In this recessive economy many people have been subject to loss of job, lowered income, diminished savings, and it's hard to get funding to purchase a home.
There is a program run through the United States Department of Agriculture (USDA) geared toward helping home buyers with a home purchase. Constraints are: the home needs to be in a rural area and income. In Utah, Salt Lake and Davis counties are not considered eligible. However, that leaves the whole rest of the state wide open for rural home loans.
Properties in Utah county, west of Redwood Road are still considered rural. Saratoga Springs, Eagle Mountain area rural. Lehi is not. South of Utah lake is considered rural.
Income limits are based on household size. A family of up to four can make up to approximately $73,000 a year in income. The income for a family greater than four is higher. Credit scores should be above 620 fico. There are no restrictions for first-time home buyers. It isn't possible to have multiple properties through this program, though.
The wonderful features to this program is that is a 100% loan to value loan. No down payment is required. Plus, there is no monthly insurance premium. There is a 2% fee which goes to pay for the borrower's closing costs.
Currently, the rate is about 5%, depending on credit scores. The processing time is also comparable to any other program. As with any government loan program, each yer it must receive the proper funding. However, because it has been so consistant over the years and we are talking about helping "Rural America", congress always funds the program.
P.S. Check and see if this program is available in your area. follow the following link: http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do
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