5 Ways You Can Benefit from Down Payment Loans
Are you thinking about buying your first home in Utah? Perhaps you’ve got a growing family and need to upgrade your living space. Either way, a down payment loan could be just what you need. However, if you’re on the fence, the team from Home Savings Fund has collected some insight for you here.
Here are five advantages of down payment loans.
1. Take Advantage of Low Interest Rates
One benefit of down payment loans is that they help you take advantage of the low interest rates available today. These days, housing prices and interest rates are lower than they’ve been in years, so why not take advantage of them?
2. Purchase a Home Sooner
Buy your home sooner by getting a Utah down payment loan. With such solutions, there’s no need to wait and watch interest rates as you pad your savings; you’ll be able to make a decision as soon as you receive the loan!
3. Offsets FHA Premiums & Mortgage Insurance
Down payment loans help offset FHA premiums and mortgage insurance costs by giving you the money you need upfront to manage such payments. Combining your FHA loans with a down payment assistance program is a great way to handle such financial burdens.
4. Provides a Much-Needed Cash Cushion
When you receive a down payment assistance loan, you’ll be able to keep the majority of your savings to serve as an important cash cushion. Having more savings on hand can help you pay for any unseen expenses that occur during the homebuying process.
5. Helps Educate You as a Homeowner
In most cases, to qualify for down payment assistance in Utah you’ll first need to take a homeowner’s education course. This helps prepare you for the responsibilities of homeownership and ensures you’re a good candidate and will make a sound investment.
Contact us for a home assistance grant in Utah!
If you’re in need of a down payment loan or home assistance grant, contact the team from Home Savings Fund today. To be eligible for a grant you’ll need to be a US Citizen, permanent resident, or have a work visa, as well as have a minimum credit score of 660. To learn more about what it takes to qualify, contact us online or call (855) 369-7283.