Utah Rural Housing Loans

Utah Rural Housing Loans are one of the most affordable loans available. Ha, you say, all loans are affordable right now, and if you are saying that you would be correct.

Most mortgage loans are available for less than 5%  interest rates, But….and this is a big BUT for most folks these days, this is one of the only loans available with 100% financing…that’s right, 100% financing.  Happy Dance Here!

Other Benefits Of Utah Rural Housing Loans

• No Mortgage Insurance- unlike FHA or any loan that you don’t have 20% down with, there is no mortgage insurance on this loan
• No Down Payment required- even HUD homes these days require $100 down (well plus $1000 in earnest money). VA loans are the only other mortgage loans that do not require a down payment.
• Rates are comparable to other interest rates available. (You will need to check with your lender to find out current rates for Utah Rural Housing Loans

Requirements for Utah Rural Housing Loans

Yes, I know, there is no free lunch, so here are the basic requirements on Utah Rural Housing Mortgage Loans

• Income limits- this is based on the number of persons in your home and other mystical math calculations but here it is :  1-4 people in household max income $70,750, for 5-8 people in household max income $93,400
• Your debt to income ratio must not exceed 41% (This is the amount of your proposed monthly payment (principal and interest), real estate taxes, insurance, and other credit debts cannot exceed 41% of you gross monthly income)
• You must have a good credit score (this is another one you should check out with a lender, rule of thumb 660)

And the biggie….this is a Rural Housing Loan.  So you must purchase your home in a more rural area, but that does not mean you have to live in a log cabin in the nether reaches of the Oquirrah mountains or on a farm some where miles from the nearest neighbor.

For the most part, rural housing would be places like Tooele County, Eagle Mountain, Saratoga Springs to name a few. So if you work around the 1-80 corridor, near the airport, or down south, these communities would be great for you!

The communities are all great, with newer homes at reasonable prices.  What you could buy for $250,000 in Salt Lake County, you could easily purchase for under $200,000 in these areas. This is because the land value is less in these communities.

There are also new construction homes in these communities that are also less expensive  than these same builders are building in Salt Lake County.  Call or text us for a list of these builders at 801-819-9005

Homes That Qualify For Utah Rural Housing Loans

Bottom line….you get more bang for your buck, AND a 100% loan when you purchase a home in rural areas like Tooele County, Eagle Mountain, and Saratoga Springs. Contact us for details at 801-819-9005 or loves@saltlakehomefinders.com