For realtors and buyers in Utah only! 3 options for 100% financing still available

Did you know some buyers in Utah have three options for 100% financing?

Number one would be the nation wide available VA loan.

The number two is our very popular Utah Housing.

But option number three, is to apply for a down payment assistance program that can be used as the down payment for an FHA loan. So technically, it is not 100% financing BUT the buyer can get the funds and use those for downpayment and closing costs. It is a great program for qualified buyers.

This is straight from the Community Development Corporation of Utah Web Site http://www.slcdc.org/downpaytassist10-18-09.html

DOWNPAYMENT ASSISTANCE PROGRAMS

The down payment assistance (DPA) programs administered by the Community Development Corporation of Utah (CDC) are federally funded and are to be used to HELP income eligible first time homebuyers purchase single-family homes. Funds can only be used for closing or down payment costs. There are a limited number of loans available each year and qualified applicants will receive their financial award on a first come, first serve basis.

Areas Served: CDC currently administers DPA programs for Magna, Kearns, Salt Lake City, Sandy. CDC may also have funds available for communities that do not currently have down payment assistance funds. See applications at the bottom of this page. Please contact us at info@CDCutah.org to find out where funds are available before filling out and sending us your application.

Eligibility Guidelines for Downpayment Assistance* CDC uses Federal Income Guidelines (80% of area median income) to determine eligibility for our programs. Household income includes ALL income earned by ALL adults over the age of 18 living in the home. If you make less than the guidelines listed below you are eligible to apply.

Household Size Max. Yearly Household Income 1 Person $38,000 2 Persons $43,400 3 Persons $48,850 4 Persons $54,250 5 Persons $58,600 6 Persons $62,950 7 Persons $67,250 8 Persons $71,600

*80% of Median Income in the Salt Lake County Metropolitan Statistical Area (MSA), Revised by HUD effective April 27, 2009.

The amount of the down payment cannot exceed 6% of the sales price or $10,000.

Maximum Sales Price: $230,000

Debt-to-Income Ratio: 45%

Mortgagees must comply with FHA Fees Guidelines

Applications are "first come, first served". No waiting lists. Other restrictions may apply, this is only a general guideline.

So if your buyer doens't have a down payment, don't close the door quite yet. Make sure they discuss all the financing options with an experienced mortgage consultant.

For more information on down payment assistance in Salt Lake City, Utah  feel free to contact Charlote Odebrecht in Salt Lake City charloteloans@gmail.com