Owning your own home is one of the best investments you will ever make; however, investing in a home is extremely expensive. For moderate to lower income families, this part of the American dream seems almost impossible.
To help lower the initial cost and get your family into a home faster, Utah has housing programs that can assist you if you are eligible. These incentives are not only good for the homebuyer, but also for the local Utah economy. Families are generally eligible if they are first time home buyers or make anywhere from $30,000 to $80,000 annually.
The most expensive payment you will need to make on your mortgage is the down payment. While 3.5% down on a $150,000 home can seem small, it will actually cost you $5,250 plus closing costs. If you don????????t have the down payment readily available, you can borrow it from the Utah Housing Corporation for no money down with a secured interest rate that will remain constant and low. This second mortgage is only 2% higher than your first mortgage and can be paid off quickly.
Because you can borrow a down payment from the Utah Housing Corporation, you can move into your new home a lot sooner than if you had to save up the initial cost.
If you????????re a first-time homebuyer, then buying a home is cheaper than ever. The Utah Housing Corporation offers a special loan program called FirstHome that offers competitive interest rates. These rates keep your monthly payments low, which allows lower income families the chance to afford a home.
If you????????ve owned a home before, but would like to move into a new one with little-to-no payment down, then the Utah Housing Corporation also offers a HomeAgain loan. Like the down payment assistance program, this program allows you to move into your second or third home for nothing down. However, the mortgage rate on this loan is slightly higher than the down program assistance for first time home buyers.
The Utah Housing Corporation also offers special programs for lower income households looking at building homes. Programs such as CROWN (CRedits-to-OWN) which allows the tenant to buy the home after renting the property for 15 years or ECHO (Educationally Constructed Housing Opportunities) where your home is built by students for a lower price are all available for lower income families.
These programs are great at getting your family into a home quickly. However, many lenders do not support these programs. Make sure you find a lender who does.
If you????????re looking at buying a home, but you don????????t think you can afford it, talk to a lender at the Longhurst Group. There are plenty of programs that you are eligible for that can help move you into a home quickly. Get approved today.