Your Journey to a new home Starts Here
At Supreme Lending, we understand that buying a home is one of the biggest decisions of your life. Whether you’re a first-time homebuyer or a seasoned investor, we’re here to guide you through every step of the process with expert advice, personalized solutions, and exceptional service.
Kirk Johnson
Producing Regional Manager
NMLS #91982
LOAN PROGRAMS
At Supreme Lending, we offer a wide range of loan programs tailored to meet your needs. From first-time homebuyers to seasoned investors, we have solutions for every borrower. Below are some of the loan programs I specialize in:
CONVENTIONAL
Ideal for borrowers with good credit and a solid down payment
fha
USDA
VA LOANS
JUMBO
For homebuyers looking to purchase luxury homes above conventional loan limits
REFINANCING
REVERSE
construction
Down Payment
Assistance Programs
Buying a home doesn’t have to feel out of reach. There are several Down Payment Assistance programs available that can help reduce the upfront costs of purchasing a home. I’ll guide you through the various programs that might be available to you.
State-Specific DPA Programs
Programs offering grants or forgivable loans to assist with down payments and closing costs. Available for first-time homebuyers or repeat buyers in select areas.
fha dpa options available
Low-interest loans or grants that assist with down payments and closing costs. Ideal for buyers who may not have the savings for a traditional down payment.
Supreme Dream down payment assistance
Supreme Dream is a DPA program offering 100% financing for FHA loans (3.5% down payment assistance) with no income limits.
faqs
We know that navigating the mortgage process can bring up a lot of questions. Whether you’re a first-time homebuyer or looking to refinance, we’re here to provide clarity and make the process as smooth as possible. Below are some of the most common questions we receive—if you don’t see what you’re looking for, feel free to reach out directly. We’re here to help!
Are first-time home buyer programs worth it?
Yes, first-time home buyer programs are often worth it because they can reduce your out-of-pocket costs through grants, down payment assistance, and lower interest rates. In Utah, programs like Utah Housing and Own in Ogden provide incentives that make buying a home more affordable.
How is my interest rate determined?
Credit Rating – The credit score is the most important point in mortgage lending. The credit score is not the only aspect considered in lending, however in most cases it is the most crucial. Lenders will also look for multiple late payment occurrences over the last two years.
Ratios – Secondly, the borrower’s monthly obligations (this does not include utilities, phone, or items generally not reported on a credit report) are calculated and reviewed by lenders. Two ratios are determined, front-end and back-end. For most lenders, a “grade A” conventional loan is one in which a borrower has a front-end ratio less than 28% and a backend ratio less than 36%. For example, a borrower has a gross monthly income of $4,000, a car payment of $350, a credit card payment of $55, and a new house payment of $1,000. The calculations are as follows:
$4,000/1,000 = 25% Front-end Ratio
$4,000/1,405 = 35% Back-end Ratio
Down Payment – Thirdly, the lender factors in the amount of a borrower’s initial down payment. The less money spent on the down payment means a higher interest rate charged by the lender. Simply stated, more risk for the lender equals a higher rate for the borrower. Even if a borrower has perfect credit and wants to put 0% down, their rate will generally be about ½% higher than a person who puts 10% down.
After a lender has considered the three points described above, the borrower’s application must pass the specifications set by an underwriting department for the loan to be approved.
What is the difference between Conventional and FHA loans?
There are many differences between conventional and FHA loans. In this portion we will outline some of the major differences for you.
On FHA loans, the minimum down payment is 3.5%. On a conventional loan, the down payment can be as low as 3% depending on a consumers credit scores. Additionally, the money on a conventional loan must be “seasoned” (60 days in the bank) prior to purchasing the home or be proceeds from the sale of your existing home.
A FHA loan requires an upfront Mortgage Insurance payment; a Conventional loan does not. Both do require monthly Mortgage Insurance premiums based on the LTV.
The taxes will be the same on either type of loan. A common mistake is that people believe is their taxes will vary depending on the loan they choose. The title company that closes the loan submits the taxes directly to the lender. If you reside in an attorney state, your representation is the one who orders the tax certificate from the appraisal district. Taxes reported to the lender will be included in your monthly loan payment. There is no mark-up or service charge over and above the actual tax amount.
Homeowner’s insurance works the same as taxes. You pay the lender for your policy amount on a monthly basis. The lender will escrow this amount and send it to your insurance company at the end of the year when renewal is due.
Interest rate differences will vary depending on the lender you choose. Most importantly, ALWAYS ask for the lowest rate for the type of loan you are obtaining.
The principal and interest portion of the payment is calculated by configuring the loan amount (MIP rolled into the balance on FHA) and term into an amortization schedule to calculate the payment amount. Ask your Supreme Lending representative for additional information on conventional and FHA loans.
What are closing costs?
get in contact
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Ogden , UT 84403