Utah Housing VA Purchase Loan
Best For: Low Credit Scores, Zero Down
Financing for Utah veterans or active-duty military seeking down payment and closing cost assistance
This loan program is not available in USA
Program Description
The Utah Housing Corporation (UHC) VA Loan can be combined with Utah Housing down payment and closing cost assistance. Utah residents who are also veterans or active-duty military can finance up to 100% of their purchase and closing costs (subject to normal VA loan guidelines and eligibility).
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Utah Housing VA Purchase Loan
Min. Credit Score
620
Min. Down Payment
0%
Max Loan Amount
$726,200
Qualification variables shown here are for 1-Unit Primary Residences, and loan amount ranges vary based on US County. Register Now to see if this loan program is a good fit for you, find your county limits, and find more options for purchasing a home.
Pros & Cons
- Finance up to 100% of the purchase price of your home
- Credits scores as low as 620
- First time and repeat homebuyer options
- No purchase price limits
- Also available for 2-unit properties
- Interest rate is set by UHC so you can't shop for a lower rate
- More stringent appraisal process
- Requires the VA Funding Fee
Program Availability
Utah Housing VA Purchase Loans are available in 1 state.
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“If you are a veteran or active-duty military, you can use this program along with one of Utah Housing Corporation's down payment assistance programs."
Occupancy & Property Types
Qualification factors for this program can vary based on how you intend to occupy the property and what type of property you are purchasing. By registering for a free account , you can check program limits for all property and occupancy types.
Occupancy Types
Available Property Types for Primary Residence
Income & Purchase Price Limits
Your Debt-to-Income Ratio (DTI), as well as purchase price and income limits, are important factors when qualifying for a home loan program. By registering for a free account , you can find the exact program limits for this program and others in your area and for your unique scenario.
Debt-to-Income Limit
60.00%
Purchase Price Limit
No Limits
Income Limit
$134,100
Annual Qualifying Income
Qualification variables shown here are for 1-Unit Primary Residences, and loan limit ranges vary based on US County. Amounts may be rounded. Exact amounts can be accessed by registering for a free account.
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Key Features
- Only for primary residences, no second homes or investment properties
- Can be combined with all UHC down payment assistance programs
- Competitive 30-year fixed interest rate
Additional Conditions
- Must be owner occupied—no long or short term rentals
- Only for primary residences, no second homes or investment properties allowed
- Follows standard VA guidelines
- Additional eligibility check required for manufactured homes
Other Limitations
In some circumstances, there are specific requirements you must meet or homebuyer education courses you must attend in order to be eligible for the loan program.
No other program limitations
A Homebuyer Education Class is not required for this loan program.
Mortgage Insurance & Fees
Most mortgage programs require mortgage insurance when you are financing more than 80% of the purchase price or appraised value. Some programs may also have an associated funding fee, paid at the time of closing, or an annual fee. Learn all about the different fees here.
No Mortgage Insurance
This program does not require Private Mortgage Insurance (PMI).
Type: VA Funding Fee
The VA Funding Fee, which ranges between 1.25% - 3.3% of the loan amount, is charged on all VA loans unless the veteran has been entitled 10% or greater in disability.
Type: No Annual Fee
This program does not have an annual fee.
Estimated Closing Costs: 2%
These amounts are just an estimate. Your closing costs include things like loan origination fees, discount points, appraisal fees, title insurance, taxes, deed recording fees, and other charges.
Similar Loan Programs
If you think this home loan program may be a good fit for you, you may also want to check out the following programs that share many similarities with the current program.
Utah Housing FirstHome VA Loan
Best For: Low Credit Scores, Lowest Rates, Zero Down
Financing for Utah veterans or active-duty military seeking down payment and closing cost assistance
Utah Housing Conventional Purchase - Low Income
Best For: Lowest Rates, Zero Down, Easy Process
Conventional financing for low income Utah residents seeking down payment and closing cost assistance.
Related Resources
2023 Down Payment Assistance Guide
Unless you're related to a dragon or leprechaun with a hoard of gold stashed away somewhere, chances are you are like one of the other 87% of homebuyers who need to finance their home purchase.
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VA Purchase : The Bottom Line
Are you a veteran, service member or military spouse considering purchasing a home? Here’s the bottom line on the VA loan – its background information, most notable products, common criteria and an expert analysis from our experienced team.
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Calculate Income Limits Using Area Median Income
Income limits are used to determine whether or not a home buyer is eligible for certain mortgage programs, including down payment assistance programs or incentives that can help make home buying more affordable. It identifies the maximum income level set by each housing authority for its program participants, and varies from county to county across the US. Often, the tool used to establish this maximum income level is often called Area Median Income, or AMI.
Read More
First Time Homebuyer Guide
Being a first-time homebuyer has its fair share of challenges. One of your biggest obstacles will be competing against other new or seasoned buyers. While bidding wars have tapered since the previous buying season, they can still occur.
Read More
A Rundown On Closing Costs and How They Affect You
It can be tricky to sift through all the figures , so we broke down what they are, how much they cost, who's responsible and how to minimize your expenses.
Read MoreVisit our Mortgage Education Center for more resources.
* Some loan programs may not be offered by all featured lenders of ReviewMyMortgage.com and qualification guidelines may vary between them. Our team makes their best effort to keep loan program information up to date. Loan programs may change without warning. ReviewMyMortgage.com does not guarantee or offer any loan products. ReviewMyMortgage.com is strictly an educational resource hub for consumers
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