First-Time Home Buyer Programs in Utah

Utah Housing Corporation (UHC) Programs:

FirstHome Loan:

Eligibility: Targets first-time homebuyers (no homeownership in the past three years) or buyers in targeted areas.
Offerings: Provides a 30-year fixed-rate mortgage (FHA, VA, USDA, or conventional) with competitive rates; can be paired with down payment assistance.
Requirements:

• Income must not exceed county-specific limits (e.g., $126,500 for a 1-2 person household in Salt Lake County as of 2025).
• Minimum credit score of 620 (varies by loan type).
• Debt-to-income ratio capped at 45% (50% with compensating factors).
• Homebuyer education course required.
• Purchase price limit of $510,400 (non-targeted areas) or $623,600 (targeted areas).

UHC Down Payment Assistance:

Benefits: Offers up to 6% of the loan amount (e.g., $12,000 on a $200,000 mortgage) as a second loan (4%-6% interest, repayable over 30 years) for down payment and closing costs; available with UHC mortgages.
Eligibility: Must use a UHC first mortgage; income and purchase price limits apply (same as FirstHome Loan).

Score Program:

Description: Provides a 30-year fixed-rate mortgage with up to 4% assistance (second loan, 4% interest, repayable over 30 years) for buyers with credit scores as low as 620; no first-time buyer requirement.
Requirements: Must meet UHC income and purchase price limits; designed for those with lower credit needing extra support.

Local Programs:

Salt Lake City

Salt Lake City Down Payment Assistance: Offers up to $20,000 as a deferred loan (0% interest, due upon sale or refinance) for down payment and closing costs; income must be at or below 80% AMI (e.g., $77,350 for a family of four).

Provo

Provo First-Time Homebuyer Program: Provides up to $15,000 as a forgivable loan (forgiven after 10 years) for down payment and closing costs; income capped at 80% AMI; targets revitalization areas.

Ogden

Ogden Homebuyer Assistance: Offers up to $10,000 as a 0% interest deferred loan (repayable upon sale) for down payment and closing costs; income must be below 80% AMI.

Additional Information:

• Mortgage Credit Certificate (MCC): Provides a federal tax credit of up to 20% of annual mortgage interest (max $2,000 yearly) for first-time buyers; fee applies; combinable with UHC loans.
• FHA Loans: Minimum 3.5% down payment, suitable for credit scores as low as 580 (10% if below 580).
• USDA Loans: Zero-down payment for rural Utah areas; income limits apply.
• VA Loans: Zero-down payment for eligible veterans or active military.