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Utah Housing loan

Utah Housing Loans

Utah Housing is a down payment assistance program in Utah.  It was established by the Utah Legislature in 1975 to provide decent, safe, and sanitary housing for low and moderate income families of the state.

Applicants can borrow up to 6% of the amount of their first mortgage using a second mortgage that will have the same term as the first mortgage, but an interest rate of 2% more than the first mortgage.

What is the Utah Housing Loan Program?

The Utah Housing Loan Program helps first-time home buyers who do not have enough money to pay for a down payment and closing costs when purchasing a home. The average amount a home buyer must save for a down payment and closing costs is between 5% – 6% of the home purchase amount. The Utah Housing Loan Program allows an applicant to borrow up to 6% of the home purchase amount, which covers the down payment and closing costs.

 

Why use the Utah Housing Loan Program?
Individuals and families who otherwise are unable to purchase a home because of insufficient funds for a down payment and closing costs may still become homeowners by using the Utah Housing Loan Program.

 

How can I qualify for the Utah Housing Loan Program?
The following are important things to know when applying for the Utah Housing Loan Progam:
  • Your total gross household income (income limits may apply).
  • Your credit history must indicate that you pay your bills on time.
  • You must be able to qualify for government financing.
  • You must live in the home.
    We also have grants for cities, Salt Lake, Ogden (Own-In-Ogden), Weber County, Provo City and others.

 

First Time Home buyer Program

First Home Plus offers financial assistance for first-time home buyers who do not have personal or family finances with which to pay their down payment and closing costs. These costs generally average 5% – 6% of the home purchase price.

 

Move up Buyer programs from Utah Housing

Home Again

Score

No MI (conventional Loans)

 

The following are the rates & program details as of April 2014

FirstHome HomeAgain Score NoMI
Interest Rate 4.125% 4.250% 4.500% 5.500%
Status First time homebuyer (exceptions for Veterans and Single Parent) Previous homebuyers and first time homebuyers
Down Payment Assistance yes 6%
of the first mortgage amount can be borrowed for down payment and closing costs.
yes 4%
of the first mortgage amount can be borrowed for down payment and closing costs.
Minimum Credit Score 660 660 620 700
Foreclosure borrowers with a previous UHC foreclosure or short sale are not eligible
Max Sales Price Limit $279,000 $320,000 $250,000 $350,000
Annual Income Limits $65,500 – $80,150 $81,000 $81,000 $84,000
Where to Qualify Participating Lenders / Peak Performers
Ratios see a Participating Lender
Term 30-year fixed rate FHA/VA approved mortgage 30-year fixed rate FannieMae (Conventional) approved mortgage
Rental Restrictions No portion of the property can be rented throughout the term of the UHC mortgage.
Outstanding UHC Mortgages Borrowers are not eligible if they have an outstanding UHC mortgage.