Home financing in Sevier County.

Home financing — commonly called a mortgage — is a loan that lets you buy a house by paying for it over time, usually 15 to 30 years.

The lender pays the seller upfront, and you repay the lender in monthly installments that include the loan principal and interest.

In most cases you also pay property taxes and homeowner's insurance as part of your monthly payment, held in an escrow account.

There are several types of home loans worth knowing about:

• **Conventional loans** — standard loans offered by banks, credit unions, and mortgage companies. Typically require a credit score of 620 or higher and a down payment of 3–20%.

• **FHA loans** — backed by the Federal Housing Administration. Easier to qualify for (credit scores as low as 580), with down payments as low as 3.5%. A popular choice for first-time buyers.

• **USDA Rural Development loans** — because much of Sevier County is designated rural, many buyers here qualify for USDA loans, which require zero down payment for eligible properties and income levels.

• **VA loans** — for veterans and active-duty military. No down payment required and no private mortgage insurance.

• **ITIN loans** — home loans available to borrowers who do not have a Social Security number but do have an Individual Taxpayer Identification Number (ITIN). Several lenders and credit unions in Utah offer these.

Understanding which loan type fits your situation is the first step. Local lenders and housing counselors can help you compare options at no cost.

Sevier County's economy is built around agriculture, tourism (including Capitol Reef National Park corridor), healthcare, and small trade businesses. Many residents are self-employed ranchers, seasonal workers, contractors, or small-business owners — and lenders who work in rural Utah understand these income patterns.

**You may qualify for a home loan if you:**

• Have steady income, even if it is seasonal or self-employment income (2 years of tax returns usually demonstrate this)

• Have a credit score of 580 or above — or are willing to build credit with guidance

• Have little or no credit history but can show consistent rent payments, utility bills, or remittances

• Use an ITIN instead of a Social Security number

• Are a first-time homebuyer with limited savings (down-payment assistance programs exist)

• Are a veteran or active-duty service member

**Income limits for USDA loans in Sevier County** are set annually by the USDA and are based on household size. As of recent guidelines, a household of 1–4 people generally must earn under approximately $110,650/year for the standard USDA Guaranteed loan program. Check current limits at usda.gov or ask a local lender.

**Property eligibility:** Most of Sevier County — including communities like Richfield, Salina, Monroe, Elsinore, Sigurd, and Annabella — falls within USDA-eligible rural zones. This is a major advantage for buyers here.

You do NOT need to be a U.S. citizen to apply for most home loans. Permanent residents, DACA recipients (in some cases), and ITIN holders all have financing options.

Gathering your documents early makes the process much smoother. Here is what most lenders will ask for:

**Identity & Residency**

• Government-issued photo ID (passport, driver's license, consular ID/matrícula consular)

• ITIN letter from the IRS (if applicable) or Social Security card

• Proof of residency status if not a U.S. citizen

**Income Verification**

• Last 2 years of federal tax returns (all pages, signed)

• Last 2 years of W-2s or 1099s

• If self-employed: business tax returns and a year-to-date profit-and-loss statement

• Last 2–3 months of pay stubs (if employed by someone else)

• Documentation of any other income: Social Security, child support, rental income

**Assets & Savings**

• Last 2–3 months of bank statements (all accounts)

• Documentation of any gift funds used for a down payment (a gift letter is required)

**Property**

• Signed purchase agreement (once you have one)

• Address of the property you want to buy

**Credit**

• The lender will pull your credit report with your permission — you do not need to provide this yourself

• If you have no traditional credit history, gather 12 months of rent payment records, utility bills, or other regular payments

Tip: Keep all documents organized in a folder — digital or paper — so you can quickly respond to lender requests.