Utah First-Time Homebuyer Assistance Program
Established through SB 240 and administered by Utah Housing Corporation, this program may provide up to $20,000 as a 0% deferred loan for eligible first-time buyers purchasing a newly built home priced at $450,000 or less. The home must not have been inhabited. Assistance may be used toward the down payment, closing costs, or buying down the mortgage rate.
Income, homeownership history, Utah residency, financing, and other requirements apply. The assistance is a loan, not a grant. Repayment terms apply upon sale or refinance. Funding availability can change, and eligibility depends on the current program. This program does not cover existing homes.
Review Utah Housing Corporation program detailsUtah Housing loans
Chandler Perry with Accordia Mortgage is an approved Utah Housing lender. Utah Housing Corporation offers home loans and down payment assistance through approved participating lenders. Credit, income, purchase-price, occupancy, education requirements and availability depend on the current program. Ask Chandler which options may fit.
Explore Utah Housing loans and assistanceLocal down payment assistance
Local assistance may have separate funding, location, and eligibility requirements. Compare repayment terms and the full cost alongside your primary loan.
Explore Utah down payment assistanceLoan options for first-time buyers
FHA
May allow 3.5% down with qualifying credit. Mortgage insurance and property requirements apply.
Conventional
Eligible options may allow 3% or 5% down. PMI may drop off when cancellation requirements are met.
VA
Eligible veterans, service members, and surviving spouses may qualify for no-down-payment financing.
USDA
No-down-payment financing may be available for an eligible address and household income.
Chandler's four-step mortgage process
1. Quick questions
I ask a short list of questions about your goals and situation.
2. Income docs and estimated credit score
You send income documents and tell me roughly where your credit is. That gets you pre-qualified.
3. Credit pull
Once I have reviewed that information, I pull credit to confirm.
4. Accurate range and pre-approval
I review your real information to give you an accurate price range and a pre-approval. Final approval remains subject to underwriting and property requirements.
Before you start shopping
Budget for closing costs, prepaid taxes and insurance, moving costs, and any required reserves, not just the down payment. Avoid new financed purchases during the loan review. Pre-qualification is the early stage; pre-approval follows the credit pull and a review of your real information. Compare full costs and terms rather than one advertised number.
Run your numbers
Utah FAQ
What are the requirements for first-time home buyers in Utah?
Requirements depend on the loan and assistance program. Income, credit, debt, occupancy, homeownership history, and the property may affect eligibility. Some programs require buyer education.
What disqualifies you from first-time home buyer programs?
Income or purchase price above a program limit, an ineligible property, or recent homeownership may prevent eligibility. Credit and other underwriting requirements also apply and depend on the current program.
Are there income limits for first-time buyers in Utah?
Assistance programs may have household income limits. Limits depend on the current program, household size, and location. Being a first-time buyer alone does not establish eligibility.
What is the minimum credit score to buy a house in Utah?
It depends on the loan and lender. FHA may allow 3.5% down at a score of 580 or higher. Other loans and assistance programs have their own requirements, and a score alone does not establish eligibility.
How much do I need for a down payment in Utah?
Eligible conventional loans may allow 3% or 5% down, and FHA may allow 3.5% down. VA or USDA may allow no down payment for eligible borrowers. Closing costs and reserves may also apply.
Does the $20,000 Utah program cover existing homes?
The Utah First-Time Homebuyer Assistance Program described here is for newly constructed homes that have not been inhabited, priced at $450,000 or less. Existing homes do not meet this property requirement. Funding and eligibility depend on the current program.