Are you thinking about purchasing a new home in Utah, but worried about where you will get your down payment? Well, one of the good things about living in Utah is there are several options out there for you depending on your income level. You can research these options on your own, keep reading for some direction, or contact a lender, like Mark Moyes @ (801) 999-0886, to help you review all your options.
I would personally recommend the last, only since you are going to have to talk with a lender anyway. And of course, they can help you avoid wasting time researching options you may not qualify for or programs that no longer exists. They also will have a better understanding of all of the programs you might qualify for.
Down payment assistance (DPA) programs available in Salt Lake City:
- Utah Housing Corporation DPA: Offers assistance to qualified first-time buyers in the form of a second mortgage. The program offers up to 6% of the purchase price.
- Salt Lake City First-Time Homebuyer Program: This program offers up to $15,000 in down payment and closing cost assistance to qualified first-time buyers in Salt Lake City.
- Community Development Corporation of Utah: Offers a variety of programs, for Salt Lake County, Salt Lake City and Taylorsville.
- Federal Housing Administration (FHA) Loans: FHA loans are a popular option for first-time buyers because they offer low down payment requirements (as low as 3.5%) and flexible credit requirements.
DPA programs available statewide in Utah:
- HomeAgain Program: This program offers up to $10,000 in down payment assistance to first-time home-buyers in Utah. The program is administered by the Utah Housing Corporation and offers a low-interest rate of 2%.
- Own in Ogden: This program offers up to $5,000 in down payment assistance to qualified buyers in Ogden.
- Weber Housing Authority: Offers a variety of down payment assistance programs, including the First-Time Homebuyer Program, which offers up to $10,000 in down payment and closing cost assistance.
- Utah Individual Development Account Network: This program offers matching funds of up to $4,000 for qualified buyers who save money for a down payment through a savings account.
- USDA Rural Development: Offers 100% financing for eligible buyers in designated rural areas. The program also offers low-interest rates and no down payment requirements.
Common requirements for qualifying:
- Income Limits: Many programs have income limits that determine whether you are eligible and vary by program and the size of your household.
- Homeownership Education: Many require that you complete a buyer education course. These courses are designed to help you understand the home buying process and manage your finances.
- Credit Score: Most programs have minimum credit score requirements.
- Property Requirements: Some programs may have restrictions on the type of property you can purchase. For example, they may require that the property be located in a specific area or meet certain quality standards.
- First-Time Homebuyer Status: Many are specifically designed for first-time buyers, which many define as someone who has not owned a home in the past three years.
These are just a few examples of the requirements for qualifying for down payment assistance program. It’s important to research and compare different programs to determine which ones you are eligible for and which ones best meet your needs. Additionally, to simplify things, you may want to consult with a qualified mortgage lender, like Mark Moyes @ (801) 999-0886, who can help you navigate the requirements of the different programs.
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