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The Utah Housing Corporation offers several mortgage programs for new homebuyers. The FirstHome Loan, specifically for first-time buyers, offers the lowest UHC interest rate for eligible borrowers. Additionally, qualified borrowers may obtain a second mortgage of up to 6 percent of the FirstHome Loan to put towards down payment and closing costs. The second mortgage is a 30-year fixed rate loan with an interest rate 2 percent higher than the interest rate of the first mortgage. The UHC NoMI Program has the highest credit requirement of the UHC loan programs, but typically offers the lowest mortgage payment since their loans do not require mortgage insurance. Borrowers are subject to eligibility requirements including income limits.
Salt Lake Neighborhood Home Grant
So long as you meet these terms, you can sell the home and hold onto any equity and profit once the three years are up. The home or residence must be the primary residence of the Veteran or service member and must be occupied within 30 days of executing the closing mortgage documents. Tooele County Homebuyers Grant Program will allow up to $3000 down payment assistance to help you with your first home. Clearfield Grant allows for up to $3000 in down payment assistance.
Must follow Clearfield income limts and be a first time buyer. Davis County Grant allows for up to $5000 in down payment assistance for first time buyers. Must follow Davis County Median Income Limits and be a first time buyer.
More Grants & Down Payment Assistance
It comes with impressive perks, like 0% down payment and a set interest rate. The interest rate currently sits at 4.5%, though that is subject to change based on market and Prime Rate fluctuations. Rather than the typical 20% down payment, FHA loans only require you to provide 3.5% of your home’s value at the time of purchase. In addition to statewide programs, there may also be homebuyer assistance programs based in different cities and regions of a state. The programs below are additional local opportunities for homebuyers in Utah.
Before we discuss the programs only available to Utah residents, we’ll first touch on a handful of federal homebuyer programs that residents of every state can apply for. Make sure to consider both national and state programs when conducting your mortgage search. Try Utah Housing Loan Program for help with down payment & closing costs. Home Possible® mortgages from Freddie Mac have a required minimum down payment of 3%. These loans can be for 15 or 30 years and can carry 5/5,5/1, 7/1, or 10/1 adjustable-rate terms. The standard option is available even to those without a credit history.
Clearfield Utah $3,000 Homebuyer Grant Program
In some cases, qualified veterans may be considered eligible for first-time buyer programs. When researching each program, follow the website link to read additional eligibility guidelines. Home Purchase Plus is a down payment assistance program that was recently introduced to help all of Provo City increase the amount of new and first time home buyers.
Keep in mind there are alsoincome and purchase price limitsto consider. However, to receive this perk in its full glory, you must have a FICO® credit score of 580 or above. If yours is lower, you’ll need to make closer to a 10% down payment. At half the size of a typical mortgage down payment, that still makes homeownership considerably more attainable.
Owner Statements
Buyers purchasing within Davis County, excluding the cities of Layton and Clearfield, may be eligible for up to $7,500 towards down payment and closing cost assistance through the Davis First Time Home Buyer program. Eligible borrowers are subject to income limits and other requirements. This program is specifically for first-time homebuyers only. First-time homebuyers looking to settle down in Clearfield City may be eligible for up to $5,000 in down payment and closing cost assistance through the Clearfield City’s Down Payment Assistance Program program. Funding is restricted to first-time homebuyers in single-family detached homes who meet income requirements based on household size.
With a median resident age of 31 years, Utah is a magnet for younger generations. For those starting out as first-time homebuyers, the process can be a bit confusing. If you find your dream home in Utah to be just out of reach, there are financial assistance programs to help new borrowers just like you. Ogden City first time buyer program called Own in Ogden is a grant program that will offer $3,000 & $5,000 in down payment assistance grant in certain areas of Ogden city. If you are a Fire Fighter or sworn in Ogden City Police officers up to $10,000 can be available. Keep in mind that buying a home means paying moving andclosing costsin addition to the down payment.
Even though grants are available to people who have previously owned homes in other states, the applicant pool is very limited. In most situations, you need a FICO® credit score of at least 620 to get a VA loan. You also need to pay a VA fee, which ranges anywhere from 1.25% to 2.4% of your home’s value depending on whether or not you pay a down payment. Plus, since the government is insuring the loan, you won’t have to get private mortgage insurance, which is usually obligatory if you’re putting down less than 20%.
The At Home in Layton program offers income-eligible first-time homebuyers a boost with up to $7,500 to put towards down payment, closing costs, or principal reduction. Qualifying applicants must meet credit, income and other eligibility requirements and the property must be in Layton City. If the home is sold before the end of the fifth year from closing date, the grant must be repaid to the City.
TheHomeReady® loanfrom Fannie Mae, on the other hand, requires down payments as low as 3%. Borrowers need a FICO® credit score of 620 or above for this one. With both Home Possible® and HomeReady® loans, you must have private mortgage insurance at the time of purchase, though you can cancel it once you’ve accrued 20% equity in your new home. The Utah Housing First Time Buyer Program called FirstHome Loan is a great program for any first time buyer.
The Loan To Own program in Utah County offers zero-interest, deferred-payment loans for low to moderate-income borrowers when purchasing their first home. All cities are eligible with the exception of Eagle Mountain, Alpine, Fairfield and Provo. No payment is due as long as the owner resides in the home as a primary residence. Repayment is due upon sale or when the property is no longer owner occupied. There is a penalty for if the owner chooses to sell or vacate the property within two years of closing. Income limits and credit requirements apply, so be sure to check out the website for additional details.
The Utah Veteran First-Time Homebuyer Grant provides $2,500 to eligible Veterans and current service members to be used for the first-time purchase of a home in Utah. If you are a recently separated Veteran or a currently serving member of the military living in Utah and are interested in buying a home for the first time in Utah, this program is for you. Provo, Utah Loan to Own program offers up to $10,000 down payment assistance to first time buyers. Available even to those that owned homes in other states Best For – Military members and recent veterans without sufficient savings Your original mortgage can be VA, FHA, Fannie Mae or Freddie Mac. Either way, participants receive up to $2,500 after purchasing the home.
The grant does not need to be repaid as long as the homeowner resides in the home for a minimum of five years and does not sell, transfer, or refinance the home. Borrowers can apply through one in a statewide network of participating lenders. In addition to the low rates, FirstHome participants can apply for a second loan up to 6% of the primary mortgage amount to help cover the down payment, closing costs or both.
