2015 First Time Home Buyer Programs for Utah Utah Homebuyer Tax Credit Program Eligible first time homebuyers can lower their tax liability by turning their annual mortgage interest payments into a federal tax credit. The size of the credit is 25 percent of the yearly mortgage interest paid, but cannot exceed $2,000 annually. Credits cannot exceed the borrower's yearly federal income tax liability. Homebuyers who sell their property within the first nine years after purchase may be subject to a federal recapture tax. Borrower income and home purchase price limits apply. Homebuyers must occupy their home as a principal residence. Qualified buyers in Utah may apply. VA Loan Great fixed rate programs for veteran buyers or active duty military personnel in Army, Navy, Marine Corps, Air Force, Coast Guard, and National Guard (Military Reserve are eligible with 6 years of service) with no money down or down payment required or private mortgage insurance. There is a 620 minimum credit score. USDA Rural Development Loan The USDA Rural Development Loan is a zero down loan, meaning you can finance the entire price of the property. The biggest stipulation is that the property must be located in targeted rural area. Credit score minimum is 620. Seller can pay 6% of purchase price toward buyers closing closing costs. FHA Loan The FHA Loan has a low down payment of 3.5%. There is a minimum credit score of 580 and the entire down payment can be a gift, or from state assistance programs or grants. Lastly sellers can pay 6% of purchase price toward buyers closing. NoMI Loan Program NoMI Loan Program is open to first time homebuyers and repeat buyers who can borrow 4 percent of the first mortgage loan to use for the down payment and closing costs. Down payment assistance is in the form of a 30 year, fixed rate loan with an interest rate 2 percent higher than the rate on the first mortgage. NoMI Loan Program can be combined with the homebuyer tax credit (see below). Fannie Mae conventional loans are available. Borrowers must have a minimum credit score of 700. Homes must be owner occupied. Qualified buyers in Utah may apply. HomeAgain Loan Program HomeAgain Loan Program is open to first time homebuyers and repeat buyers, who can borrow 6 percent of the total on their first mortgage loan to use for down payment and closing costs. Down payment assistance is in the form of a 30 year, fixed rate loan with an interest rate 2 percent higher than the rate on the first mortgage. HomeAgain Loan Program can be combined with the homebuyer tax credit (see below). FHA or VA loans are available. Borrowers must have a minimum credit score of 660. Homes must be owner occupied.˙No education class is required. Qualified buyers in Utah may apply. FirstHome Loan Program FirstHome Loan Program is open to first time homebuyers who can borrow 6 percent of their first mortgage loan to use for down the payment and closing costs. Down payment assistance is in the form of a 30 year, fixed rate loan with an interest rate 2 percent higher than the rate on the first mortgage. FirstHome Loan Program cannot be combined with the homebuyer tax credit (see below). FHA or VA loans are available. Borrowers must have a minimum credit score of 660. Homes must be owner occupied.˙No education class is required. Qualified buyers in
Score Loan Program Score Loan Program is open to first time homebuyers and repeat buyers who can borrow 4 percent of the first mortgage loan to use for the down payment and closing costs. Down payment assistance is in the form of a 30 year, fixed rate loan with an interest rate 2 percent higher than the rate on the first mortgage. Score Loan Program can be combined with the homebuyer tax credit (see below). FHA or VA loans are available. Borrowers must have a minimum credit score of 620. Homes must be owner occupied. Qualified buyers in Utah may apply.
To apply visit http://buyerprograms.net/Utah