No Money Down-Low Income Financing For Tooele Homes

By
Real Estate Agent with Group 1 Real Estate

Can you buy a home with No Money Down if you are low income? Yes you can!

 I currently have a client that is going to buy a home in Tooele County. His current income is $1200 a month and he is buying a home for $115,000. The   payment?  Around $320 a month. 

This program is called a USDA direct loan and Tooele currently has funds available for the very low income category.  Below are some frequently asked questions.

Want are the income limits for the very low income in Tooele County?

  • 1 Person      23000,
  • 2 Persons    26250,
  • 3 Persons    29550,
  • 4 Persons    32800,
  • 5 Persons    35450,
  • 6 Persons    38050,
  • 7 Persons    40700,
  • 8+ Persons  43300

Terms:  Loans are for up to 33 years (38 for those with incomes below 60 percent of AMI and who cannot afford 33-year terms). The term is 30 years for manufactured homes. The promissory note interest rate is set by HCFP based on the Government’s cost of money.  However, that interest rate is modified by payment assistance subsidy.

Credit requirements: This program is not credit score driven but you cannot have any open collections or judgements.   Applicants must be unable to obtain credit elsewhere, yet have reasonable credit histories. .

Down payment:  This a 100% financing program the only out of pocket expense will be your Earnest money which most people will get back at closing and if you want to pay for an inspector to come inspect the home.

Can I buy any home?  You can look at any home currently on the market within the price range that you get approved for.  The home must meet certain criteria to qualify such as double pane windows and R33 insulation in the roof.

Is there a waiting list? Right now there is funding available for the very low income program, however there is a low income program that you can get qualified for that would follow the same guidelines but has a waiting list.

What are the income limits for the low income?

  • 1 Person 36750, 2 Persons 42000, 3 Persons 47250, 4 Persons 52500, 5 Persons 56700, 6 Persons 60900, 7 Persons 65100, 8+ Persons 69300

What will my payment be?  It all depends on your income and how many people in the family. 

Another example is a client that was making $12.00 a hour plus additional child support and she bought a $180,000 home and her payment was  around $750.00 a month.

 Is this program available in other areas besides Tooele, Grantsville, and Stansbury Park? Yes, but they must be in a Rural area, just give us a call and we can let you know if your area qualifies.

How do I get started? Just give us a call and we can get an application to you, Berna or Chris Sloan 435-840-5029

 

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Topic:
Lending / Financial
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Utah Tooele County
Tags:
low income financing
tooele
tooele homes for sale

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Joni Staples
Berkshire Hathaway Home Services - Anderson Properties - Huntsville, TX
Your Huntsville / Lake Livingston Area REALTOR®

This is great information for your readers! Here's to helping them get in to their very own home!

May 17, 2011 02:36 PM #1
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alvan cannady

hi how can i get a low income home with no money down

Jun 30, 2011 02:22 PM #2
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how

Jun 30, 2011 02:22 PM #3
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Chris Sloan

Tooele Utah Real Estate
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