Buying your first home in Utah is doable, even right now. This is the guide I wish every one of my first-time buyers read before our first call. It covers what you actually need (and what you don't), how the process really works, and the mistakes I see most often.
How much you actually need to buy a home in Utah
Forget the "20% down" myth. In Utah, most first-time buyers put down between 3% and 5% on a conventional loan, or 3.5% on FHA. On a $475,000 starter home that's $14,250 to $23,750 down. Add roughly $7,000 to $12,000 in closing costs (often partially or fully covered by seller credits) and you're looking at $20,000 to $35,000 total cash to close. Less if you qualify for down payment assistance.
Credit score: what really matters
FHA loans go down to 580. Conventional starts at 620. But pricing improves meaningfully at every 20-point break: 660, 680, 700, 720, 740, 760. If you're close to a break, I'll often tell you exactly what to pay down or pay off for 30 days to push you over. A 20 point bump can save tens of thousands over the life of the loan.
Utah down payment assistance: who qualifies
Utah Housing Corporation offers down payment assistance through approved lenders. Program names, credit requirements, income limits, purchase-price limits, and available assistance can change. I'll compare your information with the current Utah Housing requirements before recommending an option.
The 6 steps from rent to keys
1. Start with a short pre-qualification conversation. 2. Provide documentation for a formal pre-approval when you are ready to shop. 3. Tour homes with your agent. 4. Once an offer is accepted, earnest money goes to the title company. 5. Inspection, appraisal, and underwriting follow. 6. Sign the final documents and receive the keys after funding.
The 3 mistakes I see most often
1. Making a large financed purchase during the loan process, which can change your debt-to-income ratio. 2. Confusing pre-qualification with pre-approval. Pre-qualification is an early estimate, while pre-approval requires a more complete review of your financial information. 3. Comparing only the advertised rate instead of the full loan costs and terms.