Utah Housing loan: A Consumers Guide to a Utah Mortgage

Utah Housing Loan: A Consumer’s Guide to a Utah Mortgage

A Utah Housing loan may be a viable option when considering a Utah mortgage. This guide is intended to answer many questions regarding a Utah Housing loan. You will have a better understanding of how a Utah Housing mortgage works and why it may be your answer to the best Utah mortgage for you.

There are six different Utah Housing loans. We are going to cover the most popular mortgages called FirstHome and FirstHome Plus. The FirstHome and FirstHome Plus are programs that help first time home buyers purchase a home with little or no financial means.

The Utah Housing loan called the FirstHome is for buyers who have not owned any property in the last three years. These buyers must have access to a 3.5% down payment and possibly closing costs. The 3.5% down payment may come from your own resources, gift money, a relative and/or various other sources.

The FirstHome Plus is a Utah Housing mortgage for First Time Buyers who are not able to secure a 3.5% down payment. This Utah Housing Loan is structured as two mortgages. There will be a first mortgage which will cover 96.5% of the purchase price/appraised value and a second mortgage which will lend up to 6% of the purchase price/appraised value. The second mortgage will cover the down payment and closing costs depending on the appraised value.

A Utah Housing loan may be the best Utah mortgage for you, but you will want to speak with a professional to explore all of your options. Keep in mind there are many types of mortgages to choose from. Choosing the right mortgage will depend on your financial goals and future plans, a professional will help direct you to the right one.

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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.

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 a Utah Housing mortgage?

Not every home will qualify. All homes financed with a Utah Housing mortgage must meet FHA or VA guidelines.

How can I find out if a Utah Housing Loan is the best for me?

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.

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