The Utah Housing Finance Agency is releasing another $25 million in mortgage money at 6.71 percent interest that should help another 350 low- and moderate-income Utah families get into their own homes.
William Erickson, UHFA executive director, said the money is available for first-time homebuyers and the resulting house payments could be less expensive than rent payments.Because one major obstacle for first-time homebuyers is the down payment and closing costs, these UHFA loans offer zero points, which greatly reduce the down payment and closing costs.
UHFA also is offering a downpayment assistance program for households earning less than $27,000 annually. In addition, the UHFA mortgage rate is nearly one full point below conventional rates and may allow many households that would not otherwise qualify for homeownership to purchase a house.
Prospective buyers may qualify for these monies providing their income and the price of the home they want to buy is below a certain limit. Limits vary from county to county across the state depending on the size of the household and the location to be purchased.
For more information on the loans, call Erickson at 359-5200.