Who Says It Ain’t Easy Bein’ Green?
Who says, “It ain’t easy being Green”?
It seems like everywhere we turn we hear about steps we should take to save energy and “go green.” Now our mortgages are no exception.
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Charts Schmarts…What’s In It For Me?
Now you all know that I am not really into the financial statistics and well just the financial aspect of homebuying…that’s just plain boring (so I leave that up to Steve cause he actually Likes that stuff)…anyway,
Read MoreHVCC Issues Finally Coming Under Fire? Why so Late?!?!
Here is a great commentary on the problems that have been caused by HVCC. We have had our own personal trials and tribulations with appraisers being flown in from Arizona…yes, Arizona (since when are we Remotely anything like the Arizona market here in Salt Lake?) and being brought down from Hooper (a definitely rural area I might add) to appraise a condo in urban Salt Lake City (he did not even use a comp in the complex that had just sold…ok, calm down Debbi, your intent is to inform here)
Anyway, watch the video and let me know what you think!
Oh, and if you are braving the whole new world of homebuying, give us a call at 801-819-9005. We can help you ! Or Start here by creating your profile and begin your search for homes.
Til later…ciao!
How Do I Fix Up My Home?
One of the most asked questions from our clients who buy older homes is “How Do I Get The Money To Fix Up My Home?” Used to be that was easy with a home equity loan, but most folks now a days don’t have the “equity” for a home equity loan…so..what are the alternatives?
If you live in places like Tooele County, Morgan County, the unincorporated area of Salt Lake County(Kearns, Copperton, Magna, Millcreek, White City), and South Salt Lake, the CDC (Community Development Corporation) has low cost loans available for rehabilitation and critical repairs to your home.
These rehab and repair loans are available to low to mid income families and are designed for owner/occupants only, living in single family homes. Mobile homes that are not on a permanent foundation on land Not owned by the homeowner are not allowed.
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Now, these loans are not based on the equity in your home, they are based on your income, the amount of people that that income supports (who lives in your house), and the home itself.
Once your eligibility is determined for your rehabilitation loan, the CDC will send out a housing specialist to visit your home and help you determine what needs to be done…no the money is not carte blanche so if you were going to put gold leafing on the baseboards, add a hot tub or add a Mercedes to the driveway …not going to happen. The CDC will be involved the whole way.
When the repairs and rehab projects are determined, they will put a price tag to it all, either estimated or actual bids (and yes you can do work that you are qualified for). This will be submitted to the loan committee who will then give you the go ahead for your projects and you will “close” on the loan.
After a 3 day wait (so if you change your mind, you can get out of it), then you, the housing specialist and the contractors can sign a contract and set a date to begin work.
The CDC will occasionally send inspectors to see the work progress. Then, once the work is completed and signed off, the contractors will be paid…and voila…you have a repaired home with very low monthly payments.
Now, we have given you kind of a general overview of these rehabilitation loans in Utah, but you can get more information here including income limits, max loan amounts monthly payments and generally what is involved:
There is also assistance in Salt Lake County for energy efficiency upgrades that can make your home more comfortable & reduce energy use (and monthly bills)! Grants for income eligible households, loans for higher income households. For more information on this visit www.energysmartsaltlakecounty.org
Hope this helps….be sure and text or call us at 801-819-9005 if you have any questions. And if you are looking to purchase a home…well we can help you with that too. Start Here!
Read MoreHow To Buy A House And Get The Money To Fix It Up!
You are First Time Homebuyers and you have Found THE HOME. You have watched DIY and HGTV and you know you can do everything those couples do on the home improvement show, but beyond the down payment, you have very little money to replace the cabinets in the kitchen, tile the bathroom and maybe add a family room in the basement. What’re ya gonna do?
Cheer up little buckaroo, as sure as the sun shines, or in Utah the rain comes as of late, you can accomplish all those magical repairs, rehab your home and live the life of Riley (now that Really dates me doesn’t it).
How can you accomplish this miraculous feat you ask? Simple, with an FHA 203k rehab loan. This most fabulous loan will allow you to not only purchase your home, but finance the improvements as well and keep it all in one mortgage at low FHA loan rates.
Now, what Can you do with an FHA 203k loan you ask? Any or all of the following:
- Paint
- Repair a kitchen
- Add a deck or patio
- Insulate for greater energy efficiency
- Replace flooring ie tile, carpet, etc
- Add a bathroom, replace a bathroom
- Finish a basement
- Replace windows
- Replace Appliances ie stove, furnace, water heater…energy credit
- Add central air (again energy credit here)
- And Much More
What Can’t you do with an FHA203k mortgage loan?
- Put in a pool or an ice skating rink
- Add a Theater Room and all the equipment (you could get away with the room)
- Buy a Ferarri
- Any other Luxury item, like gold plating the baseboards
- Putting in a yard
So what do I have to do to get one of these FHA 203k loans you ask?
There are hoops to jump through to qualify for this kind of mortgage (what government program Doesn’t have hoops?)
- Owner/occupants only…no flipping or investors (and no you don’t have to be a 1st time homebuyer to qualify)
- The house must have been completed for at least 1 year , no new construction houses, sorry
- You will need to have 2 appraisals (one for the as-is value now and one for the projected value once the work is completed)
- Only 1 appraisal for a HUD Home- ask me how you can get one of those for $100 down!
- You must identify the repairs and work to be done, and have a written estimate of materials and labor by a licensed contractor and an interior plan of the home.
- Note here: You can actually do the work, but you must have enough in escrow for labor in case you don’t get it done in a timely manner.
- Repairs and addition must have the proper permits, inspections and be done to code
- And most of all…..you must be able to qualify for the finished product (cost of house + rehab money), so you can’t buy that million dollar fixer upper guys, sorry…..well unless you can Afford that million dollar home.
- You must still have your 3 ½ percent down payment for the entire purchase price (home + rehab money)
So, if you’re game for the hoop jumping, have the vision to make the ugly duckling into a swan, then the FHA 203k loan is just what you are looking for. Give us a call (yep the number is right up top) or text us…or you can even email us… and we will help you get started, both with the mortgage and with finding the right home to apply it to!
Read MoreUtah 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!
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- Multilevel in Tooele
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- Multi level in Eagle Mountain
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- Rambler in Saratoga Springs
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
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