NMLS#: 1025894
Serving all of Utah
Chad Palmer NMLS#299977 | Larry Jacobson NMLS#291938

Down Payment Assist

Down payment requirements can be lower than many believe, and some programs allow for little or even no money down. FHA, USDA, VA, HUD, Homepath, 80/10/10’s, conventional loans-all can be used to facilitate a home purchase with less cash-on-hand than you might have thought possible.

Getting in a home while prices are rising can be a smart move. You’re allowing the market to build equity for you rather than racing it in an attempt to save faster than prices climb.

At the least, a free consultation and review will let you know what might be available for your situation. If you know where you stand, you can take advantage of rising prices rather than having them take advantage of you.

The Down Payment Assistance (DPA) programs administered by Community Development Corporation of Utah (CDCU) are federally funded and is to be used to help income-eligible, first-time homebuyers purchase single family residences. Funds may only be used for down payment requirements and/or closing costs associated with a first mortgage.


Disclosure: Synergy One Lending does make direct down payment grants. Synergy One Lending will assist borrowers in obtaining grants. Certain conditions and requirements may apply.

Down Payment Assistance Second Mortgage:

  • An eligible borrower can obtain a second mortgage for up to:
    • 6% of the FirstHome Loan, HomeAgain Loan or
    • 4% of a Score Loan

to use for the down payment and closing costs needed to purchase a home.

  • The second mortgage is a 30-year fixed rate loan with an interest rate that is 2% higher than the first mortgage interest rate.
  • Both the first mortgage and the second mortgage loan are serviced by Utah Housing Corporation. Borrowers will make both mortgage payments to Utah Housing Corporation in West Valley City, Utah.

Down Payment Requirement

  • An FHA loan requires a 3.5% down payment (i.e. $5,250 is the minimum down payment for a home appraised at $150,000)
  • Veterans with full VA eligibility may be able to finance 100% of the purchase price. Eligibility for the VA Home Loan Program

Closing Costs

  • Closing Costs charged by a lender vary from lender to lender and can range from 3% – 6% of the Loan Amount (i.e. Closing Costs for a loan amount of $150,000 can range from $4,500 – $9,000).
  • It is important to obtain closing cost quotes from several Participating Lenders

Fixed Interest Rates

Rates for our 30-year fixed rate mortgage can be found here. Only Utah Housing approved Participating Lenders can offer the following loan programs and interest rates:

  1. FirstHome Loans have the lowest interest rate. These loans are for first time homebuyers with a minimum credit score of 660.
  2. HomeAgain Loans are for first time homebuyers and homebuyers who have previously owned a home with a minimum credit score of 660. The income and sales price limits are higher a than FirstHome loan.
  3. Score Loans are for first time homebuyers and homebuyers who have previously owned a home with a minimum credit score of 620.

Income and Purchase Price Limits

Loan Program Counties Family Size 1-2 Income Limits Family Size 3+ Income Limits Purchase Price Limits
FirstHome Salt Lake, Davis, Utah, Weber, Summit, Wasatch, Washington, Morgan, Daggett, Tooele, Kane, Juab $70,300 $80,150 $279,000
FirstHome All Other Counties $65,500 $70,300 $250,000
HomeAgain All Counties $81,000 $81,000 $320,000
Score All Counties $81,000 $81,000 $250,000
NoMI All Counties $84,000 $84,000 $350,000