Bootcamp For Buyers

Utah HomeAgain Loan Program

The Utah HomeAgain Loan Program, administered by the Utah Housing Corporation, is designed to assist repeat homebuyers in achieving affordable homeownership. By offering fixed-rate mortgages and financial assistance for down payments and closing costs, this program supports eligible individuals and families looking to purchase their next home in Utah.

Benefits

  • Offers 30-year fixed-rate mortgages with competitive interest rates, ensuring predictable and manageable monthly payments.
  • Provides down payment and closing cost assistance, reducing upfront financial barriers for buyers.
  • Supports repeat homebuyers, allowing those who have previously owned a home to qualify for assistance.
  • Encourages stable housing and long-term equity building for Utah residents.
  • Can be paired with other Utah Housing Corporation programs for enhanced financial flexibility and support.

Eligibility Requirements

  • Applicants must meet income limits, which vary based on household size and property location within Utah.
  • The property must be located in Utah and used as the buyer’s primary residence.
  • A minimum credit score of 620 is typically required, with lender-specific underwriting criteria also applicable.
  • Participants must qualify for a Utah Housing Corporation first mortgage to access the HomeAgain Loan Program benefits.
  • Completion of a Utah Housing Corporation-approved homebuyer education course is required to prepare for the responsibilities of homeownership.

Additional Information

The Utah HomeAgain Loan Program is a valuable resource for repeat homebuyers seeking to reduce upfront costs and achieve stable housing. By offering competitive mortgage options and financial assistance, the program empowers eligible buyers to invest in their futures and build long-term equity. Administered by the Utah Housing Corporation, this initiative strengthens communities and promotes sustainable homeownership across the state.

Frequently Asked Questions About Our Program

What is the Utah HomeAgain Loan Program?

The Utah HomeAgain Loan Program provides low-interest fixed-rate mortgages and down payment assistance to help repeat homebuyers and first-time buyers achieve homeownership.

Who qualifies for the HomeAgain Loan Program?

Eligibility is open to both first-time homebuyers and those who have owned a home previously, as long as the home being purchased is intended as a primary residence.

How much down payment assistance is available?

The program offers up to 6% of the loan amount as assistance for down payment and closing costs, helping reduce the upfront expenses of buying a home.

Do I need to be a first-time homebuyer to qualify?

No, the HomeAgain Loan Program is specifically designed for repeat buyers, but first-time buyers are also eligible.

What is the minimum credit score required?

Applicants typically need a credit score of at least 620 to qualify. A higher credit score may improve eligibility and provide better loan terms.

Are there income limits for the program?

Yes, income limits apply and vary by household size and county. These limits are designed to ensure the program benefits low-to-moderate-income buyers.

What types of properties are eligible for this program?

Eligible properties include single-family homes, townhouses, and condominiums. Manufactured homes may qualify if they are permanently affixed to a foundation and meet program guidelines.

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What is the maximum purchase price allowed?

As of 2025, the maximum allowable purchase price varies by location but generally ranges from $350,000 to $600,000, depending on program criteria.

Does the down payment assistance need to be repaid?

The assistance is provided as a deferred second mortgage with no interest. Repayment is required only if the buyer sells, refinances, or moves out of the home before the loan term ends.

Is homebuyer education required?

Yes, completing a homebuyer education course is mandatory to ensure buyers are well-informed about the responsibilities and financial commitments of homeownership.

Can the program help with closing costs?

Yes, the down payment assistance can be applied toward both the down payment and eligible closing costs, making the homebuying process more affordable.

Are there restrictions on where the property must be located?

Yes, the property must be located within Utah and meet the program’s eligibility criteria for location and type.

Can the program be used for newly constructed homes?

Yes, newly constructed homes are eligible as long as they meet the program’s purchase price and other requirements.

Are there debt-to-income (DTI) ratio requirements?

The maximum allowable DTI ratio is typically 45%, though exceptions may be made for applicants with strong credit or other compensating factors.

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Can the HomeAgain Loan Program be combined with other assistance programs?

Yes, this program can often be combined with other state or local homebuyer assistance programs to maximize benefits.

What are the benefits of the HomeAgain Loan Program?

The program provides low-interest rates, assistance with upfront costs, and access to homebuyer education, making homeownership more attainable for repeat and first-time buyers.

Can this program be used with FHA, VA, or USDA loans?

Yes, the HomeAgain Loan Program can be combined with FHA, VA, USDA, and conventional loans, provided all program requirements are met.

How does the deferred second mortgage work?

The deferred second mortgage allows buyers to access down payment assistance without making monthly payments. Repayment is only required if the home is sold, refinanced, or no longer used as a primary residence.

What is the application process for the HomeAgain Loan Program?

Applicants work with an approved lender who will verify eligibility, guide them through the application process, and assist in securing both the loan and any available assistance.

Is there a fee to participate in the HomeAgain Loan Program?

Yes, a one-time program fee may apply, typically included in the closing costs. The lender will provide details during the application process.

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