Salt Lake Home Buyers Should Look at FHA Loans !!
Salt Lake home buyers should look at the new FHA loan packages.
Thats what Dave Mansell, President of the Utah Association of Realtors seemed to be saying in his "Presidents Message" article in Saturdays Salt Lake Tribune.
It makes sense to me, and if your in the market for a pre owned home/condominium or a new construction home in the Salt Lake Valley you should try and find a copy of Dave's article.
Here are some of the real reasons Dave outlined on why you need to check out the new FHA loans.
1. Homes can be purchased for as little as 3% cash down.
2. FHA qualified home buyers can use gifts for the down payment on the new house.
3. FHA offers competitive interest rates.
4. Your FHA home mortgage could include a foreclosure prevention program.
5. No prepayment penalties on your FHA insured home mortgage.
6. FHA has eliminated requirements to make unnecessary repairs on pre owned houses.
7. FHA no longer limits what closing costs the home buyer may pay.
8. No income caps or restrictions for those who have previously bought a home.
As you can see, and as Dave Mansell has pointed out, some real changes have been made that make FHA a more efficient and user friendly home buying option than in the past.
Finally, ...perhaps the most important change of all. The maximum loan limit has been increased so that most Bank Owned Homes and Short Sales in the Salt Lake Valley can be financed. That change alone will help the Real Estate Industry in the more expensive areas of Salt Lake, IE: South Jordan, Sandy, West Jordan, Riverton, and Herriman.
If your looking for a mortgage to buy a new home, existing home or condominium give us a call @ 801-567-0946.
To take a look at over 7000 homes for sale in the Salt Lake Valley today visit our website at Salt Lake Homes for sale. It's FREE, and you will instantly see pictures, prices, maps and most of the information Realtors use when searching for a new home for sale.
Give us a call
Dave Mansell is not the only one that thinks Salt Lake Home Buyers should look at FHA loans.!!!