Although, the Utah rural housing program is technically not a down payment assistance program it is an excellent way to get into a home without a down payment. This program assists low and moderate income households the opportunity to own their own home with 100% financing to those that qualify. It is also called the USDA Guaranteed loan program and a is a Federal program offered through the United State Department of Agriculture. When calculating payments you must include an “annual fee” that is charged monthly, however the annual fee is usually less than most mortgage insurance payments.
Utah USDA Qualification and Requirements*
- Be within USDA Set Income Limits
- Purchase a home in a USDA set geographical area
- Have minimum credit score of 640
- 24 month income history
- Home must be in good repair and fit USDA requirements
*All applicants must show repayment ability, have a reasonable credit history and must meet other program requirements. Not all who apply will qualify