Helping Homebuyers
Utah Housing loans allow an eligible borrower, to borrower their down payment and closing costs. Borrowers are able to purchase a home with little or no cash investment at a competitive interest rate.
Eligibility
- Be approved for an FHA or VA 30 year fixed rate loan at a UHC approved Participating Lender.
- Unless a Single Parent, a Veteran or purchasing a home in a targeted area borrower must be a first time homebuyer (has not owned or occupied a home you own in the past three years).
- Income and Sales Price of the property cannot exceed limits as listed on UHC Web-site.
- Minimum credit score of 660 for everyone on the loan documents (must have at least one credit score).
- The property cannot have a second kitchen.
- Borrower(s) cannot rent any portion of the home the entire time there is an outstanding UHC loan.
- Condo's and PUD's are acceptable if they meet FHA/VA guidelines.
- Non-occupant co-signors are allowed.
- If any recapture tax applies UHC will reimburse the tax. (refer to UHC form 045.
Income Limits
- Income is calculated for the upcoming year (not the past)
- Income Ranges from $64,000-$95,500 annually (Income Limits per county)
Sales Price Limits
- Range from $243,600 to $637,500 (Sales Price Limits)
Down Payment & Closing Cost Help (Second Mortgage)
Up to 6% of the Loan amount can be borrowed for the required down payment and closing costs. The borrowed amount is a second mortgage.
Borrower may be:
- A First Time Homebuyer
- A Single Parent (has at least one dependent child with 50% or more custody, no other adult residing in home) or
- A Veteran
First Mortgage must be either an approved FHA or VA loan:
- Required FHA down payment is a minimum of 3½% of the sales price.
- VA does not require a down payment.
Second Mortgage
is a 30-year fixed rate mortgage with an interest rate 2% above the first mortgage rate.Contact a UHC approved Participating Lender to qualify