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The Types of Loans Offered by Utah Housing Corp

July 14th, 2014

The Types of Loans Offered by Utah Housing Corp

The Utah Housing Corp offers assistance to potential homebuyers who would otherwise have trouble securing a mortgage. In addition to their down payment assistance program, they offer specialized mortgage programs to qualified buyers. These types of mortgages can be obtained through qualified lenders, such as Axiom Financial.

First Home First Home loans are meant to give people looking to become homeowners for the first time a leg up. Some of the requirements for buyers to qualify for this type of loan include:
  • You must be a first-time homebuyer, or not had an ownership interest in a home within the past 3 years.

  • Your annual household income is between $65,500 and $80,150.

  • You have a minimum credit score of 660.

  • The maximum sale price of the property being loaned against is $279,000.

HomeAgain The HomeAgain program is meant to help buyers who have owned a home before, or who currently own a home, but need some assistance getting into another home. Common situations for those applying for this type of loan are homeowners who own a home, but who have not built up any equity, who are upside down in their mortgage, or home buyers who previously owned a home, but lost it in a shortsale or foreclosure. Some of the requirements for this type of mortgage include:
  • An annual income limit of $81,000.

  • A minimum credit score of 660.

  • The maximum sale price of the home is $320,000.

Score For consumers whose credit score has fallen below 660, the Score loan program can help. Those with a credit score between 620 and 660 can qualify for this type of loan. Other requirements include:
  • An annual household income limit of $81,000.

  • A maximum sale price on the home of $250,000.

  • Completion of Homebuyer Education course.

NoMI For well qualified buyers, the NoMI loan program is available, and is an opportunity that is unique to Utah. This type of loan allows buyers to forego the monthly mortgage insurance premium in order to get a lower monthly payment. This option would also increase a buyer’s buying power for the same monthly payment as a lower mortgage that includes the mortgage insurance. Buyers don’t need to be first time homeowners for this program, but it does have a higher interest rate than other options. Some of the requirements of a NoMI loan include:
  • An annual household income limit of $84,000.

  • A minimum credit score of 700.

  • A maximum sale price on the home of $350,000.

  • Completion of Homebuyer Education course.

 

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