In today’s housing market, (low inventory and lots of competing buyers) many people are opting to buy a brand new home from one of the local builders. Many people think they are being savvy to
Myth 2 Its Hard Today For A FirstTime Home Buyer To Get A Loan
Not true. The pendulum has swung the other way now. Lenders and the government have relaxed a lot. But not as far as before the mortgage mess. It still takes a decent credit score and a little bit of money for earnest money.
Some people think you need 20% for a down payment. You can get by with 3.5%. And in many cases, there are governmental programs that can assist you with that down payment and/or no mortgage insurance. Plus many sellers are willing to entertain an offer where they pay the closing costs out of their equity.
A win win.
They sell the home. And someone without a ton of cash gets to buy a home.
There was even a local loan program for homes within the Salt Lake City limits where you can qualify for $15,000 for a down payment. The provider of the funds wanted to help increase the home ownership and improve the neighborhoods and are willing to kick in $15,000 if the buyers plan on staying in the home for at least 5 years, rather than turning it into yet another rental property. That program is sold out now, but ask me if anything new has come along.
Sounds too good to be true but it's not. Call me for more details. Michael 801-661-1651
Michael Barth is a full-time Associate Broker/Realtor with an extensive knowledge of the communities along the Wasatch Front. As the former owner of Sundays Child and Kona Ice he brings over 20 years ....
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