Mortgage Down Payment Assistance in Salt Lake City, UT

The mortgage company you choose for your Salt Lake City home loan can affect your financial well-being for decades. Your home is arguably the largest single purchase you’re likely to make in your lifetime. Selecting the right mortgage loan for your needs is the first step toward realizing your homeownership goals.

Down Payment Assistance

Provides information and assistance on various programs available to help with down payments, making homeownership more attainable for a wider range of clients.

At Altius Mortgage, we understand that saving for a down payment can be one of the biggest hurdles on the path to homeownership. That’s why we offer a variety of down payment assistance programs to help you bridge the gap and make your dream of owning a home a reality.

Here’s what you’ll find on this page:

  • What is Down Payment Assistance?
  • Benefits of Down Payment Assistance
  • Programs We Offer
  • Eligibility Requirements
  • How to Apply
  • Additional Resources

What is Down Payment Assistance?

Down payment assistance programs are financial tools provided by various organizations to help first-time homebuyers (and sometimes, repeat buyers) come up with the money needed for a down payment on a house. These programs can come in the form of grants, low-interest rate loans, or tax credits.

Benefits of Down Payment Assistance:

  • Reduce your upfront costs: By lowering the amount you need upfront, down payment assistance programs can make buying a home more affordable.
  • Qualify for a better mortgage: A larger down payment can lead to a lower interest rate and better loan terms on your mortgage.
  • Reduce your private mortgage insurance (PMI): With a larger down payment, you may be able to avoid PMI, which is an additional monthly expense required on loans with a down payment of less than 20%.

Programs We Offer:

We partner with various lenders and government agencies to offer a variety of down payment assistance programs, including:

  • Federal Housing Administration (FHA) 203(b) Program: This program allows for a minimum down payment of 3.5% of the purchase price.
  • USDA Rural Development Guaranteed Loan Program: This program offers down payment assistance to eligible borrowers in rural areas.
  • Utah Housing Corporation (UHC) Down Payment Assistance Programs: UHC offers various programs with down payment and closing cost assistance for first-time homebuyers.
  • Grant programs: We can connect you with grant programs offered by non-profit organizations and local municipalities that can help with down payment and closing costs.

Please note: Program offerings and eligibility requirements may vary depending on your location, income, and other factors. We encourage you to contact us to discuss your specific situation and see which programs may be available to you.

Eligibility Requirements:

Eligibility requirements for down payment assistance programs vary depending on the program itself. However, some general criteria may include:

  • Income limits: Most programs have income limits to ensure the assistance goes to those who need it most.
  • Credit score requirements: While some programs have minimum credit score requirements, others may be more flexible.
  • First-time homebuyer status: Some programs are specifically designed for first-time homebuyers, while others may be open to repeat buyers under certain circumstances.

How to Apply:

If you’re interested in learning more about down payment assistance and exploring your options, here’s how to get started:

  1. Contact a Loan Officer: Our experienced loan officers can assess your individual situation, determine your eligibility for different programs, and guide you through the application process.
  2. Gather your documents: You will likely need to provide documents such as proof of income, tax returns, and bank statements.
  3. Complete the application: Each program may have its own application process, but our loan officers will be there to help you navigate the steps.

Additional Resources:

We are committed to helping you achieve your dream of homeownership. Contact Altius Mortgage today to learn more about our down payment assistance programs and get started on your journey to homeownership!

Please note: The information provided on this page is for informational purposes only and should not be considered financial advice. We recommend consulting with a qualified financial advisor to discuss your individual financial situation and determine the best options for you.