*disclaimer: Not all individuals will qualify for each loan type and/or scenario. Please contact me to see if you'd qualify for certain loan products and/or discuss your options.
Utah Housing Loans have been put in place in order to help homebuyers get into a home with minimal down payments, and more lenient qualifying opportunities. Most Utah Housing programs require borrower's to be first time homebuyers in order to qualify for a Utah Housing Loan.
According to Utah Housing Corporation's website, "In order to be eligible for Utah Housing Corp's down payment assistance program a homebuyer must first qualify for an FHA, VA or Conventional first mortgage loan." Down payment on a Utah Housing Loan is tricky to understand. Basically, a borrower will need to qualify for another loan program such as FHA. The borrower will agree to pay the required down payment amount for that specific loan product. For the FHA example, that amount is 3.5%. The borrower will then get a second mortgage from Utah Housing that will cover the 3.5% down payment. These two loan amounts will be combined, making it so that a borrower doesn't need to have money up-front for a down payment at closing.
Utah Housing has programs that can benefit borrowers with at least a 620 credit score and more specific qualifying incomes. There are different programs available to fit different borrower's needs.
Utah Housing has "Purchase Price and Income Limits" that can affect a borrowers ability to qualify. Purchase price and income limits differ based off of the county the borrower is purchasing their home in. Each income limit can be found here.
Utah Housing requires that their borrowers complete "homebuyer education" within 180 days of the loan closing. Find out more about these classes here.
Utah Housing Loans are only available through participating lenders. Momentum Loans is a participating lender, so we'd be able to help borrower's get into homes using the Utah Housing Loan Program. Click on the "Apply Here" button at the bottom of the page, and be sure to let me know that you're looking to do a Utah Housing Loan.
If you're looking to purchase a home and want to see if you can qualify for a Utah Housing Loan, give me a call and lets talk through your options.
*disclaimer: Not all individuals will qualify for each loan type and/or scenario. Please contact me to see if you'd qualify for these loan products and/or discuss your options.
Brayden Ramsay NMLS #1997195
Momentum Loans NMLS #1606597
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