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 |
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