Utah

First-Time Homebuyer Assistance Program

Utah Housing Corporation primarily focuses on freshly built homes that are not yet occupied. They offer up to $20,000 to assist with down payments, closing costs, and interest rate reductions for those without property ownership in the past three years. A 0% deferred loan must be repaid upon home sale or refinancing. The following conditions need to be met to get this Utah first-time homebuyer loan:

• The property can be at most $450,000 in value.
• One must have resided in Utah for at least a year before closing on the property.

Utah Housing FirstHome and Home Again loans

The Utah Housing FirstHome Loan program aims to assist Utah first-time home buyers with modest earnings, specifically single parents or veterans. The key features are affordable interest rates and low monthly payments.

For households with modest earnings who are unable to qualify for FirstHome loans, Utah Housing offers the Home Again Loan. It can be availed by first-time home buyers and repeat buyers. Both the FirstHome Loan and the Home Again Loan do not require participants to finish homebuyer education sessions.

Applicant requirements:

• A credit rating no lower than 660
• A maximum debt-to-income amount based on FHA financing standards
• Income must remain within Utah Housing limits

Property prerequisites:

• It must be an owner-occupied detached single-family home, manufactured dwelling approved by FHA, or planned neighborhood development (PUD); an owner-occupied duplex qualifies for the Home Again Loan.
• For a FirstHome Loan, one acre or smaller (or five acres or less if rural); no land constraints for a Home Again Loan
• The purchase price for a FirstHome Loan must adhere to Utah Housing limits; there are no purchase price restrictions for a Home Again Loan.

Utah Housing Down Payment Assistance

While first-time buyers often struggle with down payments, Utah Housing offers an innovative solution through its dual mortgage program. This loan pairs an affordable first loan with a small secondary down payment assistance Utah option of up to 6% of the home purchase price. Specifically, the second mortgage carries a fixed 1% higher interest rate than the primary over 30 years.

Utah First-Time Homebuyer Law Enforcement Grant

Only law enforcement officers and correctional facilities staff can receive a loan up to 3.5% of the purchase price or $25,000. First-time home buyer Utah requirements include:

• After getting the loan, you will be required to work for five years with jurisdiction in the state.
• You are forgiven a part of the grant each year.
• You can use the money for a down payment or a closing cost, a rate buydown, or to purchase mortgage insurance in advance.
• Move into the property within 30 days of closing.

Utah First-Time Homebuyer Law

If you are in the military or have moved out of the military in the last five years, you can opt for a $2500 Utah first-time home buyer grant with a zero repayment clause.

FHA Loans

With a credit score 580+, an FHA loan would be a great option for you. These loans wave you through with a deposit of as little as 3.5% of your purchase price.

VA Loans

This is for veterans, active duty personnel, and their qualified spouses. VA loans boast unbeatable benefits! There is no mortgage insurance (MI), zero down payment, and very competitive interest rates.