If you’re thinking of buying your first home, Integrity First Lending can help! We’re the mortgage company in Utah that’s known for helping first-time home buyers realize their dream of homeownership. We can show you the steps you need to take to own your own home.
You would think this would be a simple question to answer, but the truth is more people qualify as first-time home buyers in Utah than you might think.
For instance, if you have not owned a home in three years, you may qualify as a first-time home buyer. Ditto if you have previously owned a home but your new spouse has not. You also may qualify if you’re divorced or a single parent who owned a home with your spouse but never on your own. There are a few more special circumstances as well — contact our Utah mortgage lenders to see if you qualify as a first-time home buyer.
The reason first-time home buyer programs exist is because the government wants to help U.S. residents improve their financial health. While there are lots of ways to do this, one of the best ways is to purchase a home. Real estate is almost always a good investment, and paying your mortgage each month is a much better use of your money than paying rent to another person who owns the property you live on.
In an effort to help prospective homeowners qualify for a mortgage, some first-time home buyer programs in Utah offer applicants assistance with down payments and closing costs.
If you don’t have 20% of the purchase price of your home, you will be required to pay personal mortgage insurance until you reach 20% equity. Average housing prices in Utah are about $300,000-$400,000, which translates to a $60,000-$80,000 down payment — a stretch for most anyone.
Closing costs can be another 3%-6%, or $9,000-$24,000 — another hefty sum. First-time home buyer programs can help you get a second mortgage to pay off these costs over time.
Because first-time home buyer programs are designed to help those who may not otherwise be able to afford a home, eligibility is limited to those under a certain income threshold. Also, limits might be placed on the price of the home you are allowed to buy.
Getting a home loan can be complicated, so you want knowledgeable professionals in your corner. Moreover, if you’re a first-time home buyer in Utah, you want to make sure you don’t miss out on any of the perks available to this special group.
Trust the team at Integrity First Lending. We’re the mortgage company in Utah that can help you through the process of becoming a first-time home buyer. Contact us for more information, or apply online today.