Mortgage in Utah

Utah offers some of the best outdoor activities you will find anywhere in America. Skiing, hiking, and everything in between are accessible throughout most of the state. Interestingly, Utah has the largest median home size , so if you're looking for a spacious but relatively affordable home, Utah is the place to get it! Use our Utah mortgage calculator to see how much home you can afford and whether a move makes sense for your finances!

Mortgage Options in Utah

Mortgages are not all the same. Every homebuyer in Utah should know these three common mortgage types.

• Utah conventional mortgage: Since property prices are relatively low, most Utah residents can get a traditional mortgage that's "conforming," meaning the loan is less than approximately $550,000 (some counties have higher limits). With these loans, you'll need as little as 3% down and a credit score of 620 or higher. You will also need a debt-to-income ratio of 50% or less, although 45% or lower is typically better.
• Utah FHA mortgage: In Utah's more rural areas, FHA loans are quite popular. These mortgages require as little as 3.5% down as long as you have a credit score of 580 or better. With a credit score of 500 or more, you can still get a loan, provided you put 10% down.
• Utah VA mortgage: For those who serve or have served in the military, a VA mortgage is often the best choice. This loan type requires 0% down and carries no mortgage insurance. Borrowers will need a credit score of 660 or more.

These programs are available to all Utah residents, both current and future. If you are a first-time homebuyer, the state provides additional incentives.

First-Time Home Buyer Programs in Utah

The Utah Housing Corporation offers a few programs to help homebuyers stop renting and start owning.

FirstHome

The FirstHome program provides a 30-year fixed-rate mortgage for first-time buyers with a 660 or higher credit score. Down payment assistance is available on a 30-year fixed-rate second mortgage.

Eligibility Criteria: Income and purchase price restrictions apply.

HomeAgain

Similar to the FirstHome program, this one also provides a 30-year fixed-rate mortgage.

Eligibility Criteria: Income restrictions apply. This program does not, however, have any purchase price restrictions.

Score

The Score program helps homebuyers who have less-than-stellar credit. Like the other programs, it enables you to get a 30-year fixed-rate mortgage and is eligible for down payment assistance as a second loan.

Eligibility Criteria: Borrowers must have a credit score of 620 or higher to apply. Income and purchase price restrictions apply to this program.

Utah Mortgage Calculator: Find the Mortgage Type That Works for You

There are many reasons to move to Utah. With family-friendly cities, plenty of outdoor activities, and excellent food, Utah consistently ranks among the most desirable places to live. Use our Utah mortgage calculator to see how much home you can afford and how a move will affect your finances!