Utah Housing was established by the Utah Legislature in 1975 to provide decent, safe, and sanitary housing for low and moderate income families of the state.
There are 4 loan options within Utah Housing:
- First Home Loan
- Home Again Loan
- Score Loan
- NoMI Loan (No Mortgage Insurance)
Utah Housing helps eligible borrowers who do not have enough money to pay for a down payment and closing costs when purchasing a home. The average amount a home buyer must save for a down payment is between 3– 3.5% of the home purchase amount – ($6,000 - $7,000 for a $200,000 home). This enables you to obtain 100% financing, which means that you are financing 100% of the price of the home.
How can you qualify for Utah Housing? The following are important things to know when applying for Utah Housing:
- Your total gross household income must fall within the income limit restrictions. These limits vary by county so please call us at (801) 597-9274, and we can give you the income limits for your county.
- You must occupy the home as your principal residence.
- The minimum credit score requirement is 620, and you must be able to qualify for FHA or Conventional financing. We run this through an Automated Underwriting System for approval.
- Non-occupant co-signors are allowed (First Home Loan only).