Utah is known as the land of natural wonders. If you love skiing in the winter, you shouldn’t ignore this land. You might think owning a home in Utah is quite difficult, especially for first-time home buyers. Don’t worry about that! Are you a first-time homebuyer in Utah? It doesn't have to be a problem. Let’s connect with Loan Factory, our team will help you navigate through the journey to homeownership in Utah. We understand that owning a home in Utah presents challenges but it's also a journey full of promise.
Are you worried about the median home prices in the state sitting at $538,000? Fortunately, there are several first-time homebuyer programs designed to assist you. Let's explore the best first time home buyer loans in Utah has to offer together.
Utah Housing Corporation (UHC) is a valuable resource for first home buyers. They offer loan programs and cash assistance to help you achieve your home-buying goals. Don't hesitate to learn more about UHC options.
1. First Time Homebuyer Assistance Program
Utah Housing Corporation’s main program is for brand-new homes that have never been lived in before. The Utah Housing Corporation offers up to $20,000 to help cover down payment, closing costs, or an interest-rate buydown for anyone who hasn’t owned a property in the past three years. This zero percent deferred loan must be repaid when you sell the home or refinance the mortgage. To qualify, you must meet these conditions:
- The property must be less than $450,000.
- You must have lived in Utah for at least 12 months before closing.
2. Utah Housing FirstHome and Home Again Loans
- FirstHome Loan
Designed for first-time buyers with modest incomes, eligible single parents, or veterans. The FirstHome Loan offers the lowest interest rate among the Utah Housing programs to keep monthly mortgage payments low.
- Home Again Loan
Available to families with modest incomes who don’t qualify for FirstHome loans, the Home Again Loan is open to both repeat and first-time homebuyers.
- Requirements:
- Minimum credit score: 660
- Maximum debt-to-income (DTI) ratio based on FHA loan requirement
- Must meet Utah Housing income limits
- Must be an owner-occupied single-family home, manufactured home, FHA-approved condominium, or planned unit development (PUD)
- FirstHome Loan: Must be one acre or less (or five acres or less if in a rural area)
- Home Again Loan: No acreage limits
- Must meet Utah Housing purchase price limits for FirstHome Loan; no purchase price limits for Home Again Loan
3. Utah Housing Down Payment Assistance
First-time home buyers can combine a Utah Housing down payment assistance second mortgage with one of the agency’s first mortgage programs. The second mortgage is a 30-year, fixed-rate loan with an interest rate of 1 percent higher than the rate of the first mortgage. Borrowers can qualify for an amount up to 6 percent of the purchase price.
4. Special Grants For First Time Home Buyer Loans in Utah
- Utah First-Time Homebuyer Law Enforcement Grant
Law enforcement officers and correctional facility workers can qualify for a grant of up to 3.5 percent of the purchase price, or a maximum of $25,000. Terms include:
- Must be employed for five years with a jurisdiction in the state after receiving the money.
- A portion of the grant will be forgiven each year.
- Funds can be used for a down payment, closing costs, rate buydown, or advance-purchased mortgage insurance.
- Must move in within 30 days of closing.
- Utah First-Time Homebuyer Veteran Grant
Current military members or those discharged from service in the past five years may be eligible for a $2,500 grant. This grant does not require repayment.
→ Read more: first time home buyer loan application
Why Choose Loan Factory To Buy A First Home?
- Navigating the complex landscape of first time home buyer loans in Utah can be overwhelming. At Loan Factory, our experienced team of mortgage professionals is dedicated to guiding you through every step of the process. We understand the unique challenges faced by first-time buyers and are committed to finding solutions tailored to your needs.
- Loan Factory offers a variety of loan programs to suit different financial situations. Whether you're looking for FHA, VA, or USDA loans, our extensive network of lenders allows us to find the most competitive rates and terms for you. Our goal is to ensure you have access to the most competitive mortgage options available.
- We know that time is of the essence when purchasing a home. Our streamlined application process is designed to be quick and efficient, reducing the stress and hassle often associated with securing a mortgage. With Loan Factory, you can expect fast approvals and clear communication throughout the process.
- From the initial consultation to closing, Loan Factory provides comprehensive support to ensure a smooth home-buying experience. Our team can answer your questions, address your concerns, and provide expert advice. We're here to make your journey to homeownership as seamless as possible.
→ Read more: applying for a home loan first time buyer
Connect with Loan Factory Today
Are you ready to buy your first home in Utah? Loan Factory is here to assist you every step of the way. Don't hesitate to call us at (714) 444-9999 or visit our website at www.LoanFactory.com. Our team of experts is dedicated to helping you find the perfect first time home buyer loans in Utah. We love turning your homeownership dreams into reality. Let us accompany you through the process and unlock the door to your new home in Utah!
