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Don’t put off buying because of down payment!

Real Estate Agents
Don’t put off your next buyer because of Down payment, they can qualify now.
We are all looking for our next customer, some clients have been on our re-contact list for months waiting until they have enough money, for their down payment and closing cost to purchase the home they want.
The NHF Grant Program, can get your clients up to 5% in down payment and closing cost assistance,
The Program is designed to increase homeownership opportunities for low-to-moderate income individuals and families.

This is a great loan program for the buyers who have owned a home before and are just coming back into the market or the First Time Home Buyers.
This program will also work for the move up buyer, who currently has a home that they have out grown, program guidelines will also allow the buyers to keep their current home and convert it into an investment property and purchase a new primary residence.

The Federal Reserve last week has increased the rates at which the banks borrow money, they are planning on reviewing this every three months to increase the Prime Lending rates throughout 2016.
The NHF Grant Program is designed to help the current home buyer market now, we have all seen the housing market push this buyer out before, with the increase in building costs, interest rates and credit guidelines.

What this means for you and your client is that, we can help them apply and get approved for the NHF Grant, oac. and they can purchase a Home, Condo or Townhome with very limited funds on their part and become a homeowner.
I have listed some of the program details below, you can contact me for full program guidelines and how to turn your re-contact list into homebuyers now.
Maximum loan amount is the lesser of $417,000.00 or maximum loan amounts permitted by HUD in your area.
Down Payment Assistance (DPA) is available in the form stated below.
FHA/VA:
Up to 5% of the First Mortgage Loan amount.
USDA:
Up to 3% of the First Mortgage Loan amount.
Fannie Mae:
Up to 3.00% of the First Mortgage Loan amount.
Proceeds may be used for down payment and/or closing costs;
There must be no cash back to the borrower from the Grant Fund proceeds;
Call me today for full program details.

Matthew Whetton Sr. Loan Officer NMLS #922108 DirectLine # 801-425-7920 Email:matt.whetton@utahmortgageloan.com
Utah Mortgage Loan Corporation
NMLS#149160 488 East 6400 South Salt Lake City, Utah 84107

 
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Basic Home Loans

Basic Home Loans
That beautiful house just down the street, it’s the one you drive by and think to yourself, “If I had that house I would have a huge garden, swings for the kids and a garage to finally work on my bike.” Well, it just went on the market. There is a big, bright for sale sign in the front and on a whim you call the number for the asking price. Surprised at the price you begin to wonder if you could own it and think “Where do I start?”

Many people have driven by a house and wondered, “What if…” and that dream has been the motivation that pushed them into owning their own home. Most new home buyers start this way but don’t know where to start when they decide they are ready to own a home.
The best way to start shopping for a home is to first find out what you can afford and what program works best for you.
The conventional home loan is an option if you are able to afford a down payment of five to thirty percent of the price. Generally twenty percent or more will exclude the buyer from paying mortgage insurance. Less than twenty percent and the buyer will be required to pay mortgage insurance.

Just what is mortgage insurance you may ask? Mortgage insurance is a policy that will compensate a lender in the case a loan goes into default. In other words, if the buyer is unable to pay the loan, then the lender can get compensation back from the insurance.
If you’re a veteran, the best option would be to use your VA home loan guarantee. This is our preferred loan option because it has the best interest rates with the lowest amount of upfront costs.

The VA loan is a government backed loan program designed to ease the burden of purchasing a home for military veterans. The VA does not actually lend the money, it simply guarantees the loan for the lender. This allows lenders to give our veterans a chance to own their own home without having to pay a down payment or pay mortgage insurance – a huge savings!

Of course if you are not a veteran then you still have other options. The FHA loan is another Federal Government program that helps by lowering the down payment for a home to as low as three and a half percent. The mortgage insurance still applies though. The benefit is that the buyer can still make a purchase if all they can afford is three and a half percent.
There you have it! Three loan types, now all you have to do is contact us and we will help you find the best program for your individual situation.

The loan process is very simple. Either call or stop by as you will always find a real person to speak with and fill out an application. Your loan officer will then ask for things like work history, bank statements, income statements and look into your credit history. This is to ensure you get the best loan possible. After all, you just might be able to afford that cute little home down the street after all.

 
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Types of VA Loans

VA Purchase
A VA Purchase allows you to purchase a home using your VA benefit. The VA guarantees the loan up to 25%, which allows you to get highly competitive interest rates. Other loan types don’t get as competitive rates because the loan is not insured by such a reputable organization as the Veterans Affairs. We have a lot of valuable information that we want to share with you, like how you won’t need to be a first time home buyer to qualify, and that you can reuse your benefit multiple times. We can even let you know about assumability, which can add huge value to your home when it is sold.

VA 100% Rate and Term Refinance
The VA rate and term refinance is similar to the VA Streamline (IRRRL). There are a few more guidelines for what can be done with the money, but it allows you to borrow up to 100% of the value of your home! Doing a VA rate and term refinance means that you will probably get a new appraisal, have your assets and income re-evaluated, and try to adjust your interest rate and possibly the term of the loan. This is a great way to reduce payment amounts and make adjustments to who is on the title.

VA Cash-out Refinance 95%
The VA cash-out refinance is for Veterans who want to take cash out of their home equity to help pay for anything from home improvements to consumer debts. This particular VA cash-out refinance allows you to refinance your home for up to 95% of its value, and then any money you had built up from equity in the home is given to you. This is great for people who want to do a remodel or want to consolidate debt using a low interest rate. We have experts waiting to answer your questions and help you get things going with VA cash-out refinancing. To continue you can fill out the full application, contact us, or call; we’d be delighted to help!

VA Streamline (IRRRL)
The VA streamline refinance, also known as an interest rate reduction refinance loan (IRRRL), allows you to refinance your current loan for a better rate. The VA benefit allows you to refinance an existing VA mortgage or any other type of mortgage. These loans are highly competitive because the VA guarantees the loan up to 25%. That means that if for some reason you were to default on your mortgage, the lender can go to the VA for part of the balance of the loan. Obviously this makes lenders feel a lot safer about lending you money and so you get the advantage of lower interest rates. There is a lot of information about these loans and our VA loan specialists can help you understand exactly how to get the best rates.

 
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This is not a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet LTV requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines, and are subject to change without notice based on applicant¹s eligibility and market conditions. Refinancing an existing loan may result in total finance charges being higher over life of loan. Reduction in payments may reflect longer loan term. Terms of the loan may be subject to payment of points and fees by the applicant. Equal Housing Lender. Utah Mortgage Loan Corporation. Serving you in: Salt Lake City, Utah

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