Help For Salt Lake Home Buyers
Here is some help for Salt Lake Home Buyers. It is an article written by a Real Estate Broker in Idaho for his clients, but i think you Will find It helpful when buying a home in and around Salt Lake City.
There are some good links that Salt Lake Home Buyers should pay attention to.
For example, information about the USDA program on Rural Development can help buyers looking for a house In Tooele County. If you combine the loan benefits with the lower cost of buying a house in Tooele, Stansbury Park or Grantsville UT and the 100% financing available It might make sense to look about 20 miles west of Salt Lake for your new house.
Another link that could help Salt Lake Home Buyers has to do with the FHA 203 K loan program that allows home buyers to include repair costs associated with the new home purchase right in the loan. No more waiting until you move in to fix up the new home purchase.
That could help many Salt lake Home Buyers.
So, heres what he had to say. Hope you enjoy.
Authored by Kevin Hughes
Shopping for Your New House, on a Budget
If
you're on a tight budget, you may think owning a home is a dream that is too
far out of reach. Luckily, that is far from the truth. If you want to buy a
home, but are concerned with how much it will cost you, and if you'll be able
to afford those payments, keep reading.
Clean
up Your Credit
Every
12 months, you are entitled to review a copy of your credit report at no cost.
The official website where you can obtain a copy for free is called AnnualCreditReport.com.
Get a copy and review it carefully. Make any corrections and payments that are
necessary to get your score as high as possible. Try to get it above 700 if you
can – the higher, the better.
Check
out the FHA
If
you are worried about qualifying for a mortgage, check out the FHA. They have the FHA Home
Purchase Loan Program, which is easier to obtain than a traditional mortgage.
Amounts that are available to you will depend on a variety of factors, but you
can typically get a home loan through them for a lower down payment – about
3.5% to 4% of the purchase price.
Examine
Your Options
Understand
that you will have to save for that down payment, even though it is typically
lower than what you would have to pay for a traditional mortgage. That aside,
look at what you qualify for, and choose homes to look at accordingly. If you
are looking for a change and want to examine your options, consider moving to a
rural area where the property values are lower but the neighborhoods are still
nice. Check out the USDA's program on Rural Development
for making such a big change. Short sales (foreclosures) are another option –
and prices on those homes are anywhere from 10% reductions and more.
Get
an Inclusive Loan
See
about adding on HUD's 203(k) program, which will enable you to
include repair costs right into your loan. This program is typically available
for those homes that need extensive rehabilitation, so it's good to keep in
mind that purchasing a dilapidated house means you'll have your work cut out
for you. Additionally, you may be able to get the seller's to include
appliances and other upgrades in the purchase price. Consult a buyer's agent to
help you navigate these waters of negotiation.
Home
ownership may not be impossible if you take the time to clean up your credit,
and review your options carefully. When you are willing to explore your
options, and are receptive to changes, shopping for a new home on a budget is
easier than you think.
About
The Author: Kevin Hughes is a Boise Idaho real estate agent
servicing buyers and sellers in Idaho. If you’re looking for a great home in
Idaho, you can visit Kevin’s website where you can search great cities like Boise, Meridian, Nampa, and Eagle
Our thanks to Kevin and our thanks to you for taking the time to read "Help For Salt Lake Home Buyers". If we can be of further help call is @ 801-567-0946.