Cedar City Real Estate is Heating Up

by bryceross on February 21, 2012

The Real Estate Market in Cedar City Utah is undergoing a dramatic shift. Not long ago homes were sitting on the market for many months and experiencing multiple price reductions before receiving offers. Currently however, we are seeing some very positive signs that the market is mending. For instance, many homes ranging from 50k-125k are going under contract within hours of being listed. Likewise homes ranging from 125k-200k are often only staying available for a few weeks before going under contract.

The signs are clear, buyers are returning to Cedar City and the opportunities to get into some amazing deals are starting to disappear. If you’ve considered purchasing a new home in Iron County don’t wait any longer.

What are your Financing Options?
A nasty myth exists right now which says “Banks are not lending, nobody can get financed.” Indeed guidelines are tighter and a person with a 580 credit score with recent bankruptcy can no longer obtain 100% financing while stating their income and assets. But money is still available, banks want to lend it and although guidelines are prudent they are reasonable.

Below is a list of some of the loan products for the most common scenarios today. Keep in mind that these lists portray a summarized overview of the product and do not include the full terms and conditions that apply.
Purchasing a Principal Residence:
USDA Guarantee
• 100% financing and closing costs may be financed.
• Credit Score as low as 620.
FHA 203B
• 3.5% down payment required (Can be a gift from an immediate family member)
• Credit Score as low as 620
Purchasing a Second home or vacation property:
Conventional Financing
• 10% minimum Down Payment
• Property must be located 50 Miles from primary residence or in a resort area

Purchasing an investment property 1-4 units:
Conventional Financing
• 20% minimum down payment
• Proposed Rental Income can be used for qualifying most borrowers.

Home prices are unbelievably low and interest rates are still in the high 3%-low 4% range. Move today to find the right home and get locked into a low rate so you can enjoy a low monthly payment on a home you’ve only dreamed about in the past.

For additional financing questions contact Trevor Carlson of Academy Mortgage, 435 868 4123.

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