I helped three different first time homebuyers purchase homes in 2018. All three were fortunate to receive assistance from their families. Effective, July 29th of this year, it’s going to be easier for first time homebuyers to buy a home in Park City and Wasatch County without the assistance of a family member.
Freddie Mac’s HomeOne mortgage is a new, low down payment option for first time homebuyers. Here are some highlights of the program:
- Three percent (3%) minimum down payment with a conventional loan program.
- No borrower income limits.
- No geographic restrictions.
- Ability to drop mortgage insurance (unlike FHA which has MI during the life of the loan and must be refinanced to remove).
- Accommodates various property types, like single family, condominiums, townhomes, and PUD’s.
- Only one borrower must be a first time homebuyer.
- All borrowers must occupy the property as a primary residence.
Why this is Great for First Time Buyers in Park City
This program presents a great option for people who may have the income but not the down payment to purchase a home. Of the first time home buyers I helped this year, two purchased condos in Park City and one purchased a single family home in Heber City. Contrary to popular belief, there are affordable home options in our area.
If you know someone who is renting or living with parents and would like to get into home ownership, please have him or her contact me. I love working with first time home buyers and would be delighted to help.
Thanks to Jim, K and Nikki Veranakis with Intercap Home Lending for sharing this great program with me. Please reach out to them at (801) 347-5071 or firstname.lastname@example.org for more information about this program. Let them know you learned about it from my blog.