Your Guide to Buying Your First Home in Utah
🏡 Your Guide to Buying Your First Home in Utah Navigating High Rates & Finding Down Payment Help 💚 Why […]
🏡 Your Guide to Buying Your First Home in Utah
Navigating High Rates & Finding Down Payment Help
💚 Why Utah?
Even with today’s high interest rates, Utah offers programs and strategies that make homeownership within reach.
💳 Down Payment Assistance in Utah
State Programs
- Utah Housing Corporation – First Home Program
📊 Up to $15,000 in down payment assistance
📊 Competitive rates
📊 Income limit: 120% of Area Median Income
📊 Available statewide - USDA Loans – Zero down in eligible rural areas
Local City Programs
- Salt Lake City: $5,000–$25,000 grants
- Provo, West Valley City, Ogden: First-time buyer programs
(Check your local housing authority for details)
Federal Options
- FHA Loans: 3.5% down, flexible credit
- VA Loans: Zero down, no mortgage insurance
- Conventional Loans: As low as 3% down
📊 Smart Strategies for High-Rate Markets
- Consider Alternative Loan Types
- ARMs: Lower initial rate for 5–7 years
- Explore Buydowns
- Temporary: 2-1 or 1-0 buydowns (often seller-paid)
- Permanent: Discount points to lower lifetime rate
- Negotiate with Sellers
- Seller-paid closing costs (up to 3–6%)
- Interest rate buydowns in new construction deals
- Explore Alternative Lenders
- Utah credit unions: America First, Mountain America
- Portfolio lenders for unique situations
💼 Creative Down Payment Sources
- 👥 Family gift funds (no repayment)
- 💸 IRA withdrawals (up to $10,000 penalty-free)
- 💼 Employer assistance programs
- 📊 Low/no interest forgivable loans
🌊 Utah-Specific Advantages
- 📏 Low property taxes
- 🏆 Veterans’ exemptions
- 🌟 Energy efficiency rebates for long-term savings
🔹 Your First-Home Action Plan
- Check credit score – aim for 620+
- Use the 28/36 rule – housing ≤ 28% of gross income
- Get pre-approved – compare multiple lenders
- Work with CRM Real Estate Company – experts in Utah’s first-time buyer programs
🔗 Key Resources
- Utah Housing Corporation
- Free statewide HUD counseling
- Homebuyer education through UHC
📊 The Bottom Line
High interest rates don’t have to stop your dream of owning a home. Utah’s programs and smart strategies can help you start building equity now—and refinance later.
