FHA Loans in Clearfield, Utah

The minimum credit score for an FHA loan with 3.5% down is 580. If your credit score is between 500 and 579, you may still qualify with a 10% down payment. These are FHA minimums, individual lenders may have overlays that require higher scores. We work with multiple FHA-approved lenders to find the best fit for your credit profile. If your score is below the minimum, we can recommend credit counseling resources to help you get mortgage-ready.

FHA loans require both an upfront mortgage insurance premium (UFMIP) of 1.75% of the loan amount and an annual mortgage insurance premium (MIP) paid monthly. The annual MIP rate depends on your loan amount, down payment, and term length. For most borrowers putting 3.5% down on a 30-year loan, the annual MIP is 0.55% of the loan balance. Unlike conventional PMI, FHA MIP remains for the life of the loan unless you refinance to a conventional loan after building sufficient equity.

Yes. FHA loan limits vary by county and are updated annually. In Utah County and Salt Lake County, the current FHA loan limit for a single-family home is significantly higher than the national baseline. We can confirm the exact limit for Clearfield and help you determine if the median home price in your desired neighborhood falls within FHA limits. If you need a loan above the FHA limit, we can explore conventional and jumbo options.

Yes. The FHA 203(k) rehabilitation loan lets you finance both the purchase price and renovation costs in a single mortgage. There are two types: the Limited 203(k) for cosmetic improvements up to $35,000, and the Standard 203(k) for larger structural renovations. This can be especially valuable in older neighborhoods where homes may need updating. We guide you through the contractor selection and draw process.

The FrontRunner station is a significant amenity, tenants working in downtown SLC or at the University of Utah can commute car-free in about 55 minutes. Properties within walking or biking distance of the station often command a premium from applicants who want a car-optional commute. As UTA expands service frequency, this advantage should compound. Marketing listings with transit accessibility scores and commute times is effective.

Clearfield has approved plans for mixed-use development around the FrontRunner station, including higher-density residential, retail, and office space. This is a long-term play, construction timelines depend on market conditions and developer commitments. For investors, the transit-oriented development could lift surrounding property values but also introduce new rental supply. Positioning now in the station-adjacent area offers potential appreciation upside, though the timeline is uncertain.

Parts of Clearfield, particularly the western sections, fall within Hill AFB noise contours from military flight operations. F-35 training flights generate significant noise, especially during summer flying schedules. Properties in the higher noise zones may require disclosure and can experience slightly longer lease-up times. Conversely, they're often priced lower, which improves cash-on-cash returns. Many military tenants are accustomed to the sound and view it as a non-issue.