Utah Housing Conventional Purchase - Median Income
Best For: Zero Down, Easy Process
Conventional financing option for Utah residents seeking down payment and closing cost assistance.
Program Description
The Utah Housing Corporation (UHC) HFA Advantage Conventional Median Income Loan can be combined with Utah Housing down payment and closing cost assistance. Utah residents whose annual income is more than 80% of the Area Median Income (AMI) can finance up to 100% of their purchase and closing costs.
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Utah Housing Conventional Purchase - Median Income
Min. Credit Score
720
Min. Down Payment
5%
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
- No low income requirement
- First time and repeat homebuyer options
- Less stringent appraisal process
- Mortgage insurance can be cancelled when equity reaches 20%
- No purchase price limits
- Much higher credit score requirement than other UHC first mortgage programs (at least 700)
- Requires private mortgage insurance (PMI)
- Interest rate is set by UHC so you can't shop for a lower rate
- Typically higher interest rates than other Utah Housing programs
Program Availability
Utah Housing Conventional Purchase - Median Incomes are available in 1 state.
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“Hint: This program uses qualifying income instead of household income, so you only have to count the income of the people on the loan when looking at program income limits."
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
45.00%
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
- Can be combined with all UHC down payment assistance programs
- Competitive 30-year fixed interest rate
- Offered via Freddie Mac's HFA Advantage Program
Additional Conditions
- Must be owner occupied—no long or short term rentals
- Only for primary residences, no second homes or investment properties allowed
- Requires private mortgage insurance (PMI) with down payments lower than 20%
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 may be required for this loan program.
Class Name: Fannie Mae's Finally Home!® or Freddie Mac's CreditSmart®
An approved homebuyer education class is required when all occupying borrowers are first time homebuyers. Fannie Mae's Finally Home!® or Freddie Mac's CreditSmart® can satisfy this requirement.
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.
Required with less than 20% Down Payment
Type: Private Mortgage Insurance (PMI)This program requires Private Mortgage Insurance (PMI) if you are putting down less than 20% on the home you are purchasing or refinancing.
Type: No Funding Fee
This program does not have a funding fee.
Type: No Annual Fee
This program does not have an annual fee.
Estimated Closing Costs: 2.5%
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.
Grants, Bonds & 2nd Mortgages
There are certain programs that can be combined with this UHC Conventional Median Income program to help cover all or a portion of your down payment and closing costs, or provide additional borrower benefits.
Utah Housing Score Loan
|UHC Conventional Median IncomeUtah residents with lower credit scores can get up to 4% for down payment and closing costs from the Utah Housing Corporation (UHC).
Max. Loan Amount
$726,200
Min. Credit Score
620
Min. Down Payment:
0%
Utah Housing HomeAgain Loan
|UHC Conventional Median IncomeUtah residents, including repeat homebuyers, can get up to 6% for down payment and closing costs from the Utah Housing Corporation (UHC).
Max. Loan Amount
$726,200
Min. Credit Score
660
Min. Down Payment:
0%
Special Offers
Occasionally, there are special offers that can be added to this mortgage program that provide additional benefits, such as a reduction in your federal taxes (mortgage credit certificates), extra cash for your down payment, and more.
Utah First-Time Homebuyer Law Enforcement Grant
An interest-free, forgivable grant to Utah Law Enforcement and Correctional Officers that can be combined with Utah Housing's first mortgage loan programs and down payment assistance second mortgage. There is no payment and no interest. The grant can be up to 3.5% of the purchase price, not to exceed $25,000. Can be used for down payment assistance, closing costs, mortgage interest rate buydowns, or paid-in-advance mortgage insurance.
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 FHA Purchase Loan
Best For: First Time Homebuyers, Low Credit Scores
FHA program for Utah residents seeking down payment assistance, offered by the Utah Housing Corporation (UHC).
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
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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Knowing Your Mortgage Insurance Options (Conventional Loan PMI)
PMI is an important part of getting a mortgage, but it can vary in cost. Learn about the different types and what you should consider when budgeting for it here.
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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.
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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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