In case you haven't heard yet, Utah has officially rolled out Home Run Grant 2, a grant for the purchase of new construction.
The first batch of Home Run grants went extremely quickly, so if you have any buyers who missed out on them, or any new buyers looking at new contruction, they need to act fast.
This time around there are 1,950 grants available. Some changes to the new program from the original:
* The grant this time around is for $4,000.
* The first program required that homes be ready for occupancy upon closing. Home Run 2 buyers have two additional options. They can purchase a home that is contracted for construction or partially finished and contracted for completion.
Click Here for ALL the details! As an approved lender for this program, I am happy to answer any questions you may have. If there is anything I can do to help you, just let me know!
Dave Osofsky
Solarus Lending Group
801-415-9416
As a Salt Lake City Mortgage specialist, I have helped many First-Time Buyers purchase their first home over the years.
What I have learned is that most first time buyers appreciate getting great information on the home buying process and mortgage loan options, without feeling pressured to buy right now. That's why I offer a 100% free, no obligation, First-Time Buyer consultation to anyone even considering purchasing a first home within the next year or so.
I will provide the information on all the steps to home-ownership, how credit scores are calculated, and give you advice on how to maximize your credit and overall financial situation so that when you are ready, you can qualify for the best possible mortgage loan, and be well educated on what payment and price range you should be looking in.
If you are in the Salt Lake City area, or anywhere on the Wasatch Front, and would be interested in hearing more, just let me know!
Dave Osofsky
Your Salt Lake City FHA Mortgage Specialist
801-415-9416
I have been specializing in helping Home Buyers with Purchase Mortgage Loans in the Salt Lake City area, and all of Utah since 1999. In that time I have seen very few programs that provided as great an incentive to purchase a home as the current $8,000 tax credit for First-Time Buyers.
Unfortunately, this program is coming to an end on November 30th, and far too few people even know it exists. If you are a First-Time Buyer OR if you haven't owned a home in 3 years, you are eligible for this program. Here are a couple of important points about the program if you are considering the purchase of a new home:
1. The Tax Credit is refundable, meaning it can decrease your tax to less than $0, and you get the difference back. If you already received a tax refund, you will receive an ADDITIONAL $8,000.
2. You can get the money in your pocket very quickly after closing. You can do this by filing a form with the IRS and claiming the refund on your 2008 taxes rather than your 2009.
This is an amazing program, but it is going away soon. With the recent increases in disclosure times, mortgage loans and especially purchase loans are taking longer to complete. Since you have to close before November 30, you realistically have just over 2 months from today to have your home under contract.
If you are in the Salt Lake City area, or any other part of Utah, please give me a call if you would like more details about the programs or about the great options currently available on purchase mortgage loans. I would be happy to let you know exactly how the program works and advise you on the next best step!
Dave Osofsky
Your Salt Lake City Utah FHA Mortgage Specialist
801-415-9416
Beginning October 1, there will be some changes to the Approval process for FHA Condo loans in Salt Lake City and nationwide.
Up until now, Condo projects were either already approved and listed on HUD’s website for FHA financing, or they could be “spot approved” for FHA loans, meaning the lender could get evidence that the Condo project met FHA guidelines and approve a loan on one of the units. This DIDN’T approve the project through HUD though, so the next time someone wanted to get an FHA loan on a unit in the same project, they also had to go through the “spot approval” process.
Under the new rules, FHA lenders will have the authority to actually approve a Condominium project for HUD. This means that there will be no more “spot approvals”, but once a loan is done on a unit in a development, it will be added to the approved list and future loans in the project will be easier to do. Over time, this should really streamline the time it takes to do FHA loans on condos here in the Salt Lake City area.
The drawback is that it may take longer and be far more difficult to get an FHA loan done on that first unit in the project, so keep that in mind when writing an offer on a Condo that is not on HUD’s approved list. If you would like more information about these rule changes and what the requirements are for a Condo Project to be eligible for FHA financing, just let me know!
Your Salt Lake City FHA Mortgage Specialist
Local Mortgage Lender specializing in residential financing. Conventional, FHA, and VA
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