Two new mortgage options make it easier for buyers to purchase homes in Utah
The United States apartment vacancy rate in the first quarter of 2012 fell approximately 0.30 percent to 4.9 percent, the lowest level since the fourth quarter of 2011, reports Reuters. The vacancy decline may cause rents to rise in certain areas, and in Utah, it may be more financially sound to purchase one of the MLS Listings in Salt Lake City, UT, rather than submitting monthly payments to landlords.
Recently, the Utah Housing Corporation unveiled two new mortgage loan programs designed to assist buyers. The plans are available to first-time and repeat homebuyers who may have taken credit hits during the housing crisis. The first, HomeAgain Loan, will allow people to qualify for a second mortgage of up to 6 percent of the home's purchase price. The second option is called Score Loan, and it allows those with credit scores of 620 or higher to qualify for additional mortgages of up to 4 percent of the purchase price. This program would use 30-year fixed rate loans carrying interest rates that are 2 percent higher than the initial loan they are supplementing.
Salt Lake City officials have made significant strides to assist first-time homebuyers in receiving the funding they need. With rents trending upward, people may want to apply for additional mortgages and purchase property instead.