President's Blog

by Kerry Wahlen, President/CEO

Specialty Home Loans

August 24, 2023

Goldenwest will help you find a loan as unique as your home with our specialty mortgage products. From flexible options for first-time home buyers and construction loans to jumbo loans and reverse mortgages, Goldenwest has a specialty home loan to meet your distinctive needs.

In Utah, first-time home buyers may qualify for $20,000 of financial aid through a special program created by the State Legislature. The funds are designated for new-construction homes and can be used towards a down payment, closing costs, or to buy down the mortgage rate. The money is available for single-family homes, condos, and townhomes priced below $450,000. The program includes zero percent interest rate, no monthly payments, and no obligation to pay back the loan until you sell the home or refinance the mortgage.

For military active-duty and former service members (or surviving spouses), we offer VA home loans at reduced fixed rates with up to 100% financing. With no down payment requirement, a VA home loan could be the best route to get you into a home with an affordable mortgage. Rate reductions are also available for mortgage refinances.

FHA mortgages are a great option to assist low-to-moderate income borrowers buying their first home. With as little as 3.5% down payment, you could qualify for a home with an FHA mortgage. For FHA approval, borrowers can use gifted funds for a down payment, closing costs, or reserves that may be needed for approval.

If building a home is in your future, Goldenwest has construction loans as low as 6.49% (8.284% APR) and improved lot loans as low as 7.49% (7.787% APR). Ask our mortgage experts about the one-time close and two-time close options for construction loans.

Jumbo loans are available for home buyers who need mortgages above $726,200. Members can choose from fixed or adjustable rates, and financing up to 90% loan-to-value. Down payment requirements are flexible, and we have options that will not necessitate private mortgage insurance.

We love the rural communities we serve in Utah and Idaho! Goldenwest offers Rural Housing loans that allow low-to-moderate income households to qualify for mortgages. No down payment is required, with 30-year terms and 100% financing options available.

If you are at least 62 years old, and own your home, a Reverse Mortgage is an option you could consider to convert your equity into cash to pay for monthly expenses. With a reverse mortgage, you defer payment on the home loan until you sell, or vacate the home.

Put our decades of mortgage lending experience to the test, and come to Goldenwest for your next home loan. Our mortgage experts are available to answer your questions at 801-786-8400 and in every branch office. Or, request a personalized rate quote online! We’ll take care of you by getting you the best possible rate on your home loan, and a service guarantee to close your mortgage in 30 days or less.

Goldenwest Credit Union is an Equal Housing Lender. NMLS#440574. Rates current as of 08-24-2023 and subject to change.


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