Home Loan FAQs

Find answers to your VA loan SLC frequently asked questions.

What are the benefits of VA loans in Salt Lake City?

VA home loans offer a number of benefits over traditional mortgage products. For starters, VA loans in Salt Lake City are available to active duty military personnel, veterans and their surviving spouses. This makes them one of the most accessible loan products on the market. Additionally, VA home loans Salt Lake City do not require a down payment, which can make them an attractive option for first-time homebuyers or those with limited savings. Finally, VA loans typically have lower interest rates than traditional mortgages, and they also come with some unique features like the VA funding fee, which can help to lower your monthly payments.

In addition to the financial benefits, a VA home loan comes with a number of other perks. For instance, VA loans are exempt from certain fees and closing costs. Additionally, the VA provides a number of protections when buying a home. The Interest Rate Reduction Refinancing Loan (IRRRL) helps save money on your mortgage payment. A Salt Lake City VA loan offers significant savings when compared to other loan programs.

How do I qualify for a VA loan in Salt Lake City?

To qualify for a VA home loan, you’ll need to meet the service requirements of the Department of Veterans Affairs. You must have served at least 90 days of active duty during wartime, or 181 days during peacetime. If you’re the spouse of a service member who died in the line of duty or is missing in action, you are eligible for a VA home loan Salt Lake City, UT if you receive Dependent Indemnity Compensation (DIC).

Reservist or National Guard members need to have completed at least six years of eligible service or served on Title 10 orders for at least 90 days. National Guard members who’ve served at least 90 cumulative days on Title 32 orders of which 30 days were consecutive for Section 502, 503, 504 or 505 orders are also eligible.

Those with a general or dishonorable discharge are not eligible for a VA home loan SLC.

Once you’ve met the service requirements, you’ll need to obtain a Certificate of Eligibility from the VA.

How do I get a VA Certificate of Eligibility for a VA loan?

The Certificate of Eligibility (COE) is a document that shows a service member, veteran or surviving spouse is eligible for a VA home loan in Salt Lake City. The COE verifies to the lender that you are eligible for a VA home loan and that the Department of Veterans Affairs will guarantee the mortgage.

To obtain a COE you can request a copy from the VA’s eBenefits website, through your lender or by requesting a copy by mail from the VA Regional Loan Center.

What FICO Score Is Needed For A VA Loan?

The minimum FICO score needed for a VA loan is 620 for most lenders. Some lenders will go lower to a 580 score or even as low as a 560 score. The interest rate you receive will largely depend on your credit score. Having a higher credit score will improve your mortgage rate and save you money each month on your payment.

What is the process of getting a VA Home Loan in Salt Lake City?

The process of getting a VA home loan Salt Lake City starts with getting preapproved from a loan officer. You’ll need to provide income documentation and possibly bank statements. The lender will also need to run a credit check.

Once you’ve been preapproved for your VA home loan, it normally takes 30 days or less to close once you have a home under contract.

Do You Need A Down Payment For A VA Home Loan?

VA home loans do not require a down payment in most cases. One of the biggest advantages of using your VA loan benefit is being able to get 100% financing. A down payment may only be required when you have two or more VA loans at the same time.

Veterans are responsible for their closing costs whether buying, refinancing or selling a home regardless of disability status.

What Are The VA Loan Limits in Salt Lake City, Utah?

Beginning in 2020, VA loan limits were eliminated when a service member, veteran or surviving spouse has just one VA loan at a time. However, when a borrower has two or more VA loans at the same time. The VA loan limit is $766,550 for a single unit property. Other VA loan limits Salt Lake City exist for two to four-unit properties.

For VA loans greater than $766,550, the loan is considered High Balance. High Balance VA loans are for loan amounts over the VA loan limits Salt Lake City. Some veterans have purchased homes for over $2,000,000 with no money down using their VA loan.

Begin Your Salt Lake City VA Loan Journey

Schedule a 15-minute consultation to learn more about using a VA loan in Salt Lake City. Get answers to your questions and start your path to home ownership.

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How To Choose A VA Loan Mortgage Lender in Salt Lake City

When looking for a lender to help with your VA loan in Salt Lake City, it’s important to find someone who is local and specializes in VA home loans. Compare your options by finding a loan officer that:

    • Demonstrates knowledge of the VA loan process and guidelines
    • Has a network of other real estate professionals familiar with VA loans
    • Is familiar with VA-required inspections for the area
    • Knows what VA resources are available to find the latest information
    • Can show exceptional reviews and testimonials from other veterans

Many Salt Lake City mortgage lenders claim to specialize in VA loans. However, they typically hire loan officers with little to no experience. The lender doesn’t underwrite the loans themselves, have extended closing times up to 45 days, make you work with a team instead of a single person and don’t respond to your inquiries during the process. Plus, you typically end up with a higher interest rate.

Choosing the right VA lender Salt Lake City could save you thousands of dollars and ensure a positive home buying or refinance experience.

About Salt Lake City

Salt Lake City, Utah is a vibrant and diverse city located amongst the Rocky Mountains. With stunning views of the Wasatch Mountains, it offers a variety of activities such as skiing, hiking, and other outdoor adventures. There are also plenty of interesting museums and galleries to explore. The downtown area is home to multiple theaters, restaurants, and shops that give the city an exciting atmosphere. With numerous parks scattered throughout the city, there is always something to do in Salt Lake City, Utah whether you’re looking for some relaxation or an adventure. Other cities popular for veterans are Ogden in Davis County and Eagle Mountain in Utah County.

Utah Veteran First-Time Homebuyer Grant

The Utah Veteran First-Time Homebuyer Grant provides $2,500 to eligible veterans and current service members who are buying their first home in Utah. This program is for recently separated veterans, or currently serving members of the military living in Utah, and want to buy their first home in Utah. Veterans must have separated within the last five years and current service members must be serving on active duty or be a current member of the National Guard or Reserves.

Veterans and service members must be eligible for a VA Home Loan Certificate of Eligibility to qualify. Households where both spouses are veterans are only eligible for one grant. The grant can be used with a conventional, FHA or VA loan Salt Lake City.

Utah Disabled Veteran Tax Exemption

Disabled veterans with a permanent place of residence in Utah are eligible for a property tax exemption based on their service-connected disability rating from the VA. Disabled veterans must have at least a 10% rating to be eligible. The exemption is also available to surviving spouses or minor orphans.

To receive the property tax exemption, you must apply with the county in which the home is located. A copy of Summary of Benefits Letter from the VA along with the county’s application must be submitted for approval. Veterans do not need to have a Salt Lake City VA loan to qualify.