The new Equity Now program lets 1st time home buyers get a small 2nd mortgage from Utah Housing that can be paid back using the $8,000.00 credit in allotted grant money. It is a great way for cash strapped buyers to get into a new home and take advantage of the tax credit.
Program Details
* You can qualify for up to 6% of the amount of the primary loan.
* The Equity Now loan has an interest rate of 7% at a 30 year fixed rate.
*All or some of the $8,000.00 tax credit can be used to pay down the Equity Now loan. If borrowers apply the full $8,000.00 tax credit toward their Equity Now loan they will receive a $100.00 credit.
*Hurry fast. This program only applies for loans closed on or before November 30,2009.
For more information go to http://b2b.utahhousingcorp.org/PDF/EQNborrower.pdf
