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Utah Housing Corporation

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Utah Housing loans allow you to borrow all or a portion of your down payment and closing costs. You can purchase a home with FHA or VA financing with little or no cash investment.

Down Payment Assistance Second Mortgage:

An eligible borrower can obtain a second mortgage for up to: ◦6% of the FirstHome Loan, HomeAgain Loan or
◦4% of a Score Loan
to use for the down payment and closing costs needed to purchase a home.
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 loan are serviced by Utah Housing Corporation. Borrowers will make both mortgage payments to Utah Housing Corporation in West Valley City, Utah.

Down Payment Requirement:

An FHA loan requires a 3.5% down payment (i.e. $5,250 is the minimum down payment for a home appraised at $150,000)
Veterans with full VA eligibility may be able to finance 100% of the purchase price. Eligibility for the VA Home Loan Program

Closing Costs:
Closing Costs charged by a lender vary 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 Participating Lenders

Fixed Interest Rates:

Rates for our 30-year fixed rate mortgage can be found here. Only Utah Housing approved Participating Lenders can offer the following loan programs and interest rates:
1.FirstHome Loans have the lowest interest rate. These loans are for first time homebuyers with a minimum credit score of 660.
2.HomeAgain Loans are for first time homebuyers and homebuyers who have previously owned a home with a minimum credit score of 660. The income and sales price limits are higher a than FirstHome loan.
3.Score Loans are for first time homebuyers and homebuyers who have previously owned a home with a minimum credit score of 620.