With the Utah Housing Home Renovation Loan, You Can Have Your Cake and Eat It, Too

Every mortgage lender can provide you with a home loan to cover the majority of your home purchase. That being said, buying a home also requires money for a down payment, money for closing costs, and if you’re buying a home that needs improvements, money for the improvements as well. These costs together can make buying a home feel like an expensive and seemingly insurmountable goal. Wouldn’t it be nice if you could not only get a loan for your home purchase, but also find one that covers your down payment, closing costs, and your improvements, too?

Enter Utah Housing. By offering second loans, Utah Housing provides the cash you need to pay for your down payment and closing costs. In addition, Utah Housing also provides home renovation loans, if you’re looking to fix up a home after you buy it. Aren’t things starting to look tasty? Let’s explore the ways in which Utah Housing provides the dream home loan you’ve been looking for. [Read more…]

Good Neighbors: Buy a Home for 50 Percent Off

Are you a good neighbor? With HUD’s Good Neighbor Next Door program you could save 50% off a the price of a new home! GNND helps police officers, teachers, and firefighters/EMTs become homeowners while contributing to community revitalization.

If you fall into one of these “good neighbor” categories and are looking in one of the hundreds of HUD revitalization areas in the U.S., GNND offers a whopping 50% discount off the list price of the home. Let’s explore some more information about the program including how to qualify and how to apply.

How It Works

You sign a mortgage for the first half of the list price, then sign a “silent second” mortgage that disappears after three years of living in the home. You don’t have any payments or interest to worry about for the silent mortgage. 50% off—just like that!

Program Requirements

  • You must meet the HUD requirements for police officer, teacher, or firefighter/EMT.
  • The home must be specifically designated as a GNND home within specific HUD revitalization areas. You can search for these areas and homes eligible HUD’s website (Click Here).
  • You must commit to living in the home as your primary residence for a full 36 months. If you move or sell the home before three years you must pay back the silent mortgage.

There’s More

The GNND program could help you achieve significant savings off your next home. What’s more, the program works in conjunction with FHA financing programs. This means you could pay just $100 as a down payment and even finance the closing costs!

Plus, did you know anyone can buy a HUD home and get an all-in-one loan to cover updates and repairs? Check back with me next month for more information on this exciting opportunity.

For more information about the GNND program, Click Here.