Utah Housing Loans

The Utah Housing Corporation provides low cost, low down payment financing to Utah homebuyers. They are able to provide financing by utilizing tax-exempt and taxable bonds, federal and state income tax shelters, conventional lending, federal and state grants, low-interest loans, and other forms of debt and equity.

Who would use a Utah Housing Loan?

Are you a first time buyer* with a 3.5% down payment?
FIRST HOME loans are geared to first-time homebuyers who have access to personal or family financial resources to pay all of their down payment and closing costs. FirstHome loans may also be used to purchase homes in Targeted Areas of Utah.

Are you a first time buyer* with no down payment?
FIRSTHOME PLUS offers financial assistance for first-time homebuyers who do not have personal or family finances with which to pay their down payment and closing costs. These costs generally average 5% - 6% of the home purchase price. Applicants can borrow up to 6% of the amount of their first mortgage to cover this 5% - 6%.

Are you a Veteran?
VEP-FirstHome PLUS offers financial assistance for Veteran homebuyers who do not have personal or family finances with which to pay their down payment and closing costs. These costs generally average 5% - 6% of the home purchase price. Veterans can borrow up to 6% of the amount of their first mortgage.

Are you a single parent?
SINGLE PARENT FirstHome PLUS loans assist single parents who have previously owned or co-owned their own residence and have primary custody of at least one minor dependent. These applicants need to borrow funds from UHC to pay all or a part of their down payment and closing costs.

Not a first time buyer or single parent but still want low cost financing?
Utah Housing provides financing for move up buyers withing its targeted** areas.

Scott Smith at Academy Mortgage has been providing Utah Housing Loans for many years; helping Utah first time homebuyers to purchase new homes. If you are interested in more information or to apply today, call Scott 801-209-3850.

Here are some helpful links:
McArthur Homes Available Homes
Utah Housing Income Limits
Utah Housing Purchase Price Limits
Homebuyer Counseling and Training

*The federal government classifies a first time buyer as someone that has not owned or co-owned a home in the previous three years.

**The federal government has designated certain neighborhoods as Targeted Areas. There are two advantages to buying a home in a Targeted Area:
1) There are no restrictions on former home ownership.
2) Higher income limits are accepted.