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2019-03-25 08:52:01
100% Housing Loans in Tooele County Update

Tooele CountyI was looking thru some old blog post this weekend and came across one I had written that I was afraid had become outdated. It was important.

The post I had written was about getting 100% housing loans in Tooele County using a government sponsored program thru the USDA.

It's a great program for home buyers that are a little short on cash, but still would like owning their own home.

This loan is extremely important out here, because the loan is only available to rural areas around the country, and Tooele County is still one of those areas, even though they have exceeded the population limits some time ago.

I found a great update to my article to pass on to you. 

A 'Mortgage Report' contributor, Dan Green published an article outlining the USDA program that was as complete as any I have seen. If you are thinking of buying a home in Tooele County you should keep this handy if lack of a down payment is holding you back.

If you are considering buying in Salt Lake Valley and are saving for a down payment, you should read this and perhaps take a look at living just 30 or so miles down the freeway. That may be better than waiting.

What About USDA Mortgages

Mr Greens article answers a ton of questions and in just a few minutes reading you will find answers to:

  • How do the loans compare to FHA or conventional loans.
  • Do these loans require mortgage insurance.
  •  Are USDA mortgage rates competitive.
  • Can I refinance my mortgage.
  • Why does use the USDA  rural development loan.
  • How do I check if the house is eligible for a 100% government loan.
  • How do I find out if my area is eligible.
  • What is the USDA program minimum down payment. 
  • What is the maximum mortgage loan size.
  •  Is the USDA loan limited to first time home-buyers.
  •  Can I finance in the private mortgage insurance.
  •  Where can I find a USDA loan lender .
  •  How much are closing cost.
  •  Can I use a gift for my closing costs.
  •  Can my seller pay closing costs.
  •  Can I use the loan for a second home.
  • Why offer 100% housing loans in Tooele County Utah.

About The USDA / Rural Housing Mortgage

What is a Rural Development loan? For eligible suburban and rural home buyers, it’s a 100%, no-money-down mortgage loan backed by the U.S. Department of Agriculture (USDA).
The Rural Development loan’s full name is the USDA Rural Development Guaranteed Housing Loan. However, the program is more commonly known as a USDA loan.
The Rural Development loans is also sometimes called a “Section 502” loan, which is referring to section 502(h) of the Housing Act of 1949, which makes the program possible.
The good news is that the USDA loan is widely-available. 97 percent of the geographic United States is in USDA loan-eligible territory.
Yet, if you’re like most U.S. consumers, it’s a program you’ve only just learned about. This is because the USDA loan program wasn’t launched until the 1990s.
Only recently has been updated and adjusted to appeal to rural and suburban buyers nationwide.
Most lenders don’t even list the USDA loan on their menu.
Using a USDA loan, buyers can finance 100% of a home’s purchase price while getting access to better-than-average mortgage rates. This is because USDA mortgage rates are discounted as compared to rates with other low-down-payment loans.

MY Old Post About Buying a Tooele Home With No Money Down

USDA Rural loans are still alive and well in Tooele County! It was thought that the 2010 Census was going to take away our 'bread and butter' loan program out here. After all, Tooele, with it's 33k population can't be considered really rural anymore. However, the expectation was that the rest of Tooele County would still be able to use the program, including Grantsville and Stansbury Park.

So, imagine our surprise to find out that we'll be able to continue to use this great program for at least the rest of this year. Very pleasant news considering that we've been using that product more than any other over the past three years, even more than FHA.

For those of you 'urban' people, the USDA Rural loan program is a Zero down program with one distinct advantage over some of our other 100% programs. Namely, no private mortgage insurance. It also has some realistic income ceilings, especially for those of us with large families. Remember, this is Utah! Thanks to Braidi Fox with Graystone Mortgage for PROACTIVELY sending us the latest income guidelines! Tooele County income limits for Rural Housing is now 1 to 4 person Family at $79,200 and 5 to 8 Family at $104,544.

In addition there are some other cool things about this product. For example, did you know if a client is just slightly over the limit there are additional things that Rural will allow the clients to count to lower their income to qualify.

1.  Child Care
2.  Medical for an Elderly Family 62 and over
3.  Disability Expenses
4.  $480 for each dependent under age 18

Consider 100% Financing w/USDA in Tooele County

A little reasonable flexibility in a loan program is nice! As business picks up this year, as it has already, we'll be relying on the USDA Rural loan program. 

As long as we have it here in Tooele, You should examine the advantages of leverage it provides, as well as the opportunity to consider some of the great cities in the area. Check out no down payment loans on new homes in Grantsville  or maybe some previously owned listings in Stansbury Park.

I'd like to suggest also you compare value (home prices) with comparable homes along the Wasatch front. Match those considerable savings up to drive times, from where you work to where you could be living. (for a lot less money).

Just sayin!

If you have any questions about this program, give us a call!

Chris or Berna Sloan, 435-840-5029. Let us give you your next 100% housing loans in Tooele County update. Right to your inbox.

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