Utah 1% Down Payment Loan Option
October 21, 2017 801.473.3154dana@utloanofficer.com First Class Home Mortgage (NMLS 1843) | South Jordan, UT

Utah 1% Down Payment Loan

Home / Utah 1% Down Payment Loan

Do you have great credit, but not much of a down payment?

Utah low down payment loanFor once, that shiny 720+ credit score can help with something   ;-)

That’s right, eligible Utah borrowers can purchase a home with only 1% down payment. Even better, the lender will contribute 2% (up to $5,000) to boost your equity to 3% at the closing table.

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Bid your landlord farewell, and welcome that new puppy into your family!

How to qualify for the 1% down payment home loan

  • Must have a 720 minimum credit score
  • Available to first time homebuyers and repeated homebuyers alike
  • Owner occupied 1 unit homes only
  • Manufactured homes not allowed
  • 1% down payment must come from the borrower’s own funds. Gifts are allowed for additional down payment and/or closing costs
  • Allowable debt to income is 50% (or per the Automated Underwriting System results)
  • Lower Private Mortgage Insurance premiums available as a one time lender paid fee, or monthly borrower paid
  • Income limits apply per the Home Ready Income Eligibility tool. Limits do not apply for Carbon County, Davis County, Salt Lake County, Tooele County and Carbon County.
  • Conventional County loan limits apply:

conforming loan limits Utah

This loan program is essentially Fannie Mae’s Conventional Home Ready with 3% down payment, topped with some extra help from the lender.

If your credit is not quite there, no worries. Contact me for a free, no obligation credit analysis. You can provide your own credit report from www.annualcreditreport.com to avoid a hard mortgage inquiry, or use my secure online application and allow me to pull credit.

You can also email me at dana@utloanofficer.com for a quick rate quote, and to get answers to your mortgage questions.

1 down mortgageNext time you think about moving, keep in mind that the first month’s rent and the security deposit add up to a down payment on your very own home.

This is the time to take action. The 1% down payment loan is a rare and valuable opportunity to take advantage of.

Have Questions or Need Assistance?

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