Zero Down Programs For Salt Lake Home Buyers
February 15th, 2009 Categories: 2009 Stimulus, Real Estate News
Zero Down Programs For Salt Lake Home Buyers
Hint there are qualified areas within about 25-30 minutes of downtown Salt Lake.
Rural Housing
The bill will give an additional ½ Billion dollars to the rural housing programs, the programs consist of guaranteed and direct lending. The additional money will be divided with $270 Million to direct lending and $230 to the guaranteed lending.
The guaranteed program is a loan guarantee through RHS and means that, should the individual borrower default on the loan, RHS will pay the private financier for the loan. The program is available for the purchase and repair of existing and newly constructed dwelling.
Under the Direct Loan program, individuals or families receive direct financial assistance directly from the Rural Housing Service in the form of a home loan at an affordable interest rate. These loans may be made to eligible applicants to buy, build, repair, renovate, or relocate homes, to provide related facilities, or to refinance home debts under certain conditions.
There is no required down payment, but families must be able to afford the mortgage payments, including taxes and insurance. In addition, applicants must be without adequate housing and be unable to obtain credit elsewhere, yet have acceptable credit histories.
These programs come with more restrictions than a cheap airfare. Both Loan Officers and RELATORS that got in the business during the boom are probably not the best solution, so call me if you are interested in finding out more. 801-694-4762
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