One of the most common things I hear from first-time buyers is "I didn't know that existed." Utah has more first-time buyer assistance than most people realize, and not knowing about it is the single biggest reason people wait years longer than they need to.
Here's a rundown of the programs worth knowing about before you assume you can't afford to buy.
Utah Housing Corporation (UHC) Loans
Utah Housing Corporation offers below-market interest rate loans specifically for Utah residents, often paired with down payment assistance. These are run through participating lenders, not the state directly, so you'll want a lender who's familiar with them.
Down Payment Assistance (DPA) Programs
Several DPA programs exist that can cover part or all of your down payment and closing costs, usually structured as a second loan. Terms vary, some are forgivable after a period of time living in the home, others are repaid when you sell or refinance. This is worth exploring even if you think you have enough saved, since it can free up cash for repairs or an emergency fund instead.
FHA Loans
FHA loans allow down payments as low as 3.5% and have more flexible credit requirements than conventional loans. They're a common starting point for first-time buyers, especially if your credit is still being built.
VA Loans
If you or your spouse served in the military, VA loans often require no down payment at all and have competitive rates. This is one of the most underused programs I see, a lot of eligible buyers don't realize they qualify.
Conventional 97 Loans
Some conventional loans now allow as little as 3% down for qualified first-time buyers, without the mortgage insurance structure of FHA loans. Depending on your credit profile, this can actually come out cheaper monthly than FHA.
How to Actually Use This Information
The honest truth: which program is right for you depends entirely on your credit, income, and how long you plan to stay in the home. This is exactly the kind of thing I walk through one-on-one, because a program that's perfect for one buyer can be the wrong choice for another.