Resource Center

4.2. Grants

Utah Housing

Utah Housing Corporation (UHC) was created in 1975 by Utah legislation to serve a public purpose in creating an adequate supply of money with which mortgage loans at reasonable interest rates could be made to help provide affordable housing for low and moderate income persons.

This program uses Conventional and FHA loans in conjunction with a second lien position loan for the required down payment. Utah Housing provides the rate and fee structure for these programs and services both loans for the life of the loan.

Utah Housing Offers the following programs:

First Home Home Again Score NoMI
Financing Type FHA FHA FHA Conventional
Minimum Credit Score 660 660 620 700
Amount Available Up to 6% of First Loan Amount for Down Payment and Closing Costs Up to 6% of First Loan Amount for Down Payment and Closing Costs Up to 4% of First Loan Amount for Down Payment and Closing Costs Up to 5% of First Loan Amount for Down Payment and Closing Costs
Maximum DTI Approved Automated Findings Approved Automated Findings 45% 50%
Acceptable Buyer Status Buyers must be First Time Homebuyers Buyers may be First Time Homebuyers OR have previously owned a home Buyers may be First Time Homebuyers or have previously owned a home.
Borrower cannot own any other property at the time of closing.
Buyers may be First Time Homebuyers or have previously owned a home

All Utah Housing Programs include income and potential purchase price limits.

Household Income

Loan Program Counties Family Size 1-2 Income Limits Family Size 3+ Income Limits Purchase Price Limits
First Home Washington, Daggett $49,900 $59,900 $278,400
First Home Beaver, Cache, Carbon, Emery, Grand, Millard, Rich, Sevier, Uintah $49,900  $59,900 $248,400
First Home All Counties $49,900 $59,900 $283,900
Home Again & NoMI All Counties $96,600 $96,600 N/A
First Home All Counties $78,600 $78,600 N/A

Qualifying Income

Loan Program Counties Family Size 1-2 Income Limits Family Size 3+ Income Limits Purchase Price Limits
Home Again & NoMI All Counties $96,600 $96,600 N/A
First Home All Counties $78,600 $78,600 N/A

City Grants

Many cities offer grants to qualifying individuals to help with down payments and/ or closing costs. The terms are dependent on the city. Most grants range from $5,000 to $10,000. Grants typically do not require monthly payments and can be forgiven if the home is kept as an owner-occupied property for between 7 – 10 years depending on the city requirements.

All city grants have very strict income limitations for the total Household and will not allow a debt ratio over 45%.

Most Common Grant Sources:
Salt Lake Valley – www.cdcutah.org
Utah County – www.provo.org/departments/redevelopment/services/loan-to-own-program