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
Program Description
The Utah Housing Corporation (UHC) FirstHome VA Loan can be combined with Utah Housing down payment and closing cost assistance. Utah first time homebuyers 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). This program offers typically lower interest rates than other Utah Housing programs, but the borrower(s) must meet the purchase, income and loan amount limits.
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Utah Housing FirstHome VA 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
- Below market interest rates
- Lower income limits than other programs
- More stringent appraisal process
- Purchase price and loan amount limits apply
- Requires the VA Funding Fee
- Not available to repeat homebuyers
Program Availability
Utah Housing FirstHome VA Loans are available in 1 state.
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“If you are a veteran or active-duty military as well as a first time homebuyer, you can use this program along with 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
$349,500 - $536,900
Income Limit
$95,800 - $120,600
Annual Household (1-2) 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
- Below market 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.
Grants, Bonds & 2nd Mortgages
There are certain programs that can be combined with this UHC FirstHome VA program to help cover all or a portion of your down payment and closing costs, or provide additional borrower benefits.
Utah Housing FirstHome DPA Second
|UHC FirstHome VAUtah residents who are 1st time homebuyers can get up to 6% in assistance 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%
Utah Housing DPA Second
|UHC FirstHome VAUtah residents who are 1st time homebuyers can get up to 6% in assistance 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 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.
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).
Related Resources
2023 Down Payment Assistance Guide
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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.
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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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