Utah Home Buyer Programs that Could Save You Hundreds of Dollars

Are you ready to be a first-time home owner in Salt Lake City, Utah?

Or, maybe you already own a home in Utah, but are looking to buy again in an up-and-coming city such as South Jordan or Herriman.

Either way, Utah has some excellent homebuyer programs that could save you hundreds of dollars as you make this exciting investment.

We’ve previously shared some great programs for homeowners in Salt Lake City, but today we want to give you our top recommendations for homebuyer assistance programs all throughout Utah.

Utah Housing Corporation grants, home loans, and down payment assistance programs

The Utah Housing Corporation (UHC) is a fantastic organization that offers a variety of different options for Utahns who are looking to buy a home but may need some assistance with things like down payment or closing costs. Their goal is to help provide “mortgage loans at reasonable interest rates to help provide affordable housing for low and moderate income persons.” There are three main ways to receive assistance in buying your home from UHC.

• Down payment assistance programs

Need help coming up with the cash for the down payment to purchase your home? If you have been approved for an FHA, VA or Conventional first mortgage loan, you could also qualify for UHC’s Down Payment Assistance Second Mortgage program. This option saves you the stress (and financial strain) of having to hand over a huge sum for the initial down payment to buy your house, and instead allows you to pay it off over time. 

• Home loan options

UHC offers first mortgage home loans to both first-time and repeat home buyers in Utah. These programs are specifically tailored to various home-buying situations, versus trying to implement a “one-size-fits-all” policy. Additionally, the lenders are great at working with you to find the best for your needs and situation, so you get a loan with an interest rate and down payment amount that is actually feasible for you. For example,  the “Home First” loan is specifically geared toward first-time buyers, while the “Home Again” loan is designed for Utahns who have previously owned a home. Both these loans require applicants to have a credit score of at least 660 and meet certain income limitations, so make sure you qualify before applying for these loans.

If you’re worried about previous credit history coming up to haunt you and hindering your home-buying endeavors, check out Utah Housing Corporation’s Score Loan. Requiring a credit score of 620 or higher, this loan is designed for people who have struggled with their credit history but are still wanting to buy a home in Utah. 

• NoMi Loan and Grants

For a limited time, UHC is offering a special grant to help with closing costs to lower income Utah residents. Utahns whose annual income is at 50% of the Area Median Income or below can qualify for a NoMi grant of up to $2500 to assist in covering the down payment of their home purchase. Additionally, the NoMi loan is a first mortgage loan that offers a very low monthly mortgage payment. How? It doesn’t require mortgage insurance. Like UHC’s other home loans, this loan also requires recipients to have a credit score of 700 and meet certain income requirements. 

Related: What You Need to Know About Buying a House in Utah

West Valley City, Utah grants for homebuyers

If you’re a first-time home buyer in West Valley City, Utah, here’s a grant just for you. West Valley City offers a grant of $7,500 to help cover the down payment on the purchase of your first home, as long as it falls within West Valley City’s borders. To qualify for this grant, you must fulfill a few different requirements, including being able to provide at least $2,000 cash at closing and falling under the low-to-moderate income limitations of the area.

Down payment assistance for Provo homebuyers

Similar to the West Valley City grant, the city of Provo offers down payment assistance to qualified home buyers looking to buy homes in Provo. Their Home Purchase Plus program aims to help Utah families and individuals who fall within the low-income spectrum own homes in this beautiful city. 

Homebuyer program for Utah’s Law enforcement officers, teachers, firefighters, and emergency medical technicians

The Good Neighbor Next Door Sales Program is an amazing option for Utah’s law enforcement officers, pre-Kindergarten through 12th grade teachers, firefighters and emergency medical technicians. If you live in Utah and work in any of these fields, you can qualify for a 50% discount from the list price of a home through this federally-funded program. What an incredible deal!

The only catch is that you must commit to living at the property for at least three years after you purchase the home. To check out houses that qualify for this program and see if you qualify for the program, head to Good Neighbor Next Door’s website. You can search for homes by state and see the “revitalization areas” the program is specifically focusing on. 

Once you’ve found a Utah home you want to buy and have found a home buyers program that fits your needs, give us a call for a free inspection of your new home’s air ducts! We’re committed to serving Utah homeowners however we can, especially when it’s to help celebrate the purchase of a new home!