In the past,Utah Housing loans were available only to first time homebuyers. The idea here was to allow those lower income folks who were just starting out a way to enter the housing market without having to save up thousands for both a down payment and closing costs (at the very least 6% of the purchase price and sometimes more. This could add up to being required to come up with $6-7 thousand dollars on just a $100,000 house!)
Now, however, Utah Housing has expanded their programs to include “Returning buyers” and those whose credit scores are a little lower than the minimum standard required for Utah Housing. ( Doing my Happy Dance Here!) The programs are called the HomeAgain Loan and the Score Loan.
All Utah Housing loans are FHA loans (good rate, great loan) with a 2nd mortgage through Utah Housing to cover the down payment.
The HomeAgain loan can be used by those who qualify under Utah Housing Standards but this loan is not restricted to first time homebuyers. There are income limitations , debt to income restrictions, and you must have a credit score the same as Utah Housing requires. Call us for details on this to see if the HomeAgain loan would work for you.
The Score loan is for those who can qualify for a home with income, but might have a little lower credit score (620-659). This loan is issued at a little higher rate (because of the increased risk associated with lower credit score), but it is still an affordable loan with Utah Housing and it is still a 100% financing loan. Now ya don’t see too many of those lately…do ya!
I know you have questions….I can hear your mind churning from here! Give us a call at 801.819.9005 or email us at firstname.lastname@example.org. We will answer your questions and give you the information you need to make an educated decision on whether a Utah Housing Loan is right for you.