The Best Way To Buy A Home In Salt Lake City UT !

Not Many People Know It But You Can Buy A Home In Salt Lake City UT and Make it Your Dream Home in One Loan

 That's what Doug Walker, Mortgage Consultant for Republic Mortgage here in Salt Lake City proposed in an e-mail to me yesterday.

 He thought I should tell you about it, just in case you were looking to buy a home in SLC and the only hesitation you might have is, that in order to make it the "perfect House or Condo" you needed to spend cash you didn't have.

 I agree with Doug.

 Here's what he had to say about a great loan you might consider as you look at buying that Salt Lake City Home For Sale.

 In this age of stimulus bills and bail outs, you would expect a really cool mortgage loan program to help home buyers.  Well, there is one, but it's actually been around for years.  There is a little known FHA loan program called the 203(k) that allows you to purchase a home and fix it up with the same loan.  It's not very well known because most lenders either can't do them or just don't want to do them.   They are more work than the average loan officer wants to do and most companies don't have the staff knowledgeable enough to get them done.  At Republic Mortgage we feel the benefit to the client is so big that we have made the commitment to offer this program.  

 Here is an overview:

1.       It can be used in any area or county up to the FHA loan limits of that county. 

A.      Salt lake, Summit and Tooele counties -$729,750

B.      Wasatch county - $431,250

C.      Davis county - $397,500

D.      Utah county - $323,750

E.       Most other counties - $271,050

2.       Determine what work you would like to do to the home.  (The appraiser may require some items to be completed to qualify for FHA financing.)   

3.       Get bids on labor and materials.  You may provide the labor on much of the work without a contractor.

4.       If the cost of repairs is under $31,000, there are no inspections needed.  You get half of the money when you close on the home and half upon completion of the work.  If the cost of repairs is over $31,000, there is a construction consultant conducts inspections to authorize the disbursement of funds monthly.

5.       You get a credit for energy efficient items like windows, heating and air conditioning units, and insulation.

6.       We finance 96.5% of the total cost (purchase price + remodel).  Your down payment is just 3.5% of the total cost.

7.       You have up to 6 months to complete the work.

8.       Your rate is locked upfront on a 30 year fixed rate.  The rate is only about .25% higher than the normal FHA rate at that time. 

This is the very best way to finance a "fixer-upper".  It takes a little more time and effort to put a loan like this together, but it is definitely worth it.  The days of easy home improvement loans and zero equity lines of credit are over.  The best time to finance these improvements is when you buy the home. 

If the house you find needs some work to make it your dream home,  use the 203(k) program to make it happen.  Call me anytime @ 801-244-7620 and I will walk you through the details.

Doug Walker

Mortgage Consultant

 PS - The deadline for the $8,000 first time home-buyer credit is coming up.  You need to close on the home by November 30.  We still have very good terms on 100% financing! 

 To search for homes for sale in SLC, stop by Salt Lake Homes for sale and see thousands of homes and Condominiums listed on the MLS. You'll have Access to Home Prices, directions to neighborhoods, photos of Houses, town homes and condos in the Valley.

 For more Real Estate Information about buying a home in Salt Lake, stop by our web-site @ Salt Lake Real Estate and find articles, Home buying tips and our Real Estate Blog covering a variety of suggestions about buying a SLC home.

 Or just call us @ 801-567-0946 we'd love to talk about the best way to buy a home in Salt Lake City Utah.