100% financing is still available in Utah through various federal and state sponsored programs. If saving cash for down payment and closing costs is a concern then you will want to look more into these opportunities. If you are working with one of our preferred lenders, they will be very familiar with these programs and will help direct you in applying and getting accepted.
USDA Home Loan
The USDA (United States Department of Agriculture) offers a zero down (100% financing) program for certain rural locations throughout Utah. You can check to see if your prospective home is located within an eligible location by visitng the usda.gov website. If you are interested in buying one of our new townhomes in Saratoga Springs (The Cove at Jordan River) then you will be pleased to know that the community is eligible for USDA home loans. We have had many buyers already take advantage of this program to help them buy their new townhome with no money down.
Utah Housing Down Payment Assistance Mortgages
The UHC (Utah Housing Corporation) now offers 3 different down payment assistance programs for first time home buyers or previous homebuyers. Each program allows the home buyer to borrow up to 4% or 6% (depending on the program) of the first mortgage to be used towards down payment and closing costs. The three programs include:
- FirstHome: A great program for first-time homebuyers or anyone who has not purchased a home in the past three (3) years. The down payment or closing costs are “borrowed” up to 6% of the first mortgage amount.
- HomeAgain: For first time homebuyers and previous home buyers. You must have a household income no higher than $81,000. The down payment or closing costs are “borrowed” up to 6% of the first mortgage amount.
- Score: For previous homebuyers with a credit score between 620 – 659 and a household income no higher than $81,000. The down payment or closing costs are “borrowed” up to 4% of the first mortgage amount.
As with the USDA loans, there are certain income and sales price restrictions – to view more details visit the UHC website.
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