Utah Housing Corp stated in a press release yesterday that they have just released funds in the amount of $70 Million to help low and moderate income families purchase homes.
Utah Housing is a great program for buyers with minimal funds. Most buyers can get into a home with as little as $500 using this program. Fortunately, their underwriting standards are strict enough that they avoid high rates of foreclosure.
The drawback to Utah Housing loans is that they compensate loan officers minimally for originating the loan. On top of that, since it's a government program, the work involved is much more intense than the normal loan process. It's been about 18 months since I last closed a Utah Housing transaction with a homebuyer and it definitely had my client and the loan officer jumping through paperwork hoops.
Nevertheless, Realtors and their qualifying clients may be able to take advantage of the program in a post-tax credit marketplace.
If you are a homebuyer and would like to know if you qualify for this program, give me a call and we will find out.
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Utah Housing is the state’s leader in creating affordable housing solutions.
utah loan officer
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