I called NeighborhoodLift this morning and found out funds are available. Funds available for homes in Salt Lake City.
NeighborWorks Salt Lake is proud to be part of the NeighborhoodLIFT program in partnership with Wells Fargo and NeighborWorks® America. Discover the possibilities of homeownership and find out if it’s right for you!
NeighborhoodLIFT Program Information
- Provides eligible homebuyers with $15,000 in down payment assistance on qualified properties
- Provides homebuyer education that can prepare you for finding and financing a home and for managing the financial responsibilities of homeownership
- Assistance is not limited to first-time buyers
- Annual income of all persons 18 and older living in the home must be at or below 120% of the Salt Lake City Area Median Income (FHA financing, a popular option for NeighborhoodLIFT financing, is limited to 115% of AMI. Other loan programs may have more restrictive income limits).
- Properties qualified for the Program must be:
- Located within the boundaries of Salt Lake City
- The primary, owner-occupied home of the buyer(s)
- A detached home, townhouse, condominium, 1-4 unit property, or Planned Unit Development
If you are interested in the NeighborhoodLIFT Program, take the quiz below and find out if you are immediately eligible to start the application process.
- Do you have a signed purchase and sale agreement on a home located within the boundaries of Salt Lake City?
- Do you have a Mortgage Preapproval from an approved NeighborhoodLIFT lender?
If you can answer YES to ALL questions click here
If you answered NO to ANY question click here
By studying and understanding the strength of home improvement stores. You can get a birds eye view of our current housing market..
A recent Bloomberg Business article reports that both Lowes & Home Depot experienced fourth quarter profits that beat revenue projections by the most in six quarters. So what does that mean to the housing market?
Lowe’s Chief Executive Officer Robert Niblock said,
“Consumers are feeling better about their jobs, their wages and certainly feeling better about the value of their home, they are re-engaging in projects that they have put off.”
Sales to professional contractors have increased significantly as well, and were a driving factor in the quarter. Home Depot’s Chief Financial Officer Carol Tome calls this a “sign of health. If they are putting more items in their basket, it means they have work coming at them.”
Home Values Rising
In a quarterly consumer survey conducted by Lowe’s since 2007, the percentage of respondents who said that the value of their home is rising increased to its highest value ever, at 50%.
Whether Americans are finally adding that man-cave they’ve always wanted, or renovating a master suite, an increased confidence in the value of one’s home often sparks homeowners to invest in big-ticket projects.
The National Association of Realtors (NAR) reports that the median price of an existing home (for all housing types) rose year-over-year for the 35th consecutive month.
Not all who are renovating are planning on staying in their home. The Demand Institutereports that “nearly half of American households plan to move at some point in the future.”
For those who are planning on listing their home this spring, spending the time and money needed to update that 1950’s bathroom or kitchen can fetch higher prices in today’s market.
Meeting with a local real estate professional can give you insight into the small (or big) improvements your home could use to draw the highest price and return on investment this spring.
Manic Market Monday:
Keep your clients educated!
The interest rate you pay on your home mortgage has a direct impact on your monthly payment. The higher the rate the greater the payment will be. That is why it is important to look at where rates are headed when deciding to buy now or wait until next year.
Below is a chart created using Freddie Mac’s February 2015 U.S. Economic & Housing Marketing Outlook. As you can see interest rates are projected to increase steadily over the course of 2015.
How Will This Impact Your Mortgage Payment?
Depending on the amount of the loan that you secure, a half of a percent (.5%) increase in interest rate can increase your monthly mortgage payment significantly.
Research released by Zillow touched on this point:
“As rates rise, new home buyers will confront higher financing costs and monthly mortgage payments. For many, this will mean tightening their budgets and sacrificing some luxuries they may take for granted today.”
The experts predict that home prices will appreciate by 4.4% over the course of 2015. If both predictions become reality, families would wind up paying considerably more for their home.
Even a small increase in interest rate can impact your family’s wealth. Meet with a local real estate professional to evaluate your ability to purchase your dream home.