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HomeBank LoanUtah First-Time Homebuyer Applications | The Lenders Community

Utah First-Time Homebuyer Applications | The Lenders Community


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Utah Housing Down Payment Assistance Programs

  • FirstHome Loan — Up to 6% of the loan amount toward down payment and/or closing costs. 660 minimum credit score
  • HomeAgain Loan — Up to 6% of the loan amount toward down payment and/or closing costs. 660 minimum credit score
  • Score Loan — Up to 4% of the loan amount toward down payment and/or closing costs. 620 minimum credit score

Utah Housing is for borrowers who have not been able to save enough money for their down payment and closing costs. It provides a down payment assistance (DPA) second loan of up to 6% of the first mortgage loan amount. These funds can be used towards the down payment and/or closing costs.

The DPA loan is an owner-occupied, 30-year fixed-rate second mortgage with an interest rate 2% higher than the first mortgage interest rate. The loan is fully amortized and is not a forgivable grant. DPA loan is to be used in conjunction with an FHA, VA, USDA loan, or with a conventional loan.

Requirements

Eligible Properties

  • Single-Family homes
  • Condos
  • PUDs
  • Manufactured Homes

 

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