FHA Allows Salt Lake First Time Homebuyers Down Payment Help !
It was announced last night that the FHA would allow first Time Home Buyers in Salt Lake to use the $8000 Tax Credit as a down payment. (see HUD article on stimulus)
Actually as part of the Federal bail out package the offer extends throughout the country.
But... You probably know by now, just as all Real Estate is local, so am I. If it's not about homes in West Jordan, South Jordan, Sandy, Taylorsville, Herriman, Bluffdale, Draper, or the other towns that make up the Salt Lake market, it just aint happening.
But this is happening, and for all of you First Time Homebuyers in SLC stay tuned to this blog for the latest info available.
Chris Sloan, our Tooele Broker, and President of the Utah Association of Realtors is actually at the meetings in Washington D.C. (where the news was released,) so he is on it, plus I have asked 2 of our mortgage partners to write up something to share with you, as soon as the mechanics of the process are defined.
It looks like local FHA certified lenders will be authorized to make bridge loans for the down payment against the tax credit. We don't know the rates yet, but will keep you informed.
Don't hold me to this, but some quick math would indicate that along with being a First Time Home Buyer the other qualification to get 0 down financing would be that the price of the Salt Lake Home, or Condo not be more than $228,500 dollars. (3.5% FHA required down payment).
Most first time buyers in Utah probably shouldn't be buying more home than that anyway.
You can buy a great home or condo in the Salt Lake Valley for that kind of money.
Just think about it ! NO MONEY DOWN ! LOWEST MORTGAGE RATES IN YEARS ! HUGE SELECTION OF HOMES FOR SALE IN UTAH.
You'd better get started. Here's how.
Start looking at listed homes by visiting our website @ Salt Lake Homes For Sale.
Contact your lender and go through the pre qualification process. Get a letter.
Make decision about where you want to live and how much you can afford.
Narrow your search to those areas and price range.
Have your Realtor set up drip notification so you are sent properties of interest to you.
Schedule showings with your agent at your convenience.
If you don't have an agent, we would like to apply for the job. Check us out at our website, Salt Lake Real Estate. Or call us at 801-567-0946.
Stay tuned.... In the next day or two we should know all we need to to show you how FHA allows Salt Lake First time Home Buyers Down Payment Help.