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?
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Your total gross household income (income limits may apply).
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Your credit history must indicate that you pay your bills on time.
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You must be able to qualify for government financing.
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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. |
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| 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. | |||
