Shilo Zitting in Salt Lake City | Utah First Home Buyer Grants
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utah first home buyer grants

Utah First Home Buyer Grants

Utah First Home Buyer Grants

Four important things you should know

Saving for a down payment on a home is a big deal.  The experts at the Z Mortgage Team have helped hundreds of Utah families with their dream of home ownership.  They’re here to walk you through the process.  There are many Utah first time home buyer grants to consider.  Here are some further details you’ll want to know about.

How much will I need for a down payment?

The average is three to five percent down payment, however, there are some mortgage options that allow you to get into your first home with as little as $1,000 down.  There are many helpful home buyer grants that are available to first-time homebuyers in Utah.  In addition, real estate in Utah is much very affordable compared to other areas of the country.

What types of loans are available?

Utah USDA loans
If you are considering a home in a less urban area then a USDA loan is a great option to consider.  These types of rural programs are only available to first time homebuyers with low to moderate incomes in specified areas.  Generally speaking rural is usually defined as an area with fewer than 2,500 residents. You’ll want to enter the address of the property you are considering on the USDA website to see if it is eligible on the USDA’s website.

USDA Property Eligibility

 

Utah FHA loans
A Federal Housing Administration (FHA) home loan is a great option for a first time buyer searching for down payment assistance. One of the main benefits of this type of loan is that the credit requirements are lower and the down payment options can be as low as 3.5 percent.

Where in Utah are down payment assistance programs offered?

Utah offers many down payment assistance programs for first-time homebuyers. Here’s a list of options you may be eligible for depending on where you’re interested in living in Utah.  

First home buyer programs/grants are available in the following areas;

  • Box Elder
  • Cache
  • Rich
  • Wasatch
  • Davis County (not available in Fruit Heights, Clearfield, Layton, or South Weber)
  • Parts of Salt Lake County including, West Jordan, West Valley, Salt Lake City, Murray, Midvale and unincorporated Salt Lake County
  • Home Purchase Plus Program in Provo

What is needed to get pre-approved?

Get in contact with an experience mortgage broker.  You’ll want to make sure that you work with someone that has been through the process many times before and has access to as many programs available to fit your needs.

Make sure that you check your credit history and the accuracy of it before applying. 

Have prepared the documentation that speaks to your financial stability.  When you meet with or talk to your mortgage broker you’ll want to have access to the following documents:

  • Business taxes, if you are self-employed (last 2 years)
  • Bank statements (last 60 days)
  • Pay stubs, most recent  (last 30 days)
  • Taxes and W2s (last 2 years)
  • Retirement or other asset information (last 60 days)
  • Divorce decrees and bankruptcy documents are also necessary, if they exist.

It is always ideal to get your pre-approval before you go looking for homes.  Pre-approvals are normally good for 30-90 days and you can always requalify if you need more time. Hopefully with a better idea of what to expect and what to do you can take advantage of the Utah first home buyer grants.

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