Looking for first time home buyer loan programs in Utah? We’ve found them all! There are many programs that will assist you with tax reductions, down payment assistance and so much more!
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Remember – even previous homeowners can qualify for first time home buyer loan programs if they haven’t had ownership interest in a property for at least three years! If you owned a home more than 36 months ago, these programs can still help you!
Utah has amazing first time home buyer programs!
AAA Fair Credit Foundation provides a helpful savings program. Your contributions to the savings account are matched 3-to-1, meaning that you get $3 for every $3 you save! You can contribute up to $1,500 to your IDA account and receive an additional $4,500 for a total of $6,000!
Community Development Corporation of Utah assists home buyers and homeowners with a variety of programs, including an “intro to homebuying” course, financial fitness evaluation, homebuyer education, special mortgage programs, down payment assistance programs and affordable low-cost home listings.
The HomeFit Mortgage loan offered by CDCU offers 100% financing for your home through two loans – a conventional loan for 80% of the purchase price and a second mortgage that covers the remaining 20%. No mortgage insurance is required. Even though the interest rate on the second mortgage is 2% higher than the primary mortgage, the overall monthly payment is less than you would pay on an FHA loan! There is a minimum contribution of 2% toward closing costs.
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They also offer Down Payment Assistance program to buyers who meet certain income limits and purchase a home in Salt Lake County. Amounts and repayment terms vary depending on where the home is located. If it’s in Salt Lake City, you can receive up to $15,000 toward your down payment that will be completely forgiven after 15 years!
Utah Housing Corporation (UHC) provides special loan options that can be used for your down payment and closing costs. Depending on the type of primary mortgage loan you receive, you may be able to borrow up to 6% of the home value to use toward your closing costs and other expenses!
Cities and counties offer additional first time home buyer loan programs!
Ogden welcomes new homeowners with affordable houses through the Home Sweet Ogden program. The homes offered through this program are either prior repossessions that have been remodeled, rehabilitated homes or newly built “historic” homes that are built in a style consistent with the area.
Ogden also offers between $3,000 and $5,000 in down payment assistance to those who buy homes in select areas within Ogden City. If you work as a police officer, firefighter or full-time, state-certified K-12 teacher in Ogden, you could receive up to $10,000! These zero-interest, deferred loans can be used for down payments, closing costs or principal reduction.
Provo offers a down payment assistance program that offers up to $10,000 in a zero-interest, deferred loan! This loan does not have to be paid until the home is no longer the primary residence. You must contribute at least $1,000 of your own money in order to participate in this program.
NeighborWorks Provo provides home buyer education classes that can help you determine if you are ready to buy a home. They can teach you about credit, mortgage loans, insurance and other home buyer issues.
Utah County has down payment and closing cost assistance funds available to buyers in all cities EXCEPT Eagle Mountain, Woodland Hills, Alpine, Highland and Provo. To qualify, you must meet income requirements, have at least six months of steady employment history, a 650 credit score and purchase a home within certain price limits.
West Valley City provides a down payment assistance program. Qualified first time home buyers can receive up to $7,500 toward their home purchase!