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2017-09-23 19:54:45
How to get a grant or down payment assistance to get into a home

Are you looking to buy a home, but not sure your financial situation will allow it? 

Has your bank or credit union told you that you’re approved as long as you have $10,000 to $15,000 for your down payment & closing costs?

Don’t Give UP!
Owning a home can happen. 

Utah home grants and other no money down loan options are available, and probably more accessible than you may realize.

We pride ourselves in helping buyers with all kinds of grant programs, making home ownership a reality. The most important thing you can do is work with an agent & lender who knows the programs that might be available to you. They should be able to show you how to receive federal, county & city home grants along with other programs that will either loan you or help you with your down payment. With so many options out there not every grant or no money down program will be available but a good agent or lender will be able to help find a program that will work for you & your situation. 

Grant's are available in many cities and counties because they want more people to move into the area. It supports revenue from utilities, local merchants and property taxes. Several cities and counties have home grants and no money down programs available but the trick is, which ones are available and which one fits your needs?

Sometimes grants do run out of funds. Sometimes for whatever reason you or the property just don't qualify for a home grant. Maybe your income is too high, or the home is just outside of a qualified area for the grant. Whatever the reason you may still be able to qualify for down payment assistance or a 100% financed home loan through one of many other sources.    

Did you know the United States Department Of Agriculture (USDA) has a 100% financed home loan and NO you don't need to buy a farm to qualify. Although you may want to it's not a requirement. 

Another great loan option is the VA loan. It is also a 100% financed home loan with great rates & benefits. If you have served and have qualified VA benefits this is a great option for a home loan that your should look into & take advantage of.
We at EpRealtyTeam want to say Thank You for your service and are proud to assist our military service men & women.

So maybe you don't want to live in a rural area and you haven't served in the military or have benefits. That's okay there are still even more options out there for you. There is a Utah state program that has been around for MANY years now and still very few agents and some lenders still don't know about it. It's called Utah Housing. Utah Housing has programs for many different buyers from first time home buyers to buyers who already have owned a home but for whatever reason just don't have enough money to put down on their next home.

Utah Housing was designed to help homebuyers get into a home by lending them their down payment. It too is a 100% financed home loan option. Utah Housing offers multiple FHA loans depending on your income and credit score along with a conventional loan with no mortgage insurance (NOMi) for those who may have an even higher credit score. 

All in All it really dosen't matter on your situation there is usually a program for everyone.

So what do you need to do to get approved for these programs?  

Prequalification:

The first thing you will need to to do is to get a prequalification from a qualified mortgage lender.
When we say qualified mortgage lender that means a lender who is approved to offer the grant or no money down programs you are looking for. Be careful! Not all lenders have the ability to offer grants or other programs so make sure you ask what they can offer before applying. There is no reason to have them pull your credit if they can't offer you the product(s) you are looking for. Once you have a prequalification letter in hand you are ready to shop and move to the next step. 

Home Shopping and applying for the grant: 

This is the part where you and your agent look through all of the available homes that meet your search criteria. By now your agent should have a list of what you are looking for in a home. Size of home, number of bedrooms, bathrooms, (most important for using a grant) the area that you are wanting to live in and of course anything else that might be important to you. It is very possible that even on your first time out you may find the perfect home you are looking for so be ready! Think about it, you did tell your agent exactly what you were looking for & he/she should have sent you a list of homes that match your search criteria, and from that you did pick out your favorite homes from the already narrowed down list to go look at. This is why using an experienced agent is so important. They really do make the home buying process so much easier! If you have been looking in a particular area you may want to get started on the grant application process. Although you may not have picked out the exact home you want to put an offer in on yet, your agent or lender can direct you on what grant's might be available to you in that area. Keep in mind some grant's can take 45+ days to get. Looking into them early can help speed up the negotiation process & shorten the deadlines for getting into your new home.

 

Utah Home Grant Programs

Qualified Utah Home Loan Lenders

 

 

 

 

 

 
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