Utah Housing loans have special targeted areas designated by the Federal government. If your home is located in these targeted areas you may be granted some special exceptions to promote home ownership.
The Utah Housing loan is normally restricted to first time homebuyers, but if your home is located in a targeted area this restriction is removed allowing move-up or previous homeowners to purchase a home using a Utah Housing loan. Previous homeowners can only apply for the FirstHome program. If you are a Veteran or Single Parent you may apply for either the FirstHome or the FirstHome Plus program even if you are a previous homeowner.
The other special exception is the restriction regarding income limits. If you purchase in a targeted area you will be allowed to make a larger monthly/yearly income.
Utah Housing Loans F.A.Q.
Is a Utah Housing Loan only for First Time Hombuyers?
Yes , currently Utah Housing caters to First Time Homebuyers unless you are in a targeted area. (see above)
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 loan?
A Utah Housing loan is for medium to low income borrowers. The limits vary by county you can find a chart here.
What are the purchase price limits for a Utah Housing loan?
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 Utah Housing Loan?
Not every home will qualify. All homes financed with a Utah Housing mortgage must meet FHA or VA guidelines.
How do I qualify for a Utah Housing Loan?
To determine if you qualify you should fill out this secure questionnaire and you will be well on your way to getting a Utah Housing mortgage.
Other Articles that you may like:
Utah Housing revised Purchase Price Limits / Utah Housing Loan: A consumer’s Guide to a Utah Mortgage / What are the Utah Housing loan Income Limits / What areas are approved for USDA Rural Housing loan in Utah? / How to calculate income for USDA Rural Development loans
Mike Harrison
Principal Lending Manager
Email: mike (at) firstfedmort.com
801-404-3540 Cell
888-800-1629 Toll Free
Qualify Now Online
First Federal Mortgage, Inc
Serving the Wasatch Front
