Buyers who are wanting to become homeowners but are struggling with coming up with the down payment, have a new option available to them in the state of Utah from National Home buyers Fund (NHF) called First Down.
This program is for families and individuals who can afford a mortgage but don’t have the resource for the down payment and closing cost. You do not have to be a first time home buyer to qualify for this product but do have to be owner occupancy.
Highlights Benefits of Mortgage Product
The basics of this program is the first mortgage is a FHA insured up to 96.5% and a second mortgage up to 3 % which can go towards the buyer’s down payment and/or closing costs. With that being said, you could have a 99.5% combine loan to value and only need an additional .5% for the down payment. Do the math…on a $200,000 purchase that is only a $1,000 down payment. Incredible!
There is an income limit on this mortgage program, but what is nice is it only pertains to the person or persons who are applying and not to the household income like other mortgages programs. So if there is a Husband and Wife who both work and only the husband is on the loan application, then his income will be the only one used. There are too many loan programs that push borrowers over the income limit due to household income and not applicant’s income.
Don’t think you have to have a high credit score to qualify for this Utah mortgage program, credit scores can be has low as a 580.
Almost 100% Financing
If you or someone you know has been waiting to purchase a home but have been struggling to come up with the down payment, this mortgage program will help them. This mortgage program from NHF is has close to a 100% financing that you can get.
Buying a home has just got a little easier and affordable
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Todd Rodocker specializes with first time home buyers, seasoned buyers and investors. He can be contacted email@example.com, cell 801-694-0903 or by visiting his websites www.utahrealestatestore.com www.UtahHomes.kwrealty.com