Other eligibility requirements apply, so be sure to visit the website for details. It offers an interest rate slightly higher than the HomeAgain Loan and the opportunity to obtain a second mortgage of up to 4 percent of the first loan to put towards down payment and closing costs. This loan is available for a lower credit requirement. Score Loanįor both first-time and repeat homebuyers who have a history of credit challenges, the UHC offers the Score Loan. For more information, visit the UHC website. Eligible borrowers may also obtain a second mortgage of up to 6 percent of the first loan to put towards down payment and closing costs. The interest rate is competitive but slightly higher than the FirstHome Loan. This loan is subject to credit and income requirements. HomeAgain Loanįor eligible first-time and repeat buyers, UHC offers the HomeAgain Loan. See website for more information and to contact a participating lender. Loan amounts may be up to a specified percentage of the first mortgage. To be eligible, the borrower must already qualify for a first mortgage through UHC (HomeFirst, HomeAgain, or Score). The Utah Housing Corporation offers down payment and closing cost assistance to eligible first-time and repeat borrowers through the UHC Down Payment Assistance Second Mortgage. UHC Down Payment Assistance Second Mortgage While the above programs are strictly available for first-time homebuyers, there are other statewide programs to assist individuals looking to move from one home they have owned into another.
Grant funds are limited so be sure to check the website for current information and deadlines. This $2,500 grant may be put towards expenses related to the purchase of your new home, such as down payment and closing costs. The Utah Department of Veterans and Military Affairs (UDVMA) issues validation to veterans seeking the Utah Veterans First-time Homebuyer Grant. The Utah Veterans Grant assists members of the military who are first-time homebuyers. See website for more information and to apply. The second mortgage is a 30-year fixed rate loan with an interest rate 2 percent higher than the interest rate of the first mortgage. Additionally, qualified borrowers may obtain a second mortgage of up to 6 percent of the FirstHome Loan to put towards down payment and closing costs. Credit score requirements and income limits apply. The FirstHome Loan, specifically for first-time buyers, offers the lowest UHC interest rate for eligible borrowers. The Utah Housing Corporation (UHC) offers several mortgage programs for new homebuyers. The following programs are available statewide to Utah residents. When researching each program, follow the website link to read additional eligibility guidelines.
In some cases, qualified veterans may be considered eligible for first-time buyer programs. In Utah, a first-time homebuyer is any individual who has not owned a primary residence during the previous three years. Who Qualifies as a First-Time Homebuyer in Utah? Here’s a list of financial assistance programs for first-time homebuyers in Utah to get you started. If you find your dream home in Utah to be just out of reach, there are financial assistance programs to help new borrowers just like you.įinancial assistance programs are offered at the federal, state, and local level as low-interest loans, grants to close the gap between the required amount of money down and your budget. For those starting out as first-time homebuyers, the process can be a bit confusing. With a median resident age of 31 years, Utah is a magnet for younger generations. Whether you are hiking solo through the mountains or camping with your family at Bryce Canyon National Park, it’s easy to find clear, open skies for stargazing. While its thriving economy and business developments make Utah appealing to young professionals, the state’s natural landscapes and outdoor recreational activities also make it the ideal place for families and adventure enthusiasts. Kindly referred to as the Beehive State, this region is buzzing with industry, entertainment, and opportunities. As one of the fastest growing states in America, it’s no wonder Utah has piqued the interest of so many newcomers.
0 kommentar(er)
