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Utah Down Payment Assistance
Down Payment Assistance
Utah Housing Corporation (UHC) loans allow an eligible borrower, to borrow all or a portion of their down payment and closing costs. Borrowers are able to purchase a home with FHA or VA, or Fannie Mae financing with little or no cash investment through an approved Utah Housing Participating Lender.
Down Payment Requirements:
- FHA requires a 3.5% down payment (i.e. $5,250 is the minimum required down payment for a purchase price and appraised value of $150,000)
- Veterans with full VA eligibility may be able to finance 100% of the purchase price. Eligibility for the VA Home Loan Program
- Fannie Mae requires a 3.0% down payment (i.e. $4,500 is the minimum required down payment for a purchase price and appraised value of $150,000)
- Closing Costs charged by a lender varies from Lender to Lender and can range from 3% - 6% of the Loan Amount (i.e. Closing Costs for a loan amount of $150,000 can range from $4,500 - $9,000).
- It is important to obtain closing cost quotes from several UHC approved Participating Lenders
A UHC first mortgage loan is a 30-year fixed rate loan. Interest rates can be found on the UHC web site. Only Utah Housing approved Participating Lenders can offer the following loan programs and interest rates:
- FirstHome Loan has the lowest UHC interest rate. This loan is for first time homebuyers with a minimum credit score of 660.
- HomeAgain Loan has an interest rate higher than FirstHome. This loan is for borrowers with a minimum credit score of 660, first time homebuyers and homebuyers who have previously owned a home. The income and sales price limits are higher a than FirstHome loan.
- Score Loan has an interest rate higher than HomeAgain loan. This loan is for borrowers with a minimum credit score of 620, first time homebuyers and homebuyers who have previously owned a home.
- NoMI loan has an interest higher than the FHA loan programs, and does not require mortgage insurance. This loan is for borrowers with a minimum credit score of 700, first time homebuyers and homebuyers who have previously owned a home.
Down Payment Assistance Second Mortgage:
- An eligible borrower can obtain a second mortgage for up to:
to use for the down payment and closing costs needed to purchase a home.
- 6% of the FirstHome Loan, HomeAgain Loan
- 4% of a Score Loan
- 5% of a NoMI Loan
- The second mortgage is a 30-year fixed rate loan with an interest rate that is 2% higher than the first mortgage interest rate.
- Both the first mortgage and the second mortgage are serviced by Utah Housing Corporation. Borrowers will make both mortgage payments to Utah Housing Corporation in West Valley City, Utah.
"Helping the People of Utah Achieve Homeownership"