For a majority of borrowers, finding best rates would be primary aspect when considering a lender. However, finding a helpful and responsive lender would make or break your home purchasing process.
With respect to regular home loans, UHC (Utah Housing Corporation) would be offering home buyers with several options to avail second mortgage for financing part or entire down payment along with closing costs. The down payment assistance would be used in consonance with VA and FHA home loan offered by UHC participating lender.
The type of home loan you would be using for financing your home buying needs would be determining the minimum down payment needed by the various lenders. The minimum standard for FHA loan would be 3.5% down payment. However, veterans having complete VA eligibility would be able to finance 100% of buying cost.
The duration for second mortgage would be 30 years. It would be fixed rate loan having 2% higher rate of interest compared to first mortgage. As a result, amount for down payment assistance that you could acquire would be dependent on the first mortgage you would be financing your home with. The lenders under Utah programs would be offering you with different types of loans for your home buying needs.
The eligible borrowers would be receiving funds up to 6% of the first home loan or home again loan. The percentage would vary for other kinds of loans made available for the borrower.
Housing highlights and eligibility requisites for Utah
The first time home buyers in Utah would be required to meet the income and eligibility requisites for availing 30 year home mortgage at highly competitive rates. However, other available loan programs have been made available for first time and repeat buyers as well.
- Closing cost and down payment assistance would be made available in the form of second mortgage
- Entire primary mortgage would be fixed rate loans for 30 years
- The minimum credit score would vary from one down payment assistance program to another.
- Home buyer to abide by the income limits
- To abide by programs having home cost limits
- Loan availed should be used for purchasing primary residence in Utah
- Only program specific requirements to be applied
You should shop for the latest refinance and mortgage rates. It would be in your best interest to seek quotes customized to your specific needs.