The Housing Loan Options Available for Utah Homebuyers

stack of coins and a miniature house on man's handEstablished in 1975 by the Utah Legislature, Utah Housing Corporation (UHC) aims to provide safe, decent, and sanitary housing options to low to moderate income families in the state. After all, having a shelter is one of our basic needs.

Housing Loan Options

Families and individuals who cannot afford to buy a house — due to lack of funds for down payments and closing expenses — can become homeowners with the help of UH. There are four Utah Housing Loan options in Ogden. These are:

  • First Home Loan
  • Score Loan
  • Home Again Loan
  • No Mortgage Insurance (NoMi) Loan

Utah Housing assists eligible borrowers who want to buy a home, but cannot afford the down payment and its related closing costs. Buyers only need to save 5% to 6% of the purchase price to cover the down and closing costs. They can extend a loan for 6% of the home price to help cover the said expenses. Note that the NoMi and Score Loans only offer 4%, and not 6% to cover the closing costs and down payment.

How to Qualify for Utah Housing

To avail of a Utah housing loan, you need to know the following:

  • The total gross income of your household should fall within the set income limits. The limits may differ from one county to another.
  • You must prove through your credit history that you settle your bills in a timely manner.
  • You are eligible for conventional or government (FHA) financing.
  • You must reside in the house.
  • Co-signors who are non-occupants are allowed in case of a First Home Loan.

No Rental Assistance

UH does not offer any type of rental assistance. You can check with your local housing authority instead.

UH helps people with no or little money to purchase a home. You do not have to pay anything to apply and check if you are qualified.