Utah Score Loan Program Guide

Guide to the Utah Score Loan Program

The Utah Score Loan Program is designed to assist eligible homebuyers with lower credit scores in achieving homeownership. By providing affordable fixed-rate mortgages and financial assistance for upfront costs, this program opens the door to homeownership for individuals who may face credit-related challenges. Below is a detailed guide to the program’s features, requirements, and application process for 2025.

1. Program Overview:

• Purpose: The Score Loan Program provides fixed-rate mortgage options and down payment assistance to help buyers with lower credit scores purchase a home.
• Loan Terms: The program offers 30-year fixed-rate mortgages, ensuring predictable and manageable monthly payments.
• Down Payment Assistance: Buyers may qualify for financial assistance of up to 4% of the loan amount to cover down payment and closing costs.

2. Eligibility Requirements for 2025:

To qualify for the Utah Score Loan Program, applicants must meet the following criteria:

• Credit Score: The program is designed for buyers with lower credit scores, with a minimum required score of 620. Additional lender-specific guidelines may apply.
• Income Limits: Household income must fall within program limits, which vary based on location and household size. These limits are updated annually.
• Property Requirements: Eligible properties must be located in Utah, used as the buyer’s primary residence, and meet program purchase price limits.
• Homebuyer Status: The program is available to both first-time and repeat homebuyers who meet other eligibility requirements.

3. How to Apply:

Follow these steps to apply for the Utah Score Loan Program:

• Assigned Loan Officer: After beginning the application process, a loan officer will be assigned to assist you. They will verify your eligibility, explain the program benefits, and guide you through the application process.
• Prepare Required Documentation: Gather necessary documents, including proof of income, tax returns, credit history, and property details.
• Submit Your Application: Work closely with your assigned loan officer to complete and submit the application. Your loan officer will process your information and notify you of approval status.

4. Homebuyer Education Course:

• Mandatory Requirement: All applicants must complete an approved homebuyer education course. This course ensures buyers are prepared for the responsibilities of homeownership and offers guidance on managing finances.
• Course Availability: The course can be completed online or in person. Upon completion, participants receive a certificate to include with their loan application.

5. Key Benefits of the Score Loan Program:

• Affordable Fixed Rates: The program offers competitive fixed-rate mortgages, ensuring stable monthly payments over the life of the loan.
• Down Payment Assistance: Buyers can receive up to 4% of the loan amount for down payment and closing costs, reducing the upfront financial burden.
• Support for Lower Credit Scores: The program specifically addresses the needs of buyers with lower credit scores, offering access to affordable homeownership options.

6. Finalizing the Loan:

• Approval Process: Once approved, your assigned loan officer will guide you through the final steps, including reviewing loan terms, signing documents, and preparing for closing.
• Closing Costs: While the program provides significant assistance, buyers may still be responsible for certain closing costs. Your loan officer will provide a detailed breakdown of these expenses.

The Utah Score Loan Program is an excellent option for buyers with lower credit scores who are seeking affordable mortgage solutions and assistance with upfront costs. With competitive rates, down payment support, and expert guidance, this program helps Utah residents achieve their homeownership goals. Begin your journey with the Utah Score Loan Program in 2025.