Utah offers a couple Grant and Down Payment Assistance (DPA) options for both first time buyers and buyers who have owned a home previously. This grant & DPA is available for the entire state of Utah. The first option can be a grant and a DPA depending on your qualifications. It will allow you to receive up to 3.5% of your final purchase price that you and the seller agree upon. If you qualify for the grant option you will never have to pay grant back. If you qualify for the DPA portion you will be required to pay back the assistance.
- Minimum Credit Score is 640
- Must not exceed the FHA max income limits
- Max income limits will depend on the county your purchasing in
- Condo’s must be FHA approved
- Non owner occupied borrower are allowed
- one or two units only (two units by exception only)
The second option is a Utah Housing Loan which you can find out more information by clicking the link. Click here to find out more…