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2013-08-12 12:39:25
NEW UTAH HOUSING LOAN PROGRAMS

UTAH HOUSING CORPORATION
NEW LOAN PROGRAMS

The Utah Housing Corporation recently organized four new loan programs. 

Qualified Buyers will be able to purchase a home with little or no cash investment through these new loans!

A Utah Housing Corporation Subordinate Loan will allow each eligible Borrower to borrow up to 6% of the amount of the Sr. Mortgage (1st Mortgage) as assistance to be applied toward the Borrower's down payment and/or closing costs.

Mortgagor can borrow up to 6% of the Sr. Mortgage loan amount for their required FHA 3.5% down payment or 3% required Fannie Mae down payment or closing costs if needed.


Qualifications:

A. Second Mortgage, not a gift or a grant
B. Homebuyer does not have to be a first time homebuyer
C. Income and purchase price limits, as defined by the first mortgage program
D. The 2nd mortgage rate is 2% above the 1st mortgage rate; the term is 30 years, no prepayment penalty
E. Seller can pay closing costs, reducing the second mortgage loan amount.  Borrower cannot receive cash back in excess of funds paid outside of closing (can receive back EM and appraisal fee)
F. Minimum required cash investment $0
G. A separate Title Policy for the Subordinate loan is not required and borrower cannot be charged.
H. Loan approval same as first mortgage.

 

To be eligible for a Utah Housing loan you must follow the guidlines below.  A participating lender in your area can discuss the loan qualification with you in more detail.

 
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