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Show I Mate makes low interest mortgage money available I As many as 3500 qualified Utah homebuyers will be able to obtain an 11.05 percent fixed-rate, thirty-year home mortgage loan through the Utah Housing Finance Agency's (UHRA) new Single Family Mortgage Mort-gage Purchase Program. The 11.05 percent mortgage rate was attained following the approval of the sale of $198,300,000 in tax-exempt mortgage revenue bonds by UHFA's board of directors. It is expected that the bond sale will make more than $197 million available for home mortgages. To qualify for the program, an applicant must meet guidelines concerning maximum allowable income, in-come, maximum purchase price limits and previous homeownership requirements. These guidelines are established by the UHFA in accordance with Federal laws which regulate tax-exempt financings. Maximum purchase price under UHFA's program is $60,000 for existing housing for all areas of the state. The maximum purchase price for newly constructed homes is Summit and Wasatch counties is $63,360. Under UHFA's program, an applicant may not have had previous homeownership interest in any residence for three years proceeding the loan closing. UHFA requires that the applicant make a 5 percent downpayment on the home as well as pay customary closing costs. In addition, it is required that the applicant's monthly mortgage payment does not exceed 27 percent of the applicant's gross monthly income and the applicant's total debt does not exceed 35 percent of the applicant's income. Interested parties should make inquiries through one of the 40 mortgage lending institutions participating parti-cipating in the program. Lenders have begun taking applications. A brochure which gives more specific information on the program and a list of the participating lending institutions institu-tions is available by calling UHFA at 521-6950. Approximately $40 million (20 percent of the bond issue) will be set aside for use only in targeted areas of the state. To obtain part of this fund, the lender will make a reservation with the agency after the potential homebuyer makes application applica-tion with the lender. For more specific information on targeted areas, contact your lender. The Utah Housing Finance Agency was created in 1975 by the Utah State Legislature to assist in providing safe, sanitary and affordable afford-able housing for the low and moderate income families of the state. Mortgage monies are obtained obtain-ed through the sale of tax-exempt bonds which are repaid with money recieved from the payment on the mortgage loans, not tax dollars. Since its first bond issue in 1977, the agency has issued nearly $750 million in bonds under its Single Family Program to provide approximately approxi-mately 17,000 first time homebuyers with the means to purchase their first home. |
