Everything you need to know about buying your first home in Utah — the process, credit requirements, down payment options, and available assistance programs.
Talk to a licensed loan officer to understand what you can afford. This gives you a budget and shows sellers you're serious.
Pre-approval is FREE and does not obligate you to anything.
Work with a real estate agent to search for homes in your price range. Your agent represents YOU and their service costs you nothing.
Stay within your pre-approved budget for the best experience.
Your agent helps you write a competitive offer. Once accepted, you're 'under contract' with a typical 30-45 day closing timeline.
Earnest money (typically $1,000-$5,000) shows good faith.
Get a home inspection, the lender orders an appraisal, and your loan goes through final underwriting. Stay in close contact with your loan officer.
Do NOT open new credit, change jobs, or make large purchases during this time.
Sign final paperwork, pay closing costs, and receive the keys to your new home. Congratulations — you're a homeowner!
Closing typically takes about 1 hour. Bring a valid photo ID.
Conventional
620+
FHA
580+
VA
580+
Higher credit scores = lower interest rates and lower mortgage insurance costs. A 740+ score gets you the best conventional rates.
Pay all bills on time — payment history is #1
Keep credit card balances below 30% of limits
Don't open new accounts before applying
Don't close old credit cards
Check your credit report for errors at AnnualCreditReport.com
Become an authorized user on a family member's card if needed
Min Down Payment
3%
Best rates with high credit scores (740+)
PMI required below 20% down (varies by credit score)
Min Down Payment
3.5%
Most flexible credit requirements
0.55%/yr MIP + 1.75% upfront (for life of loan if < 10% down)
Min Down Payment
0%
Best deal for eligible veterans & active duty
No monthly MI — 2.15% one-time funding fee
On a $400,000 home: Conventional = $12,000 down, FHA = $14,000 down, VA = $0 down. Down payment assistance programs can cover these amounts!
Utah has 20+ active programs offering grants, forgivable loans, and deferred loans to help with your down payment and closing costs. Here are some highlights:
Statewide
Available with FHA, VA, or Conventional through Utah Housing Corp
Provo only
Deferred loan — no monthly payments
Davis County
Deferred loan for income-qualifying buyers
Ogden
Forgivable after 5 years of occupancy
Murray
Forgivable after 5 years of occupancy
Income Limits
Usually 80-120% of Area Median Income
Credit Score
620-680 minimum depending on program
Primary Residence
Must live in the home as your primary residence
Homebuyer Education
Most programs require a HUD-approved course
Enter your income, debts, and credit score to see your estimated max purchase price and monthly payment for Conventional, FHA, and VA loans.
Try the CalculatorAnswer a few quick questions to find out which Utah down payment assistance programs you may qualify for. Takes less than 5 minutes.
Find My ProgramsContact us for a free, no-obligation consultation. We can help you understand your options and get pre-approved.
Jake Peterson & Tim Hawkes · The Tim Hawkes Team · Cornerstone Home Lending · NMLS #2258
utahdownpaymentprograms.com — Utah's most comprehensive resource for down payment assistance