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First Time Home Buyer Assistance Programs in Utah

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First Time Home Buyer Assistance Programs in Utah

Introduction

Seeking to purchase your first house in Utah may resemble gazing up at the Uinta Mountains’ highest points. As a first time home buyer, how will you get there when a new home in Utah costs $538,000? If you’re looking for a solution, Utah Housing Corporation, the state’s housing authority, offers several first-time buyer programs. These programs are a suitable option for starting to look for a solution. Continue reading the blog to understand the home-buying assistance programs in Utah.

First Time Home buyer Assistance Program

The program targets the aspirants of building new but empty homes. The nonprofit offers up to $20,000 to a first time home buyer in Utah with no buying history in last three years with closing costs, a down payment, and/or an interest rate buydown. When you sell your home or refinance your mortgage, you must repay the funds, a 0% deferred loan.

While the provider doesn’t list any credit qualifying terms, you must meet the following requirements:

  • Property must be less than $450,000
  • Lived in Utah for at least one year before closing
  • For more details and to apply, call the Utah Housing Corporation at 801-902-8200

Utah Housing FirstHome and Home Again loans

The Utah Housing FirstHome Loan targets first time home buyers with low incomes, qualified single parents, and veterans. To maintain low monthly mortgage payments, this loan often has the lowest interest rate of all the programs.

Families with modest incomes that do not meet the requirements for FirstHome loans can apply for Utah Housing’s Home Again Loan. Both first-time and repeat homeowners are eligible for this loan. Borrowers are not required to enroll in homebuyer education classes for either the FirstHome Loan or the Home Again Loan.

Borrower Requirements

  • Maximum debt-to-income (DTI) ratio based on FHA loan requirement
  • 660 minimum credit score
  • Must meet Utah Housing income limits

Property Requirements

  • For FirstHome Loan: One acre or less (or five acres or less if in a rural area); no acreage limits for Home Again Loan
  • Manufactured home or FHA-approved condominium, Owner-occupied single-family home,  or planned unit development (PUD)
  • Must meet Utah Housing buying price limits for FirstHome Loan

Utah Housing Score Loan Program

The Score Loan program was created to assist families who have previously struggled with their credit to get a home. Under the program, homeowners who currently have a first mortgage may apply for a second mortgage to cover closing costs and/or help with a down payment of up to 4% of the initial mortgage amount. Both new and returning customers can access it.

Kind of Support

A first mortgage may be linked with a fully amortized, non-forgivable second loan with an interest rate up to 4% of the first loan amount and 2% higher than the first mortgage.

Qualification

  • Minimum credit score: 620
  • Must meet UHC income and buying price limits
  • More information: UHC – Home Loans (utahhousingcorp.org)
  • To apply, Contact an approved lender

Utah Housing Veterans First-time Homebuyer Grant

First-time homeowners can apply for a grant program offered by Utah Housing to veterans who meet the eligibility requirements. The recipient may only sometimes need to use the $2,500 grant to cover closing costs and their down payment.

Benefits and Qualifications

  • Real estate buyers may select any type of conforming mortgage, including Freddie Mac, VA, FHA, and Fannie Mae.
  • May use any lender authorized by Utah to generate mortgages
  • You may have owned a property in another state but must be a first-time homeowner in Utah.
  • The Utah Department of Veterans and Military Affairs must provide Veterans Grant Status Validation.
  • Before closing, the lender needs to get a Veterans Grant Reservation Agreement from Utah Housing.
  • Since funds are scarce, it’s critical to observe all deadlines. Note: Funding was closed as of March 2024, and applicants were encouraged to reapply in June of the same year.
  • Further details: Veterans’ Grants from UHC (utahhousingcorp.org). The Department of Veterans and Military Affairs can also be reached at 801-326-2372.
  • To make an application, Bring your Veterans Grant Status Validation to any lender authorized to originate loans in Utah and inquire about a Utah Veterans Grant if more money becomes available.

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Conclusion

Navigating Utah’s home-buying procedure for the first time might be challenging. However, the range of support options makes it simple. There is something for everyone, with options like the First-Time Homebuyer Assistance Program, which provides up to $20,000; the Utah Housing FirstHome and Home Again loans, which accommodate varying income levels; and the Score Loan Program, which helps people with credit difficulties. Furthermore, veterans are eligible for the Utah Housing Veterans First-time Homebuyer Grant, which assists individuals who have served our nation.

Frequently Asked Questions (FAQs)

To qualify for a home loan in Utah, you'll need to meet a credit score of 620, a debt-to-income ratio of 43%, and a 20% down payment.

The Hero Homebuyer Program, an e-learning organization, assists local heroes by teaching them about the actual cost of homeownership.

Contact Pogar Homes Buyers for selling your house in Utah is a great deal. We list your home to increase its availability to potential buyers without any agent fees.

Selling your house by consulting Pogar Homes Buyers is quick and stress-free. We help optimize the selling procedure with less effort and time than other selling practices.

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