FHA Loans in Murray, 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 Murray 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.

Intermountain Medical Center employs thousands of workers across all shifts, doctors, nurses, technicians, administrators, and support staff. This creates a deep, year-round demand pool for rentals in Murray. Travel nurses on 13-week assignments create a furnished rental niche. Permanent staff prefer proximity to minimize commute time, especially those on early or late shifts. Properties within 10 minutes of the hospital offer a short commute to Intermountain Medical Center. The hospital's institutional stability insulates Murray's rental market from broader economic volatility.

The Fireclay District is an emerging arts and commercial zone in Murray, centered around the redevelopment of the historic fireclay manufacturing area. It features local restaurants, galleries, event spaces, and Murray's growing craft food scene. The district is evolving into a walkable destination that gives Murray cultural identity beyond the mall and hospital. For investors, proximity to Fireclay adds walkable restaurants, galleries, and foot traffic that support rent and occupancy.

Yes, Murray City School District is one of Utah's few city-operated districts, separate from Granite and Canyons school districts that serve surrounding areas. It is small and separately governed from Granite and Canyons. Continuity of a school year can support renewals when a tenant already lives in the zone.