Have you paid your rent this month? Putting money in your landlord’s pocket never seemed to build wealth in the end. If you pay a $1000 a month for 5 years you have given your landlord $6000 of profit! You probably agree it’s time for a change. It’s time to put money back in your own pocket so you can be on your way to real wealth.
Helping first time homeowners get into the home is nothing but positive. Not all agree with me. A few years ago a contemporary of mine disagreed with me. She believed No Money Down programs weakened the integrity of the real estate market. I couldn’t disagree more. If a first time homeowner has demonstrated the ability to manage debt and make outstanding payments on time the deserve the chance of living in their own home. Why should a family who can afford to pay rent not be given the opportunity to buy into the American Dream of home-ownership?
No Money Down Programs in Utah
A decade ago, buying a home with no money down was almost too easy. Many of these programs have fanished for good reason. There’s a few things you must know to purchase a home in this economy with no money down.
The Utah Housing Corporation is a state agency that helps supply money to first time home-buyers. They have opened their program to all available clients that fit specific underwriting qualifications. This corporation has always set stringent standards which allowed them to continue to offer no money down financing to the market. This is why selecting an experienced mortgage lender is pivotal to no money down homeownership.
Here is how the program works:
The guidelines require 3.5% as a down payment, but Utah Housing will allow the homebuyer to finance that 3.5% into a second loan. The interest rate on the second loan is always 2% higher than the first loan. This is a great deal! The homebuyer pays off the second loan first and they are on their way to a successful wealth plan.
I have helped hundreds of clients with a no money down plan. This experience will allow me to help future first time homeowners get into a home and on to the American Dream.
If you are the next no money down homeowner, give me a call and I let’s chat in more detail about how this fits your current financial plan.