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).
Program Description
The Utah Housing Corporation (UHC) FHA Loan can be combined with Utah Housing down payment and closing cost assistance. Utah residents can finance up to 100% of their purchase and closing costs. However, they must fall within the purchase, income and loan amount limits set by this program and the Federal Housing Administration (FHA).
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Utah Housing FHA Purchase Loan
Min. Credit Score
620
Min. Down Payment
3.5%
Max Loan Amount
$472,030
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
- No purchase price limits
- Also available for 2-unit properties
- Non-occupant co-borrowers allowed
- First time and repeat homebuyer options
- Interest rate is set by UHC so you can't shop for a lower rate
- More stringent appraisal process
- Additional requirements for borrowers who own other properties
- Mortgage Insurance (MIP) is required for the life of the loan (some exceptions apply)
Program Availability
Utah Housing FHA Purchase Loans are available in 1 state.
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“The Utah Housing FHA program offers an easier pathway to qualification for many Utah residents and has more competitive interest rates than other 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
57.00%
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 FHA 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.
Required On All FHA Loans
Type: Annual Mortgage Insurance Premium (MIP)This FHA program requires the Annual Mortgage Insurance Premium (MIP) regardless of the amount of your down payment or home equity.
Type: FHA UFMIP
The FHA Up Front Mortgage Insurance Premium (UFMIP) is a one-time fee equal to 1.75% of your loan amount. This fee can either be paid at closing or financed into your loan amount.
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.
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 FHA Loan
Best For: First Time Homebuyers, Low Credit Scores, Lowest Rates
FHA program for Utah first time homebuyers seeking down payment assistance, offered by the Utah Housing Corporation (UHC).
TSAHC Conventional Purchase - Low Income
Best For: First Time Homebuyers, Low Credit Scores
Conventional option for low income Texas residents seeking down payment assistance, offered by the Texas State Affordable Housing Corporation (TSAHC).
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* 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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