How to Buy a Home in Utah with the Utah Housing Program and Village Mortgage

Are you looking for a way to buy a home in Utah with affordable financing and down payment assistance? If so, you may be interested in the Utah Housing Program, a state initiative that offers loans and grants to help low- to moderate-income homebuyers achieve their homeownership goals. And if you are looking for a trusted and experienced lender to work with, you may want to consider Village Mortgage, a local Utah business that specializes in good and bad credit home loans and refinance. Here are some steps to follow to apply for the Utah Housing Program and Village Mortgage and get closer to your dream home.

Step 1: Check your eligibility

To qualify for the Utah Housing Program, you must meet the following criteria:

• You must have experienced a documented financial hardship associated with COVID-19 after January 21, 2021
• You must own and occupy the property as your primary residence, located in Utah
• You must have a credit score of 620 or higher and a household income of up to $8,900 monthly (or up to $12,500 monthly for properties in Summit county)
• You must not be currently participating in any other rental assistance program

Step 2: Contact Village Mortgage

Village Mortgage is an approved participating lender of the Utah Housing Program. They have a full line of programs designed to help people with good and bad credit home loans and refinance. They have been serving Utah residents since 1996 and have a team of friendly and knowledgeable loan officers who can help you with your mortgage needs. You can contact them by phone, email, or visit their office in South Ogden. Here are their contact details:

Step 3: Choose your loan program

The Utah Housing Program offers four loan programs with different interest rates, down payment assistance amounts, and loan terms. They are:

• FirstHome Loan: A 30-year fixed rate FHA loan with 6% down payment assistance
• HomeAgain Loan: A 30-year fixed rate FHA loan with 4% down payment assistance for repeat homebuyers
• Score Loan: A 30-year fixed rate FHA loan with 4% down payment assistance for borrowers with lower credit scores
• NoMI Loan: A 30-year fixed rate conventional loan with 3% down payment assistance and no mortgage insurance

You can compare the payment and interest rates of these programs on the UHC website. Your Village Mortgage loan officer will help you choose the program that suits your needs and budget.

Step 4: Apply for your loan and assistance

Once you have chosen your loan program, you will need to complete an application form and provide some documents to Village Mortgage. These include:

• Government issued identification that proves legal United States residency (for example, social security card, permanent resident card or passport)
• Most recent mortgage statement for each mortgage (for example, first mortgage and second mortgage)
• Proof of income, assets, and debts
• Proof of financial hardship due to COVID-19
• Purchase contract for the property you want to buy

Village Mortgage will review your application and verify your information. They will also order an appraisal of the property to determine its value and condition. If your application is approved, you will receive a loan commitment letter from UHC that outlines the terms and conditions of your loan and assistance.

Step 5: Close on your home

The final step is to close on your home purchase. This is when you sign the loan documents, pay any closing costs and fees, and receive the keys to your new home. Village Mortgage will coordinate with UHC, the seller, and the title company to schedule a closing date and time. You will need to bring a cashier’s check or wire transfer for the amount of your down payment and closing costs. You will also need to bring your government issued identification and proof of homeowners insurance.

Congratulations! You have successfully bought a home in Utah with the help of the Utah Housing Program and Village Mortgage. Enjoy your new home and make sure to keep up with your monthly mortgage payments.