Cheryl Knowlton:
Hi everybody. Cheryl Knowlton, CEO of Dynamite Productions here with Clay Johnson area manager with Castle and Cooke Mortgage here for episode five of our hot off the press segment that we’ve been doing this week and we’re going to wrap it up with talking about just some other amazing things from Utah housing and conventional.
Clay Johnson:
Yes, because I think everybody has always thought of in the industry they know that Utah Housing is traditionally an FHA program.
Cheryl Knowlton:
Yeah, I thought that they were linked, Siamese twin.
Clay Johnson:
Just it’s always if you’re doing one you’re doing the other. Right? Yeah. And it’s just not the case. There’s actually a really good and in fact if they have a 700 FICO score or better there is no question you want to go with what they call the no MI program. MI, people never get teary-eyed about having no MI, no mortgage insurance.
Cheryl Knowlton:
Other than happy.
Clay Johnson:
Exactly yeah, tear happy, tears of joy. So they like that because it is actually going to give them the best payment. They have no upfront mortgage insurance funding fee like an FHA loan going to have and no monthly mortgage insurance. And so, even if they’re a first time home buyer they can do this program and we love this program. You don’t hear about it as often.
Cheryl Knowlton:
Because not everybody does it.
Clay Johnson:
Not everybody does it. Even folks that do Utah Housing some of them don’t offer the conventional program. We even have some pretty big lenders that will refer those over to us on the conventional side because it is something we can offer. There’s four …
Cheryl Knowlton:
Well, when you’re the best I mean what do you do?
Clay Johnson:
We are so good at this. People know that they know that we have a great reputation for them and we love our relationship with Utah Housing. So if you don’t want to go FHA and you want to keep that payment lower and your FICO score is over 700, you want down payment assistance and a little closing cost financing it’s a great way to go.
Cheryl Knowlton:
Absolutely fantastic. All right, kids, that wraps it up for our hot off the press largely great news with Utah Housing this week.
Clay Johnson:
Yeah.
Cheryl Knowlton:
Awesome. Well, stay tuned for our next week’s episodes and we’ll see you then.
Clay Johnson:
Bye.