The Utah Housing HomeAgain Loan can be used by first time homebuyers or buyers that have previously owned a home. It allows for 2+ units as long as one is owner occupied. It is a great mortgage for anyone who does not have or does not want to put an initial down payment on a home. The DPA portion allows for up to 6% of the FHA first mortgage loan in the form of a fixed rate second lien to go towards down payment and/or closing costs.
Qualification and Requirements:*
- Must qualify for an FHA loan
- Minimum of 620 mid Fico score
- Purchase loans only
- 6% of the first loan amount is available for DPA
- May be used anywhere in Utah
- Maximum qualifying income limit $151,900
- No maximum purchase price