Sun American Mortgage

 What is the C.A.R.E.S. Act Relief Bill and How Can it Help You as a Homeowner? The CARES (Coronavirus Aid, Relief, and Economic Security) Act is a new federal law and relief program for homeowners that may be experiencing severe financial hardship due to the coronavirus pandemic. This act provides a payment deferment option to those who have a federally-backed single-family mortgage or federally backed multi-family mortgages. Here are the three major updates that come from the CARES Act: 1. A Foreclosure Moratorium First, your lender or loan servicer may not foreclose on you for 60 days after March 18, 2020. Specifically, the CARES Act prohibits lenders and servicers from beginning a judicial or non-judicial foreclosure against you, or from finalizing a foreclosure judgment or sale, during this time. A foreclosure moratorium suspends or stops a foreclosure. Depending on your loan and who your mortgage servicer is, your options may vary.   2. Mortgage Forbearance Second, if yo...

  You may have just stumbled on the perfect option for you and your family. There are no catches to this NO down payment loan program , and we are super excited to share it with you! So you know you don’t want to rent anymore, but coming up with the required down payment scares you a little. You are definitely not alone. This is why there’s another loan program aside from traditional loans or the FHA option that can really help you out. What is the USDA Program? This is a home loan that’s guaranteed by the US Department of Agriculture, aka USDA. It provides an incentive for families to buy a home in a rural area. This helps our nation’s smaller, rural communities thrive by making property more affordable. The USDA loan program serves a fraction of the US housing market and most banks actually don’t offer them. However, here at Sun American Mortgage we DO offer this no down payment loan program and it comes with MANY other benefits! So what are some more “pro’s” of this...

  FHA loans are popular among first-time home purchasers because they address many of the new buyers’ issues. Do you have a bad credit score? FHA loans are available with credit scores as low as 580. Do you have a lot of school debt? FHA loans allow for more debt than other types of mortgages. Don’t have much money set out for a down payment? The FHA demands a 3.5 percent down payment. Of course, there is a penalty to these benefits in the shape of higher borrowing costs. However, for many first-time home purchasers, the compromise is worthwhile. If you’re looking to borrow money for a home, here are some reasons why you’ll love a Utah FHA refinance : Increased Seller Concessions Allowance Fha mortgage 3.5 down payment loans enable property sellers to pay up to 6% of the purchase price toward closing costs and other prepaid goods involved with securing the loan. When a borrower puts less than 10% down on a conventional loan, seller contributions are limited to 3%. Th...

Home rentals come with shorter-term commitment and minimal maintenance or repair costs to the person renting a home. While homeownership is the ultimate goal for a majority of Americans, at some point you just have to cope with the rent cycles. Let no one lie to you that renting a home is a simple and straightforward process. You need to do proper research in order to make the right decisions. In this post, we feature a comprehensive tutorial for renting a home. Therefore, if moving to a new city and worried about the process to follow in order to rent a home, here are important tips to help you. 1. Prepare your Paperwork The best way to convince the landlord that you are the tenant he or she has been searching is to be prepared. Consider that there are others looking for a home to rent just like you are. In that regard, to get a competitive edge over the applicants,   bring the necessary documents when you are leaving to meet the landlord. Here is a list of d...

Buying a house remains a major milestone in one’s lifetime.   However, the reality is that more U.S. households live in rental homes. The reason we have more renters than homeowners could be a lack of information, while others consider that their current income is too low to finance the dream of building or buying a new home. It is common knowledge that buying a home takes a huge financial commitment. Nevertheless, the question remains, how much do you need to make to buy a house? For us to answer this question, we need to understand the costs associated with purchasing a house. 1.        Understand the Homebuying Costs When it comes to purchasing a property, a majority of new home buyers think that the total cost of property ownership is the amount asked by the home seller. However, the reality is that there are several costs other than the amount asked by the home seller. Here is an overview of the costs of buying a house. T...

Whether you are planning to buy a home or build a rental apartment in Utah, it’s going to be in your best interest to find a Mortgage Lender that’s going to get you the best bang for your buck. Making choosing the best mortgage lenders in Utah an Important decision. When you’re finally ready to buy a home, or an investment property, don’t base the decision merely on interest rates like many mortgage borrowers have done in the past. You’d be surprised by how much more goes into it then just rates alone. In this post, we take a look at some of the best tips for finding the best mortgage lenders in Utah. Here are some of those important tips to help you in choose your mortgage lender: 1. TIGHTEN YOUR FINANCES Mortgage lenders in Utah will consider various aspects regarding your personal finances in order to decide whether you can afford to pay off the loan or not. Before you start to approach Mortgage lenders, start by working on your personal finances. Here is a breakdown of th...

USDA Home Mortgage is a zero down payment loan for rural areas and residential home buyers. It is issued through the USDA loan program, famously known as USDA Rural Development Guaranteed Housing Loan Program. This program was implemented by the US Department of Agriculture, and till now it has helped about 130,000 families to buy their own home. The major goal of USDA Rural housing loan Utah is to ‘improve the economy and quality of life in Rural America’. The residence finds this USDA loan Utah accessible because the low-interest rates and no down payments are involved in it. Now the question comes, is the USDA loan is right for you or not? So here is how this program works and who is qualified for it: HOW DOES THE USDA HOME LOAN PROGRAM WORK? There are three major types of USDA home loan programs from which you can choose: Loan Guarantees: Loan Guarantees USDA home mortgage is issued by a participating local leader who allows you to get a loan at a low-interest rate and no...

It’s a difficult task to buy a home for the first time home buyers as they are not aware of so many aspects. But if you do your homework in the right manner, you’ll definitely find the best home for yourself at the affordable prices. The biggest surprise for most of the first time buyers who are applying for housing loan in Utah is that they tend to make some big mistake while not paying attention to the steps. So here is a Ten Step tutorial for them: STEP 1: CHECK YOUR FINANCIAL HEALTH. Before searching for a home and falling in love with it, make sure to audit your financial health. Firstly, check your savings as it will decide whether you can bare living expenses or not. Invest according to your savings. Secondly, decide how much you want to spend on your new home. This will tell you about the Utah housing loan and its amount. To know how and where you can get the Utah home Mortgage, try to research well. STEP 2: FIND THE BENEFITS FOR FIRST-TIME BUYERS. Before you mix a mee...

Are you planning to purchasing a property in St George Utah? Do you want to find the best ST George Mortgage Lenders?  Purchasing a house is one of those most expensive investments in life. Therefore, taking a mortgage can be a quick way out as you are left making repayments. It is important to know that mortgage is a huge debt that you will ever carry. In that regard, it is important you make the right decisions! In this post, we feature seven mistakes that most people make when finding a mortgage lender in St. George. Before you have closed the mortgage and signs the forms, here are mistakes you should avoid.  1. YOU FAIL TO CHECK THE CREDIT SCORE BEFORE BEGINNING THE PROCESS OF MORTGAGE SHOPPING It is unbelievable that many prospective homebuyers fail to check their credit score before starting the mortgage application process. In the end, they are surprised when the mortgage lenders tell them that they cannot qualify for the amount they intend to borrow....