Utah Governor Gary Herbert and the Utah Housing Corporation announced the availability of new mortgage options to help prospective home buyers.
The HomeAgain and Score Loan programs offer down payment assistance to previous home buyers and buyers with credit scores as low as 620.
"We're helping first-time home buyers. We've been doing as many of those loans last year and the year before as we did for most any of the 30 years we've been in existence. But a lot of the people [were] just simply shut out of that market because they don't have that down payment," said Grant Whitaker of the Utah Housing Corporation.
Read more about the Utah Housing Corporation loans in this press release:
New mortgages open housing market to thousands of buyers
Just when we thought housing couldn't get more affordable, Utah Housing Corporation is launching new mortgage options to help buyers who need down payment assistance and/or have credit scores of 620 or more, even if they have owned a home before.
The Utah Housing Corporation HomeAgain Loans and Score Loans open up the possibility of home ownership for many Utahns who were shut out of the market during the Great Recession.
The new loans also dramatically expand Utah Housing Corporation's mission. Since its establishment in 1975, Utah Housing has provided mortgages for first-time homebuyers with low or moderate incomes. Now, Utah's trusted community partner is expanding its target audience to include previous home owners. Utah Housing is one of the first housing finance agencies in the country to create paths back to home ownership for those who have owned a home before.
Governor Gary Herbert joined with Utah Housing Corporation President Grant Whitaker to announce the new mortgages in front of a Salt Lake home that is on the market. Home shoppers, realtors, builders and mortgage lenders all gathered to celebrate.
"These new Utah Housing Corporation mortgages are critical tools in Utah's economic recovery," Governor Herbert said. "Home ownership is the heart of financial stability. I am encouraged that more Utahns will now have that opportunity. This helps families and builds our economy. We are fortunate to have one of the leading housing finance agencies in the country at the forefront of mortgage innovation."
The HomeAgain Loan is virtually the only mortgage available for previous homebuyers to get down payment assistance. Before the Great Recession, most buyers had cash or home equity that enabled them to move up into their second home. Now, many people need help with their down payments to get into the market.
The Score Loan provides down payment assistance, and is available to buyers with credit scores as low as 620. Credit scores are based on history that helps lenders evaluate a buyer's credit risk.
To find out more about Utah Housing Corporation down payment assistance mortgages, call 801-988-5340 or go to www.utahhousingcorp.org Utah Housing will help home buyers find one of the one of nearly 40 mortgage lenders throughout the state that provide Utah Housing mortgages.
State housing finance agencies are among the few lenders that can still provide down payment assistance. Utah Housing Corporation and housing finance agencies in other states have demonstrated responsible stewardship of their mortgages. The loan approval process is thorough and loans are serviced locally by Utah Housing Corporation throughout the life of the loan. Borrowers can communicate directly with local customer service agents. The result is low default rates compared to state and national averages.
When combined with historically low interest rates and house prices, the Utah Housing Corporation HomeAgain and Score loans are expected to draw thousands of buyers back into the market and take Utah's economic recovery another big step forward.
About Utah Housing Corporation
Utah Housing Corporation is the state's leader in creating affordable housing solutions. The Utah Legislature established it in 1975 as an independent public corporation of the state. No tax dollars are used. More than 65,000 Utah families have purchased homes with Utah Housing Corporation mortgages.
