What is a Utah Housing Loan?
Don't have money for a down payment? Utah Housing is one of the few loan programs left to offer programs for no money down. If you're looking to purchase a home in Utah and you have a credit score above 620 Utah Housing may be the perfect loan for you. They'll help you with coming up with some of if not all of the money needed for a a down payment.
What are the Utah Housing Loan requirements?
- Two credit scores above a 620 Household income cannot exceed the chart listed below.
- The borrower must meet standard FHA credit qualifications.
- The borrower is eligible for approximately 96.5% financing and is able to finance the upfront mortgage insurance premium into the mortgage. The borrower will also be responsible for paying an annual premium.
- A second mortgage can be used to cover some of, if not all of the down payment required for closing.
- Eligible properties are one-unit structures. (No income Properties)