Home Loan Programs for Utah Buyers
There are more ways to finance a home than many buyers realize. Here’s an overview of common options. Eligibility, rates, and limits change, so always confirm details with a licensed lender.
Conventional Loans
The most common type of mortgage. Some programs allow low down payments for qualified buyers. With less than 20% down, you’ll typically pay private mortgage insurance (PMI) until you build enough equity.
FHA Loans
Backed by the Federal Housing Administration, FHA loans offer low down payment options and more flexible credit requirements. They include mortgage insurance premiums.
VA Loans
For eligible veterans, service members, and some surviving spouses. VA loans offer some of the most flexible down payment options available and no monthly mortgage insurance.
USDA Loans
For eligible properties in qualifying rural and suburban areas, USDA loans may offer low-down-payment financing for buyers within income limits.
Zions Bank Affordable Home Mortgage
A low-down-payment program from Zions Bank with reduced lender fees, lender-paid mortgage insurance, and closing cost assistance for qualified buyers. Unlike many affordable-housing programs, there’s no income limit for the buyer. Eligibility is based on the home: it must be priced under $800,000 and located in an eligible census tract. My wife and I used this program to buy our own condo.
Check whether a specific home qualifies on the Zions eligibility map, then confirm with a Zions Bank mortgage officer. Zions Bank sets and may change the program terms, and borrowers must also meet its credit and other requirements. I’m not affiliated with Zions Bank.
Utah Housing Corporation
Utah Housing Corporation offers home loan programs and down payment assistance options for qualifying Utah buyers. Program details and eligibility change, so check with a participating lender.
Down Payment Help
Several Utah programs can help with your down payment and closing costs, including a $10,000 Salt Lake Board of REALTORS® grant I can apply for on behalf of buyers I represent, and a state program of up to $20,000 for newly built homes. Some have limited funds. See Down Payment Help in Utah, ranked for who qualifies and how much funding is left.
Next Steps
I can connect you with local lenders to compare options, and you can estimate payments with the mortgage calculator.
This page is for general information only and is not a loan offer or commitment to lend. I’m a real estate agent, not a mortgage lender or loan originator.
John Taylor, REALTOR® | In Depth Realty | 801-918-5798