Home Buyers Loan Options Part 2 - Utah Housing Loan

100% PERCENT FINANCING! 

Utah Housing Corporation offers six exciting loan programs to assist low- and moderate-income homebuyers with the purchase of a home. All loan programs offer reasonable interest rates and three of the programs make available down payment and closing cost funds. As a result, many individuals purchase a home even though they have no savings.

Important Things to Know Before Applying for a UHC Loan

QUALIFICATION GUIDELINES All UHC loans have the same general eligibility requirements.

Your total gross household income must fall within the Maximum Income Limits set by UHC. (See insert titled Limits for Income and Acquisition Cost for details.)

The purchase price of the residence you wish to buy may not exceed the Acquisition Cost (Purchase Price) Limits for the area in which it’s located. (See insert titled Limits for Income and Acquisition Cost for details.)

Your credit report must indicate a history of responsible and timely payments. If you have three established credit scores, only one of them may be less than 660

You must be able to qualify for an FHA or VA loan.

You must live in the home yourself and not rent any part of it.

The six loan programs are:

1. FirstHome,
2. FirstHome Plus,
3. Veterans Enhancement Program (VEP)-FirstHome,
4. VEP- FirstHome Plus,
5. Single Parent FirstHome and
6. Single Parent FirstHome Plus.

 

FirstHome FIRSTHOME loans are geared to first-time homebuyers who have access to personal or family financial resources to pay all of their down payment and closing costs. FirstHome loans may also be used to purchase homes in Targeted Areas of Utah. (See enclosed insert titled Targeted Areas.)

FirstHome Plus FIRSTHOME PLUS offers financial assistance for first-time homebuyers who do not have personal or family finances with which to pay their down payment and closing costs. These costs generally average 5% - 6% of the home purchase price. Applicants can borrow up to 6% of the amount of their first mortgage using a second mortgage that will have the same term as the first mortgage, but an interest rate of 7%

VEP-FirstHome VEP-FIRSTHOME is the preferred loan for Veteran homebuyers who have access to personal or family financial resources sufficient to pay all of their down payment and closing costs. Veterans may purchase a home in any location in Utah.

VEP- FirstHome Plus VEP-FirstHome PLUS offers financial assistance for Veteran homebuyers who do not have personal or family finances with which to pay their down payment and closing costs. These costs generally average 5% - 6% of the home purchase price. Veterans can borrow up to 6% of the amount of their first mortgage using a second mortgage that has the same term as the first mortgage, but an interest rate of 7%.

Single Parent FirstHome SINGLE PARENT FIRSTHOME loans are designed to assist single parents who have previously owned or co-owned their own residence and have primary custody of at least one minor dependent. These applicants have access to personal or family resources with which to pay all of their down payment and closing costs.

SINGLE PARENT FirstHome PLUS loans assist single parents who have previously owned or co-owned their own residence and have primary custody of at least one minor dependent. These applicants need to borrow funds from UHC to pay all or a part of their down payment and closing costs.

 

AT LAST! UTAH HOUSING CORPORATION has taken the confusion and worry out of recapture!

Very few homebuyers ever pay this tax! Therefore, we feel extremely comfortable in offering to fully reimburse you for any recapture taxes in the unlikely event you owed some after the sale of your home. Read on!

For borrowers getting a UHC loan commitment after July 23, 2003 who may have to pay this tax*, Utah Housing will REIMBURSE them for recapture taxes paid. It’s that simple!

Rates Will Change check the Utahhousing.org site for current rates.

 INFORMATION PROVIDED COURTESY OF THE UTAH HOUSING AUTHORITY