The Department of Agriculture not only certifies that your meat products are up to standard, they also have an entire division dedicated to making housing affordable for those living in farming communities. This is another 100% financing loan offering really great interest rates. It’s so good in fact, that in most cases, the monthly payments are even lower than a comparable conventional loan with a 3% down payment. Because the rates are so stellar, and with the cyclical nature of farming, the USDA loans can be harder to qualify for. Despite that, I’ve helped hundreds of people successfully get them over the years. Along the Wasatch Front in Utah there are no available USDA financeable areas in Salt Lake, Davis, or Weber counties. But Tooele, Summit and Wasatch counties are wide open. In Utah County, the area south of the Spanish Fork River is the only spot that still qualifies for this great program. And as long as the federal government keeps shutting down over budget constraints during the last week in September each year, it’s likely to stay that way. Ye haw! 

Just like vanilla ice cream, this is the most popular program available. Conventional loans are mostly homologous across the country. There are two ginormous agencies known as Fannie Mae and Freddie Mac that make up all the rules governing every aspect of conventional loans. The rules are expansive. There are no income limits, but there are maximum loan limits, which are currently set across the U.S. at $766,550. Effectively, your credit score needs to be above 660 to qualify for a conventional loan. The automated underwriting system for conventional loans has some tremendous advantages. For example, most of the time we can get away with only one month of documented assets and one year of employment documentation, and sometimes we even close the loan without getting an appraisal on the subject property. 

A home loan through the Veteran’s Administration is quite frankly the best loan you can get. And if you qualify for one, I thank you for serving our country. VA allows you to buy up to a $4,000,000 home with zero down and without any mortgage insurance. Even better, the interest rate is the lowest of any loan program out there. 

Construction financing is used to build a home on a parcel of land that you are purchasing or already own, and where you will contract with a builder to manage the project for you to completion. If you have experience, you can also build the place yourself. Custom construction loans give you the ultimate flexibility to build the place exactly how you want it, according to your plans and your specifications. There are two different types of construction loans. The traditional construction loan will finance up to 90% of the cost of the entire project or up to 80% of as-completed-value, whichever is less. You don’t make any payments during the course of construction and once the home is finished, the construction loan gets refinanced to a more traditional long-term mortgage. The other loan used for building a home is a One-Time-Close construction loan. Most of the same terms apply with this program, other than you will make interest-only payments while the home is being built, and when the home is completed, the loan converts over to a 30 year fixed rate without needing to refinance. There are dozens if not hundreds of considerations as to which type will b1e best for you, so let’s talk through your scenario and make your dreams come true! 

There are dozens of reasons that one would want to use the equity in the home to do other things. Remodeling, updating, paying for college, consolidating extraneous debt, purchasing additional property, covering medical expenses, paying for a wedding, dividing marital assets, etc. My job is to assist you in making the most of the hurdles that life presents and negotiate your way to finding the best available value with your resources. 

These loans can be a great tool for people who are buying a home but don’t want to make monthly payments, nor spend more of their cash than needed.  They are also wonderful for existing homeowners who need to free up capital of receive an allowance for living expenses.  The amount available is age dependent.  We can run a quick look in just a few minutes together.