If you’re a Utah resident looking for a home, the Utah Housing Program may be the right program for you, especially if you’re struggling to come up with enough money for a down payment or closing costs – if you qualify, there’s a good chance that the Housing Program loans will be a game-changer.

This unique program, special to Utah, allows you to borrow the total amount of your down payment.

There are four program options that you could be eligible for and some specifics pertaining to each:

  1. First Home
    • Up to six percent of the loan total can be borrowed for your down payment and closing costs
    • Must have a credit score of at least 660
    • Homebuyer education class is not required to obtain the loan
    • Cabins, recreational homes, and rental units are ineligible
  2. Home Again
    • Up to six percent of the loan total can be borrowed for your down payment and closing costs
    • First-time homeowners are eligible to apply
    • Must have a minimum credit score of 660
    • Cabins, recreational homes, and rental units are ineligible
    • Homebuyer education class is not required to obtain the loan
  3. Score
    • Up to four percent of the loan total amount can be borrowed for the down payment or closing costs
    • Both previous and first-time homebuyers are eligible to apply
    • Must have a minimum credit score of 620
    • A homebuyer education course is required
  4. NOMI (No mortgage insurance)
    • Up to five percent of the loan total can be borrowed for down payment and closing costs
    • Requires a minimum credit score of 700
    • A homebuyer class may be required to qualify – we will help you determine if a class is necessary

 

The funds become available at the closing of your home and are standard, 30-year fixed-rate loans. All other Utah Housing Corporation loans must be paid off before the closing of your new property and the home must not be rented out for the duration of the loan.

These types of loans require the home to be owner-occupied (no rentals) for the duration of the loan.

 

We’ll determine what the best option is for you when you come to us.