Buying your first home in Utah is doable, even right now. This is the guide I wish every one of my first-time buyers read before our first call. It covers what you actually need (and what you don't), how the process really works, and the mistakes I see most often.
How much you actually need to buy a home in Utah
Forget the "20% down" myth. In Utah, most first-time buyers put down between 3% and 5% on a conventional loan, or 3.5% on FHA. On a $475,000 starter home that's $14,250 to $23,750 down. Add roughly $7,000 to $12,000 in closing costs (often partially or fully covered by seller credits) and you're looking at $20,000 to $35,000 total cash to close. Less if you qualify for down payment assistance.
Credit score: what really matters
FHA loans go down to 580. Conventional starts at 620. But pricing improves meaningfully at every 20-point break: 660, 680, 700, 720, 740, 760. If you're close to a break, I'll often tell you exactly what to pay down or pay off for 30 days to push you over. A 20 point bump can save tens of thousands over the life of the loan.
Utah down payment assistance: who qualifies
Utah Housing Corporation runs the main DPA programs (FirstHome, HomeAgain, Score). They cover the down payment and sometimes closing costs through a small second loan. Income limits apply but they're generous (well above $100K in many counties). On our first call I check your eligibility against current Utah Housing programs.
The 6 steps from rent to keys
1. Free 15-minute call with me. 2. Soft credit pull and pre-approval letter (no impact on your score). 3. Tour homes with an agent (I can refer or work with yours). 4. Offer accepted, earnest money to title company. 5. Inspection, appraisal, underwriting (about 21-30 days). 6. Sign at the closing table, get the keys. From contract to close: 21-30 days is normal.
The 3 mistakes I see most often
1. Making a big purchase (car, furniture, anything financed) during the process. It blows up your debt-to-income ratio days before closing. 2. Skipping the pre-approval and shopping with just a pre-qual. Sellers in Utah aren't taking pre-quals seriously in this market. 3. Going with the first lender who answers the phone without comparing rates. Even half a percent over 30 years is real money.