Rural Housing 100% Financing Loans
Most mortgage loans are available for less than 5% interest rates, But….and this is a big BUT for most folks these days, this is one of the only loans available with 100% financing…that’s right, 100% financing. Happy Dance Here!
Other Benefits Of Utah Rural Housing Loans
- Less Mortgage Insurance- unlike FHA or any loan that you don’t have 20% down with, there is much less mortgage insurance on this loan. AND….you can finance it into the loan so that you have nothing out of pocket. ( I don’t know about you, but I would much rather Me have that money…than the bank, am I right?
- No Down Payment required- even HUD homes require a down payment these days (well plus $1000 in earnest money). VA loans are the only other mortgage loans that do not require a down payment.
- Rates are comparable to other interest rates available. Right now, they are killer…you would never have to refinance this loan! (You will need to check with your lender to find out current rates for Utah Rural Housing Loans).
Requirements for Utah Rural Housing Loans
Yes, I know, there is no free lunch, so here are the basic requirements on Utah Rural Housing Mortgage Loans
- Income limits- this is based on the number of persons in your home and other mystical math calculations but here it is : 1-4 people in household max income (for Utah Cty)1-4 people in family $77,750 for 5-8 people in household max income $102,650. For Tooele Cty 1-4 $82,800, 5-8 109,300.
- Your debt to income ratio must not exceed 41% (This is the amount of your proposed monthly payment (principal and interest), real estate taxes, insurance, and other credit debts cannot exceed 41% of you gross monthly income)
- Your Housing debt to income (house payment) cannot be more than 38%
- You must have a good credit score (this is another one you should check out with a lender, rule of thumb 660)
And the biggie….this is a Rural Housing Loan. So you must purchase your home in a more rural area, but that does not mean you have to live in a log cabin in the nether reaches of the Oquirrah mountains or on a farm some where miles from the nearest neighbor.
For the most part, rural housing would be places like Tooele County, Eagle Mountain, Saratoga Springs to name a few. So if you work around the 1-80 corridor, near the airport, or down south, these communities would be great for you!
The communities are all great, with newer homes at reasonable prices. What you could buy for $300,000 in Salt Lake County, you could easily purchase for under $250,000 in these areas. This is because the land value is less in these communities and in reality, there IS more land available.
There are also new construction homes in these communities that are also less expensive than these same builders are building in Salt Lake County. Call or text us for a list of these builders at 801.518.4977
Bottom line….you get more bang for your buck with Utah Rural Housing Loans, AND a 100% loan when you purchase a home in rural areas like Tooele County, Eagle Mountain, and Saratoga Springs. Contact us for details at 801.518.4977 or firstname.lastname@example.org