Buying a home in Utah can feel harder when saving for a down payment keeps moving the finish line. The good news is that a new option may help. With the Houzd Mortgage 1% Down program, qualified buyers may be able to purchase a home with just 1% down out of pocket.
For many buyers, the monthly payment is not always the biggest obstacle. The real challenge is coming up with the upfront cash needed to get started. This program helps bridge that gap.
How the Purchase with 1% Down in Utah Program Works
The program uses a 3.5% down payment structure. However, the buyer only brings 1% of the purchase price out of pocket. The remaining 2.5% is gifted.
That means qualified buyers may be able to get into a home sooner without waiting years to save a larger down payment.
Here is the simple breakdown:
- The buyer contributes 1% of the purchase price.
- Eligible buyers may use FHA or conventional loan options.
- Credit scores may start as low as 580.
Not every buyer or property will qualify, but for the right situation, this can give buyers a powerful option.
Why This Matters for Utah Homebuyers
Utah home prices have made it difficult for many buyers to feel ready. Even buyers with steady income may feel stuck because saving for a down payment takes time.
Meanwhile, rent, home prices, and life keep moving along.
This program gives qualified buyers another path to explore. It may help buyers who can afford a monthly mortgage payment but need help with the upfront cost of buying a home.
Who Could Benefit From This Program?
The Purchase with 1% Down in Utah program may work well for:
- First-time homebuyers who have not saved a large down payment yet
- Buyers who have stable income but limited cash upfront
- Renters who feel tired of waiting to see if homeownership is possible
- Buyers with credit scores starting at 580
- Clients comparing FHA, conventional, and other down payment assistance options
- People who want to buy sooner but need a smarter plan
Every buyer’s situation looks different, so the best first step is to run the numbers.
Credit Scores Starting at 580
Another important feature is that qualifying credit scores may start at 580. That does not mean every buyer with a 580 score will automatically qualify, but it does open the door for more people to explore their options.
Credit score is only one part of the approval process. Lenders also review income, employment, debts, assets, and the property itself.
Still, for buyers who thought they needed perfect credit and a huge down payment, this program may be worth a closer look.
Purchase with 1% Down in Utah: Is It Right for You?
The best way to know if this program fits is to look at your full picture. That includes your income, credit, debts, savings, and the type of home you want to buy.
You may be closer than you think.
If the down payment has kept you waiting, this program could help you take the next step. It will not fit every buyer, but it is absolutely worth checking before assuming you are not ready.
See If You Qualify
If you are thinking about buying a home in Utah, let’s run the numbers. The Houzd Mortgage 1% Down Payment Program may help qualified buyers purchase with only 1% down out of pocket.
Contact Houzd Mortgage today to see if you qualify and compare your options.
DISCLOSURE: Program eligibility and terms are subject to change. Not all borrowers will qualify. Assistance is provided through approved partners. This is not a commitment to lend. Equal Housing Opportunity. Terms and conditions apply. NMLS #888979.