Nephi is a beautiful town almost in exact center of the great State of Utah.

We recently helped 2 clients purchase their homes in Nephi. Although their situations were different, each were able to take advantage of different home loan programs available for rural areas. For privacy reasons, we’ve chosen not to disclose our client’s names and family information (and of course the picture on this post isn’t either family, it’s an image purchased online 🙂

Client 1

These clients bought their first home in Mona, and lived there for nearly 10 years. After selling their home, they used the proceeds from the sale of their home to pay off debt and not use as a down payment for their next home.

Their concern was being able to get into a new house without a large down payment. After we talked, we determined it would be help put them into a stronger financial position to get rid of all their “bad debt” instead of putting a large down payment.

We  were able to help them purchase their “move up” home in Nephi by taking advantage of USDA’s rural housing 100% financing program.

Their down payment = $0.00

Nothing out of pocket for their home loan.

The Result: They are now debt free (except for their home) and they are living in a home suitable for their family’s needs.

Client 2

This family was First Time Home Buyers. Their new home in Nephi is their starter home. These clients moved from the big city up north and have chosen the quiet town of Nephi to raise their children (good move in my opinion).

This family was fortunate enough to have saved up a down payment for their new home (along with a little gift from their parents, yes gift funds can be used for a down payment).

After our consultation and review their loan options, they decided to put down a down payment and  take advantage of a Fannie Mae home loan and lock in a low interest rate on their 30 year fixed loan. Their decision was partly based on getting a more favorable rate

Result: Although this family didn’t need to take advantage of the USDA rural housing program, they were able to buy a home that is suitable for their family in a community they love.

Loan Options

As noted in the above examples, there are several different loan options available for purchasing a home in rural Utah. The USDA rural housing program is an amazing program that allows you to get into a home with little or no money down. But it’s not the only option.

Your best course of action is to work with a local mortgage specialist who will take the time to understand your current situation and your goals, and then advise you on what loan program will help you achieve that.


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