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First Time Home Buying Program
Let’s get you home
Our first-time homebuyer program offers personalized guidance to make your first home a reality
LIMITED TIME
FIRST TIME HOME BUYER SPECIALS
UCCU No Down Payment Options
We recognize the challenges first-time homebuyers encounter and offer a program to simplify their path to homeownership. Our support includes flexible loan options and personalized guidance, with special emphasis on making down payments more accessible. Qualified buyers can benefit from reduced or zero down payment options, helping them achieve their home-buying goals more quickly.
Utah Housing Assistance
Up to $20,000 in assistance for first time home owners! The First-time Homebuyer Assistance Program provides financial aid towards the purchase of a newly constructed home. This First Time Home Buying Program was created by the Utah Legislature in 2023 and administered by Utah Housing Corporation.
Funds are available until depleted.
Law Enforcement Assistance
Up to $25,000 in assistance for first time home owners who are in law enforcement or correction officers.
The First-time Homebuyer Assistance Program provides financial aid towards the purchase of a newly constructed home. This First Time Home Buying Program was created by the Utah Legislature in 2023 and administered by Utah Housing Corporation.
Funds are available until depleted.
Are you wondering how to get your first home? For many first-time buyers, the path to homeownership can feel overwhelming! Questions about saving for a down payment, meeting credit score requirements, and navigating the loan process can make the dream of owning a home seem out of reach. But that dream home can be within reach with the right support and resources!
That’s why we have Home Buying Experts at work in every UCCU branch, ready to provide the very best options and advantages for first time home buyers, including…
- Loans with no down payment
- No pre-payment penalties
- No balloon payments
- Down payment assistance grants
- Credit score assistance
Ready to Buy a Home?
Contact a local UCCU expert at UCCU. They will help determine your next steps on your home purchase or assist in accessing your home’s equity.
(801) 223-8188 | Branch Locations
Available M–F 8am–6pm, and Sat. 9am–2pm,
Equal Housing Lender. NMLS # 407653. Insured by NCUA.
We understand first-time homebuyers’ challenges, and we’ve developed a program tailored to help you overcome them. Our program is made to simplify the process, offer flexible solutions, and guide you through every step. From finding the right loan options to providing credit assistance and personalized support, we’re here to make homeownership achievable.
One of the biggest hurdles for many first-time buyers is saving for a down payment. Needing 20% of the home’s purchase price upfront can feel like a significant roadblock, but that’s not always required. Qualified buyers can access loans with reduced down payment requirements–or even no down payment through our program! These options make it possible to purchase your home sooner, without waiting years to save. With less upfront cost, you can focus on finding a home that fits your needs and dreams.
Credit Scores and the Role They Play
Credit concerns are another common challenge for first-time buyers. Your credit score is important in figuring out your mortgage options, but it doesn’t have to hold you back. We offer personalized credit score assistance. We’ll help you understand your current credit situation, provide guidance on improving your score if needed, and show you how it impacts your loan terms. This support ensures you’re in the best possible position to secure your financing.
Navigating the homebuying process itself can feel daunting. That’s why UCCU will provide clear guidance and support from start to finish. We can help you get pre-approved for a loan, explain the costs involved in closing, and confidently walk you through each step. We will answer your questions, provide resources, and keep you fully informed at every stage of the process.
Free Home Buying Seminars
Everything you need to know to find and close that perfect home!
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Credit Score Assistance
Let us guide you through every step of the homebuying process, including improving your credit score. Whether you need to check your score, understand how it affects your mortgage, or explore ways to boost it for better loan terms, our experts are here to help. Together, we’ll make homeownership achievable with personalized credit score assistance!
No Prepayment Penalties
Make your homebuying journey stress-free with no prepayment penalties on your mortgage. Pay off your loan early, save on interest, and achieve financial freedom faster–without extra costs. Our flexible options are designed to support first-time homebuyers every step of the way. Discover how easy it is to own your dream home with UCCU!
Loans with No Down Payment
Achieve homeownership with loan options that have no down payment. Designed for first-time homebuyers, these programs make stepping into your dream home easier without the upfront cost. Enjoy flexible terms, competitive rates, and expert guidance every step of the way. Discover how no down payment loans can turn your homebuying dreams into reality!
Let’s get you home. We created our first-time homebuyer program to help buyers overcome challenges and offer solutions that make homeownership possible. With flexible loan options, credit assistance, and expert guidance, we’re dedicated to turning your dream of owning a home into a reality. Homeownership is closer than you think, and we want to help you take the first step!
Frequently Asked Questions
How much should I save for a down payment?
One of the biggest steps when buying your first home is saving for a down payment. We understand that every buyer’s situation is unique, so we recommend saving more than the minimum to cover additional expenses like inspections, appraisals, and moving costs. Our team is here to help you explore these options and find what works best for you.
What credit score do I need to buy a house?
Your credit score plays a key role in the home buying process. We offer solutions for buyers with a variety of credit scores. You’ll generally need a credit score of 620 or higher for conventional loans. If your score is lower, programs like FHA loans can help, requiring a score of 580 for a 3.5% down payment, or even as low as 500 with a 10% down payment. VA and USDA loans typically require scores in the 580-620 range. If you’re unsure where your credit stands, UCCU can help you check your score and discuss ways to improve it for better loan terms.
How do I figure out what I can afford?
Figuring out how much home you can afford is an important step in your home buying journey. Start by evaluating your monthly budget using the 28/36 rule–try to keep your housing costs under 28% of your gross monthly income and your total debt payments below 36%. From there, you can potentially get pre-approved for a loan, giving you a clearer idea of what lenders are willing to finance. Don’t forget to account for additional costs like property taxes, insurance, and HOA fees. At UCCU, we’ll work with you to ensure your home purchase fits comfortably within your financial goals.
What are closing costs?
Closing costs are your final expenses to complete your home purchase. These costs typically range from 2-5% of the home’s purchase price and cover loan origination, title insurance, appraisal fees, and prepaid taxes or insurance. We know these additional costs can feel overwhelming, so we’re here to guide you through every detail. Depending on your situation, the seller can even negotiate or cover some closing costs. Talk to us, and we’ll help you confidently navigate the process.
What types of loans are available for first-time buyers?
We offer a variety of loan options to suit first-time homebuyers. Conventional loans are ideal for those with strong credit and offer competitive rates. FHA loans are popular because of their low down payments and credit score requirements. VA loans can provide excellent terms and no down payment if you’re a veteran or active-duty military. USDA loans are great options for rural properties, offering zero down payment and low interest rates. No matter your situation, UCCU is here to help you understand your options and find the right loan to make homeownership a reality.
What are down payment assistance (DPA) programs?
Down payment assistance programs offer grants or low-interest loans to help eligible homebuyers cover their down payment and closing costs. These programs are often run by state or local housing authorities to make homeownership more accessible. UCCU is familiar with local DPA programs and can help you see if you qualify.
First Time Home Buying Program
Great options and advantages for first time homebuyers.
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UCCU Mortgage Loan Servicing
The assurance that you’ll always make your mortgage payments at a local credit union you can trust.
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Happy Homebuying Tips
Let’s walk you through the steps of smart and relaxing homebuying!
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Home Affordability Tool
A tool to calculate how much home you can afford while you shop!
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