A Utah Housing Loan requires a minimum Fico score

-Utah Housing Credit Scores-

If you are looking to obtain a Utah Housing loan you should be aware of and understand the minimum Fico scores you need to obtain this Utah Mortgage.

The Utah Housing Corporation has been successful in helping medium to lower income clients get financing to obtain homeownership. They are totally self-supporting and each year they raise money to help first time homebuyers purchase a home through a Utah Housing loan. The Utah housing loan is an affordable way to purchase your first home. It not only has a low downpayment, but it also has an attractive interest rate.

Qualifications for a Utah Housing Mortgage are similar to an FHA mortgage although there are some exceptions. With a Utah Housing Mortgage you will have income, purchase price, and a minimum Fico score requirements. In general, you will need to have at least a middle score of 660 to qualify for this loan.

The borrower must have a “sound credit reputation evidenced by a tri-merged credit report” according to the underwriting guidelines. In addition to the sound credit, you need to meet a middle minimum Fico requirement of 660.

For example: If you have 3 Fico credit scores, only one may be below 660.
The following table is an example of how the Utah Housing Corp will review your scores:

3 Scores: middle and highest scores must be 660 or above. The lowest score may be below 660.
2 Scores: both scores must be 660 or above.
1 Score: that score must be 660 or above.
No Score: usually a Utah Housing loan is not available for this borrower.

Utah Housing Loans F.A.Q.
Is a Utah Housing Loan only for First Time Hombuyers?

Yes, currently Utah Housing only caters to First Time Homebuyers unless you purchase in a targeted area.

Do I need a down payment with a Utah Housing Loan?

If you are a First Time Homebuyer you may qualify for the FirstHome Plus program. The FirstHome Plus program allows you to borrow your down payment as a second mortgage.

What are the Income restrictions for a Utah Housing mortgage?

Your will need to have medium to low income to qualify for this program. The limits vary by counties you can find a chart here.

What are the purchase price limits for a Utah Housing mortgage?

You may secure a Utah Housing loan anywhere in the state of Utah. The purchase price/acquisition costs are different for each county. For more information on the maximum purchase price for this Utah mortgage click here.

Will my home qualify for the FirstHome and FirstHome Plus Program?