Mortgage rates in Utah

Mortgages in Utah

Need a little help to buy in the Beehive State? The Utah Housing Corp (UHC) was created to help people just like you.

FirstHome Loan

This first-time homebuyer loan program has UHC’s lowest interest rates on offer. It’s made for first-time buyers with credit scores of 660 or higher who also fall at or below the income and purchase price limits.

Everyone in your household over the age of 18 counts toward the annual income limit.

HomeAgain Loan

This mortgage program is designed for repeat homebuyers and first-time buyers who don’t qualify for the FirstHome program.

You’ll still need a 660 credit score or higher and fall within UHC’s qualifying income bracket, but there is no purchase price limit with HomeAgain.

More: Get a free credit score and credit monitoring from Credit Sesame.

Score Loan

The Score program makes it possible for borrowers who have a less-than-stellar credit history to secure a home loan. You’ll only need a credit score of 620 to qualify.

The purchase price and annual income limits apply with this mortgage program as well. You’ll also have to complete a homebuyer education course within 180 days of your loan closing.

NoMI Loan

The NoMI mortgage program offers a loan without mortgage insurance, resulting in the lowest monthly payments of any UHC homeownership program.

You’ll need a credit score of 700 or higher and you’ll need to fall within the set income limits, but there are no purchase price limits with NoMI. And as with the Score program, you’ll also have to participate in a homebuyer education course within 180 days of your loan closing.

More: Use these savings accounts to build up your down payment.

Down Payment Assistance

If you’ve qualified for one of UHC’s mortgage loans, you may also be eligible for down payment and closing cost assistance. Your participating lender will help you determine how much aid you can access.

Depending on your situation, you may be able to borrow your entire minimum down payment as well as a portion of your closing costs through a UHC 30-year fixed rate second mortgage.

The Best Lenders for a Mortgage

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About the Author

Sigrid Forberg

Sigrid Forberg

Staff Writer

Sigrid is a staff writer with MoneyWise. A graduate of Carleton University's journalism program, she spent the better part of the last six years writing about business and retail. In her spare time, she enjoys reading, baking and riding her bicycle.

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