UHC Down Payment Assistance

In addition to regular home loans, Utah Housing Corporation (UHC) offers borrowers the option of getting a second mortgage in order to finance some or all of their down payment and closing costs. This Down Payment Assistance is to be used in conjunction with an FHA, VA, or Fannie Mae home loan from a UHC participating lender.

The type of home loan borrowers use to finance their home purchase determines the minimum down payment required by the lenders.

• The standard minimum for an FHA loan is 3.5 percent down payment.
• Veterans with full VA eligibility may be able to finance 100 percent of the purchase price.
• Fannie Mae requires that the buyer puts down at least 3 percent on the home.

The second mortgage is a 30-year, fixed rate loan with an interest rate that is 2 percent higher than that of the first mortgage. The amount down payment assistance borrowers can obtain depends on the first mortgage that they are financing their home with. UHC participating lenders can offer borrowers the FirstHome Loan, Home Again Loan, Score Loan, or NoMI Loan. Eligible borrowers can then receive funds for up to 6 percent of the FirstHome Loan or HomeAgain Loan, 4 percent of the Score Loan, and 5 percent of the NoMI Loan.

The following loan offices produce the most Utah Housing loans:

• Academy Mortgage Corporation
• Citywide Home Loans
• Security National Mortgage Company
• Veritas Funding, LLC
• Guild Mortgage Company

Down payment assistance programs and/or grants were researched by the team at FHA.com. Please note that all programs listed on this website may involve a second mortgage with payments that are forgiven, deferred, or subsidized in some manner until resale of the mortgaged property.

FHA.com's compilation is not a complete list, but it can serve as a starting point in your search for the down payment assistance program or grant for your situation. It is up to the consumer to contact these entities and find out the specifics of each program.