Buying your first home in Utah? The Utah Housing First Time Buyer Zero Money Down program may be your best financing mortgage option. If you have owned a home before, there are some exceptions to being a first time buyer for which you may qualify. This page will give you most everything you need to know about the Utah First Time Home Buyer program.
Go Here for Utah Home Buyer Government Grants.
This is why the Utah First Time Home Buyer Program works:
1. Great interest rate. Interest rates can adjust daily depending upon the mortgage market. Interest rates usually right about the going market rate. Call me for updated rates.
2. No money down. Utah housing requires a 3.5% down payment. However, that 3.5% down as well as most of the closing costs can be financed using the Utah Housing PLUS program. This means you can get into a home with no money down.
3. Affordable payments. Conventional 100% financing programs have disappeared so this is one of the best options for First time home buyers for zero down payment.
4. Most homes will qualify (under the price limits). The home must be located in Utah. They can be a single family, twin, PUD or condo. Some restrictions apply for the manufactured, PUD and condo’s so just call me before making the offer.
What are the restrictions? There are several restrictions using the Utah Housing First Time Home Buyer program.
1. Income limits for 2014. If your income is too high, then you cannot use this program.
Salt Lake, Davis, Utah, Weber, Summit, Wasatch, Washington, Morgan, Daggett, Tooele, Kane, and Juab counties have income limits of $70,300 for one or two people in the home and $80,150 for 3 or more people in the home. All other counties are $65,500 for one or two people in the home and $70,300 for 3 or more people in the home.
2. Purchase price limits. Salt Lake, Davis, Utah, Weber, Summit, Wasatch, Washington, Morgan, Daggett, Tooele, Kane, and Juab counties has a purchase price limit of $279,000. All other counties have a purchase price limit of $250,000.
How does the Utah Housing program work? Here are some basic guidelines:
A Utah first time home buyer is defined as “someone who has not lived in a personal residence they owned during the past three years”. That means one you have gone three years without owning a home, you are again considered a First Time home buyer. Exceptions to this rule exist so that even those that have owned a home in the past 3 years can still use the program.
1. Single parents. If the borrower is a single parent, no previous home ownership restriction applies and you are qualified to use the Utah Housing First Time Home Buyer No Money Down program.
Are their any pitfalls or disadvantages?
There really are no disadvantages. However, there are a few things to be aware of about the Utah Housing program.
1. Income. If you have a spouse, partner, roommate, etc that is not listed on the loan, their income will still be counted as household income. Just realize that income limits is for “household” income, not just the person who is obtaining the loan.
There you have it! As you can see, Utah Housing First Time Home Buyer Program offers a great benefit to many with below market interest rates, fixed interest rates, no prepayment penalties and no money down. What else can you ask for, besides maybe the best dang loan officer in the state who is an expert at this program?
Contact Ron Pippin, “Utah’s Mortgage Expert” for more information on this program.
You can also go straight to Utah Housing website for additional details.