Buying A Home In Salt Lake City ? What About A Mortgage?
If you are thinking of buying a home in Salt Lake City, and have begun to search through the MLS for Homes listed for Sale In Salt lake, then you may have the cart before the horse.
Nothing can dampen the enthusiasm of a Salt Lake Home Buyer more than hearing a lender say no to a home or Condo in SLC that has taken months to find and weeks to decide on.
Thats why I decided to send you a copy of an e-mail that Doug Walker from Republic Mortgage sent to us yesterday.
Doug is a trusted resource for us and when folks ask us who they should call for a pre-approval letter or how to get pre-qualified, more often than not, Doug is one of the few we recommend.
We know we can always count on Doug to prepare our clients for the bumps in the road that accompany buying a Salt Lake home.
Heres what Doug had to say about saying NO!
"Yes". That's a word most home buyers don't think they are going to hear much when they look for mortgage financing. Lately, I have had many clients pleasantly surprised when I can say "yes" to most of their questions.
Can I get 100% financing? "Yes."
Can I get a loan with just a 620 FICO score? "Yes."
Can I get a rate under 5%? "Yes."
Can I close in 2 weeks? "Yes."
The 2 best programs for 100% financing are offered through Utah Housing and Rural Housing. The credit score requirement is only 660 and 620 respectively and they each have income limits based on household size. With a 4 person household, you can make up to $77,500 for the Utah Housing 100% program in Salt Lake County and up to $78,000 for the Rural Housing 100% program. The Rural Housing program is only available to buyers in rural areas (hence the name) such as Eagle Mountain and Tooele. The rates for both these programs are very good - the Utah Housing rate is currently below 5%.
Even though there have been significant changes in the mortgage industry and the government has added more "red tape", loans are still fairly easy to get for the average home buyer. The days of not verifying income are over, but an employee with W-2 income and a fairly stable job history can be certain to qualify for something. Even a self employed borrower showing positive cash flow can be confident when sitting across the desk from a loan officer.
There also is a very important number to pay attention to and that is the overall "debt ratio". We are capped at 45% on most programs. For example, if your gross monthly income is $4,000, the maximum allowable debt is $1,800 including the new house payment.
Republic Mortgage has been the one of the top lenders in the state for over 30 years. We are experts at all the government programs including FHA, VA, Rural Housing and Utah Housing loans.
Doug Walker
Loan Consultant
801-244-7620
Now you can understand why choosing the right loan officer when buying your new Utah home is so important.
We hope that when you start looking for that new home in Salt Lake you will call Doug for your mortgage.
To begin the home search, in Salt Lake, the easiest way is by clicking on to our web-site @ Utah Homes for Sale and have almost 20,000
Utah homes and condos at your fingertips.
You can find luxury homes in Suncrest, the Cottonwood area, or Olympus Cove in Salt Lake City or certain communities around Sandy Utah.
The best New Home Value might be found in Herriman, or West Jordan, or Draper UT.
If a Salt Lake Condo or Town home is more what you have in mind, try Murray UT, or the Downtown area, or for sure the new Daybreak development in South Jordan.
Have questions about buying a new or previously owned home in SLC ? Go to our web-site, Salt Lake real Estate, to get answers.
We update daily, and include the latest listings of Salt lake Foreclosures and short Sales, so come back often.
Or just call us @ 801-567-0946. We'd love to talk about Utah real Estate and Buying a Home in Salt Lake City, or getting a Mortgage.
Published Saturday, February 13, 2010 9:46 AM by Corie Seymour
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