Special Loan Program For 1st Time Buyers In UT
Looking to purchase your 1st residence in Utah but find yourself at a loss as to where to turn for a mortgage loan? Look no further. First time home buyer loans in Utah are provided by the Community Development Corporation of Utah (CDCU). Not only do they finance 100% of the purchase price of your first home, they also provide other cherished programs for 1st time home buyers.
Here are some details on CDCU’s loan program:
Community Development Corporation of Utah (CDCU) offers the HomeFit™ Mortgage, a loan for qualified homebuyers that is an affordable alternative to other mortgage loans. The HomeFit™ Mortgage finances 100% of the purchase price of the home through two loans – the first 80% is covered through a conventional loan, and the remaining 20% is a second mortgage that is serviced and managed by CDCU’s affiliate, Community Development Fund of Utah.
Because of the two loans, there is NO requirement for mortgage insurance. The interest rate on the second mortgage is 2% higher than the interest rate on the first. Even with the higher interest rate, the combined monthly mortgage payments are less than what they would be on a FHA loan.
For complete details on this loan, including contact information and instructions on how to apply, please visit this CDCU loan information page.
More Utah First Time Buyer Resources
In addition to the above first time homebuyer loan from CDCU, there are resources available as well. Be sure to visit Utah down payment assistance, as well as our page that shares details about grants available in UT to purchase your first home.