Myth: Only first-time home buyers can purchase with zero money down.
Busted: Many current homeowners would like to take advantage of the current interest rates and move up in homes however they don’t feel that they can because they do not have equity in their current home for another down payment. With these programs an individual could qualify for a zero down option with a very low 30 year fixed interest rate.
There are ways you can purchase with zero money down, even if you have previously owned a home. Axiom Financial can work with you to find the program that fits best for you.
-Utah Housing: Home Again Program
This program allows families to purchase a home with zero money down even if they have owned a home previously. This would also help that family that just sold their home but didn’t gain any equity out of sell. They could possibly purchase with no money down. Of course credit and income would determine if they qualify for this type of loan. But it just shows you that there are many options for mortgage financing regardless of your current situation.
-VA: You need to have VA benefits
-USDA/Rural housing: Specific areas in Utah that qualify for this program
Myth:You have to wait seven years before you can purchase or refinance after a Bankruptcy, foreclosure or short-sale.
Busted:With FHA you can get financing two years after a bankruptcy, or three years after a short sale or foreclosure.
This is very important subject. Because of the economy many homeowners ended up doing a short sale, foreclosure or Bankruptcy in 2009 and 2010. They should be ready to purchase now or in the very near future however many think they have to wait even longer. Every situation is different so please contact one of our loan officers to help you determine when it is the right time to purchase again.
Myth: The market is so bad I can’t sell my home.
Busted:The housing market is thriving. Almost every Realtor I speak to tells me that homes are being sold so quickly and most of them with multiple offers. We have many great Realtors we work with and would love to refer you to a Realtor to help you determine the options you have with selling your home.
With interest rates incredibly low, now is the time to buy or re-finance your mortgage. You can get a feel for what your monthly payment would be by using the mortgage calculator at Axiom. Or just give us a call. We have 19 locations throughout Utah and we offer competitive rates and unmatched, personal service.
On our website you can use the mortgage calculator to get an estimated payment for instance on $200k loan amount at 3.5% your principle and interest payment would be about $900 a month. We would need to add taxes, insurance and possibly mortgage insurance but this would give you an estimate payment amount.
This is a big decision in families’ lives and we take a one-on-one approach to each loan we process. We want to make sure we answer every question and that a family is making the right decision.