Utah Housing FirstHome DPA Second
Best For: First Time Homebuyers, Zero Down
Utah 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).
This loan program is not available in Wailuku, HI
Program Description
The Utah Housing Corporation (UHC) FirstHome DPA Second Loan option provides up to 6% for first time homebuyers that can be borrowed for use towards down payment and closing costs. The program is setup as a 2nd mortgage paired with an FHA or VA first loan and, in general, has the lowest interest rates of all the Utah Housing down payment assistance programs.
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Utah Housing FirstHome DPA Second
Min. Credit Score
660
Min. Down Payment
0%
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.
Program Benefits
Benefit type: Up to 6% or $25,000, whichever is less
Type: Bond Standard 2nd Mortgage Program - Repayable
The down payment assistance in this program comes in the form of a 30-year fixed rate second loan with an interest rate 1% higher than the first loan (but cannot go higher than 8%).
First Mortgage Program Option
This program can be used in tandem with the following first mortgage programs in order to help fulfill down payment requirements, pay closing costs, or provide other benefits. Learn all about how grants, bonds & 2nd mortgages work here.
Pros & Cons
- Lowest rates of all Utah Housing programs
- No homebuyer education requirement
- Provides up to 6% in down payment and closing cost assistance
- The only Utah housing program with purchase price limits
- Income limits can disqualify many borrowers
- The interest rate on the 2nd loan is 1% higher than the first loan
- Interest rate buydowns are not permitted
Program Availability
Utah Housing FirstHome DPA Seconds are available in 1 state.
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“A great program for first time Utah homebuyers, BUT watch out for the purchase price and income limits in addition to the first time homebuyer requirement!"
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
$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
- Up to 6% of your loan amount for down payment and closing cost assistance
- Works with UHC's FirstHome FHA or VA options
- Minimum 660 credit score
Additional Conditions
- Homebuyer must be a Utah resident and be able to show a 2-year residence history
- Must be a first time homebuyer
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: 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% 0.5%
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.
Nevada Housing Home is Possible Teacher 2nd Mtg
Best For: First Time Homebuyers, Zero Down
Nevada Housing HIP Teacher 2nd Mortgage
CalHFA MyHome Assistance Program
Best For: First Time Homebuyers, Zero Down
The CalHFA MyHome Assistance Program provides up to 3% in down payment assistance in the form of a deferred payment mortgage.
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.
Read More
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 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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