What is the Utah Score Loan Program?
The Utah Score Loan Program provides financial assistance to homebuyers with lower credit scores, offering low-interest loans and support to help them achieve homeownership.
Who qualifies for the Score Loan Program?
Eligibility is designed for buyers with credit scores as low as 620, along with meeting income, purchase price limits, and primary residence requirements.
What is the minimum credit score required for the program?
Applicants must have a credit score of at least 620 to qualify. Those with higher scores may have access to additional loan options or improved terms.
How much down payment assistance is available?
The program offers up to 4% of the loan amount as assistance for down payment and eligible closing costs, reducing upfront financial barriers.
Is this program only for first-time homebuyers?
No, the program is open to both first-time and repeat homebuyers as long as the home being purchased is used as the buyer’s primary residence.
Are there income limits for the Score Loan Program?
Yes, income limits vary based on household size and county. These limits ensure the program benefits low-to-moderate-income families.
What types of properties are eligible for the program?
Eligible properties include single-family homes, townhouses, and condominiums. Manufactured homes may also qualify if they meet program requirements and are permanently affixed to a foundation.
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Get Started NowWhat is the maximum purchase price allowed?
As of 2025, the maximum purchase price varies by location but generally ranges from $350,000 to $600,000, depending on program guidelines.
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 help buyers understand the financial responsibilities and long-term commitments of homeownership.
Can the program help with closing costs?
Yes, the down payment assistance can also be applied toward 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 program eligibility requirements for type and price limits.
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%, but exceptions may be made for applicants with strong credit or other compensating factors.
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Get Started NowCan the Score 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 Score Loan Program?
The program provides affordable mortgage options, down payment assistance, and support for buyers with lower credit scores, making homeownership more accessible.
Can this program be used with FHA, VA, or USDA loans?
Yes, the Score Loan Program can be combined with FHA, VA, USDA, and conventional loans, provided all eligibility requirements are met.
How does the deferred second mortgage work?
The deferred second mortgage provides down payment assistance without requiring monthly payments. Repayment is required only if the home is sold, refinanced, or no longer used as the primary residence.
What is the application process for the Score 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 Score 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.