Utah Housing Corporation vs Idaho Housing & Finance Association
Can someone please explain to me why the Utah Housing (a public corporation created by the State of Utah) rate, whose charter is to:
...assist low- and moderate-income homebuyers with the purchase of a home. All loan programs offer reasonable interest rates and three of the programs make available down payment and closing cost funds... UHC Brochure
is currently offering a rate 27.5% higher than the 5% FHA and VA rate competitively offered by most lenders in Northern Utah?
The IdaMortgage rate is 4.86% today! In addition, Idaho has already figured out a way to distribute the $8,000 First Time Homebuyer Tax Credit so that it can be used as down-payment funds.
Maybe the distinction is in the organizational structure, Corporation vs Association. Big Business vs Public Service.
The only rational reason for using a Utah Housing loan right now is because you need 100% financing and are not VA eligible. It would be much better to talk with your Realtor(R) and Lender about using the grants available through the individual cities in Utah for your down payment assistance or ask your parents for a "gift of funds", negotiate so that the seller to pay your closing costs and stick with the 5% rate.
Kim Novak is a real estate broker with RE/MAX Masters in Salt Lake City and Layton, Utah. She holds a BSBA with an emphasis in Sales & Marketing and has achieved the designations of ABR: Accredited Buyer Representative, CRS: Certified Residential Specialist, CSP: Certified New Home Sales Professional, GRI: Graduate of the Realtor® Institute, SRES: Seniors Real Estate Specialist and ePRO: Internet Professional. Licensed in 1995, Kim has closed over 500 sales during her full time real estate career. ActiveRain Profile LinkedIn Profile Facebook Me!
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Kim Novak is a Realtor® and Broker Associate with RE/MAX Masters in Salt Lake City and Layton, Utah. Licensed in 1995, Kim has closed over 500 sales during her full time real estate career and achieved industry recognition as a Lifetime SalesMaster and member of the RE/MAX Hall of Fame. She holds a BSBA with an emphasis in Sales & Marketing and has achieved the following designations/certifications:
ABR: Accredited Buyer Representative, AHWD: At Home with Diversity, CDPE: Certified Distressed Property Expert, CHS: Certified HAFA Specialist, CRS: Certified Residential Specialist, CSP: Certified New Home Sales Professional, ePRO: Internet Professional, GRI: Graduate of the Realtor® Institute, SFR: Short Sale & Foreclosure Resource, SRES: Seniors Real Estate Specialist
