100% Financing for First-Time Home Buyers in Utah

By
Real Estate Agent with Utah Homes 9334967-SA00

There's now a program that allows first time home buyers to finance 100% of the entire mortgage. In other words, a no-downpayment loan program.

There are a few conditions:

  • Minimum FICO score of 640
  • Must be owner-occupied
  • One buyer must be a first-time home buyer
  • No income limit
  • Max finance amount $453,100 with debt to income ratio of 50%
  • Mortgage conditions: 97% first mortgage, 3% second mortgage at 2% over the mortgage rate with a 10-year term.

This is a great option for those who are creditworthy but do not have a full down payment. (Which can normally fall anywhere from 3-10% of the purchase price.)

If you would like to know more, email me (Chuck Willman) at chuck@utahhomes.me 

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Photo by Christopher Harris on Unsplash

Comments (2)

John Manuwal
Keller Williams Northwest Montana - Kalispell, MT
Kalispell Montana Agent and Photographer

Years ago I got into my first place with a loan similar to this. It really helped me out. I was very young and the first person in my group of friends to get a place. I'm thankful for programs like these.

Jun 05, 2018 06:49 AM
Nick T Pappas
Assoc. Broker/Broker ABR, CRS, SFR, e-Pro, @Homes Realty Group, @HomesBirmingham & Providence Property Mgmnt, LLC Hun... - Huntsville, AL
Madison & Huntsville Alabama Real Estate Resource

Chuck, this is a great option for certain properties and those who don't qualify for USDA or VA loan programs. 

Jun 05, 2018 12:14 PM

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