HOME FINANCING · UT

Home Financing Guide for Utah County, Utah

Buying a home in Utah County — from Provo and Orem to Springville and Lehi — is a big step, and the right financing makes all the difference. This guide walks you through what home loans are, who qualifies locally, what documents you'll need, and which local lenders and organizations actually serve Utah County residents, including ITIN borrowers and first-time buyers. We highlight local credit unions, CDFIs, and community programs so you can compare options confidently. We also flag the warning signs of predatory lending so you can protect yourself and your family.

§ 01 — What it is

What Is Home Financing?

A home loan — also called a mortgage — is money you borrow from a lender to buy a house or condo. You repay it in monthly installments over a set term, usually 15 or 30 years. The home itself serves as collateral, meaning the lender can reclaim it if you stop making payments. There are several common loan types you'll encounter in Utah County: • **Conventional loans** — Offered by banks, credit unions, and mortgage companies. Usually require a credit score of 620 or higher and a down payment of 3–20%. • **FHA loans** — Backed by the Federal Housing Administration. Allow lower credit scores (as low as 580) and down payments as low as 3.5%. Popular with first-time buyers. • **VA loans** — For qualifying veterans and active-duty military. No down payment required. Utah County has a significant military-connected population that benefits from this program. • **USDA loans** — For homes in eligible rural or semi-rural areas. Parts of Utah County (such as areas near Spanish Fork or Woodland Hills) may qualify. • **ITIN loans** — For borrowers who do not have a Social Security Number but do have an Individual Taxpayer Identification Number. These are offered by select local lenders and credit unions. Understanding which loan type fits your situation is the first step. A local lender or housing counselor can help you compare options without pressure.

§ 02 — Who qualifies

Who Qualifies? Local Context for Utah County

Utah County is one of the fastest-growing counties in the United States, driven by a booming tech corridor (often called Silicon Slopes), a large university community around BYU and UVU, construction trades, agriculture in the southern end of the valley, and a large and growing Latino population concentrated in cities like Provo, Orem, and Springville. **You may qualify if you:** - Have a steady income — W-2 employment, self-employment, or 1099 contract work - Have lived and worked in the U.S. for at least two years (this helps lenders verify income history) - Have a credit score of 580 or above (or are working toward building credit) - Can document your income, even if you are self-employed or paid in cash - Have an ITIN instead of a Social Security Number — certain local lenders accept ITIN loans **Self-employed and contractor borrowers:** Utah County has a very active construction and trades sector. If you work independently, lenders will typically want two years of tax returns, profit-and-loss statements, and bank statements. A good mortgage broker who understands self-employment income can make a big difference. **First-generation homebuyers:** The Utah Housing Corporation (UHC) offers down payment assistance and low-interest loans specifically for first-time buyers in Utah. Income and purchase price limits apply, and Utah County's rapidly appreciating home prices mean it's important to check current limits before assuming you qualify. **Immigrants and mixed-status households:** You do not need to be a U.S. citizen to buy a home. Lawful permanent residents, visa holders, and even undocumented individuals with an ITIN can access home financing through specific lenders. More on this in the lenders section below.

§ 03 — What you need

Documents You Will Typically Need

Gathering your documents early makes the process smoother and faster. Here is what most lenders in Utah County will ask for: **Identity** - Government-issued photo ID (driver's license, passport, or consular ID / matrícula consular) - Social Security Number OR Individual Taxpayer Identification Number (ITIN) **Income Verification** - Last two years of federal tax returns (all pages, all schedules) - W-2s or 1099s from the past two years - Last 30 days of pay stubs (if employed) - If self-employed: profit-and-loss statements, business bank statements (12–24 months), and business license if applicable **Assets** - Last two to three months of bank statements (all pages, all accounts) - Documentation of any gift funds used for down payment (a gift letter from the giver) - Retirement or investment account statements if applicable **Housing History** - Rental payment history (landlord contact info or 12 months of cancelled checks/bank statements showing rent) - Mortgage statements if you already own property **Credit** - The lender will pull your credit report — you don't need to bring this, but review your own report beforehand at AnnualCreditReport.com - If you have no credit history, ask about non-traditional credit (utility bills, rent payments, insurance payments) Tip: Keep digital copies of everything in a folder on your phone or computer. Utah County housing counselors at organizations like CCCS of Utah can help you organize your file before you meet with a lender.

§ 04 — Where to start in Utah County

Local Lenders, CDFIs, Credit Unions, and ITIN-Friendly Options in Utah County

The following organizations are known to serve Utah County residents, including underserved borrowers. Origen Capital is a directory — we do not lend money or earn commissions. Always compare at least two or three options. **Local and Regional Credit Unions** - **Utah Community Credit Union (UCCU)** — Headquartered in Provo. Serves individuals across Utah County with competitive mortgage products, including first-time buyer programs. Member-owned and community-focused. - **Mountain America Credit Union** — Has multiple branches in Utah County including Provo, Orem, and American Fork. Offers a range of home loan products and works with first-time buyers. - **Nebo Credit Union** — Serves Spanish Fork, Payson, and the southern end of Utah County. Smaller and highly local. **ITIN-Friendly and Immigrant-Serving Lenders** - **Inclusiv Network member credit unions** — Some Utah credit unions affiliated with Inclusiv (a national CDFI credit union network) offer ITIN mortgage products. Call UCCU or your local credit union directly and ask specifically about ITIN home loans. - **Altabank (formerly People's Utah Bancorp)** — A Utah-chartered community bank with branches in Utah County that has historically worked with non-traditional borrowers. Ask about portfolio loans, which do not have to follow standard secondary-market rules and can be more flexible. - **Guild Mortgage and Academy Mortgage** — Both have Utah County offices and loan officers experienced in FHA, USDA, and first-time buyer programs. Ask specifically for a loan officer experienced with ITIN or self-employed borrowers. **CDFIs and Nonprofit Housing Organizations** - **Utah CDFI Coalition member organizations** — Utah has a growing CDFI ecosystem. Ask your local housing counselor which CDFIs are currently active in Utah County for home lending. - **NeighborWorks Salt Lake / Utah** — Offers homebuyer education classes (often required for down payment assistance) and can connect buyers with vetted lenders. - **CCCS of Utah (Consumer Credit Counseling Service)** — Provides HUD-approved housing counseling, credit coaching, and help preparing your loan file. Free or low-cost services. This is one of the most valuable first stops for any first-time buyer in Utah County. **SBA Utah District Office** - The SBA Salt Lake City District Office serves Utah County for small-business financing (relevant if you are a contractor or investor buying commercial or mixed-use property). Not for standard home purchases, but worth knowing if your situation involves a business. - Address: 125 South State Street, Salt Lake City, UT 84138 - Phone: (801) 524-3209 **Utah Housing Corporation (UHC)** - Not a direct lender, but administers the Score, FirstHome, HomeAgain, and NoMI Loan programs through participating lenders statewide. Their down payment assistance can be layered with FHA or conventional loans. Income and purchase price limits apply — check their current limits at utahhousingcorp.org. **Down Payment Assistance — City and County Level** - **Provo City Housing** — Provo occasionally offers down payment assistance and rehabilitation loan programs for income-qualifying buyers. Contact Provo City Community Development at (801) 852-6160. - **Orem City** — Check with Orem City's Community Development office for any active homebuyer assistance programs. - **Utah County Community Action** — Provides financial coaching and sometimes connects clients to emergency or transitional housing funds that can free up savings for a down payment.

§ 05 — What to avoid

Utah State-Specific Regulatory Notes

Understanding Utah's rules helps you know your rights and plan your timeline. **Utah Division of Real Estate** Mortgage lenders and loan officers in Utah must be licensed through the Utah Division of Real Estate. You can verify any lender or loan officer at the NMLS Consumer Access website (nmlsconsumeraccess.org). Always check before signing anything. **Utah Fit Premise Act** Utah landlord-tenant law was updated in recent years. This matters most if you are currently renting while saving to buy — know your rights as a tenant. **No State Income Tax Benefit on Mortgage Interest (but federal still applies)** Utah does have a state income tax, but the mortgage interest deduction works primarily at the federal level. Consult a tax professional about how owning a home affects your Utah state taxes. **Property Taxes in Utah County** Utah County property tax rates are generally moderate compared to other fast-growing Western metros, but assessed values have increased sharply in recent years. Your lender will typically escrow property taxes into your monthly payment. Before closing, ask for an estimate of the annual property tax bill so there are no surprises. **Utah's Trust Deed (Deed of Trust) System** Utah uses a deed of trust rather than a traditional mortgage in most transactions. This means a third-party trustee holds title until the loan is paid off. In the event of default, Utah allows non-judicial foreclosure, which can move quickly — typically around 120 days. This is another reason to never overextend on a payment you're not comfortable with. **Utah Homestead Exemption** Utah offers a homestead exemption that can protect a portion of your primary residence's equity in certain legal proceedings. The exemption is $30,000 for a single person and $60,000 for a married couple or a head of household. File with the county recorder after closing if you wish to claim it. **Fair Housing in Utah** Federal Fair Housing laws and the Utah Fair Housing Act prohibit discrimination based on race, color, national origin, religion, sex, familial status, disability, and other protected classes. If you believe you have experienced housing discrimination, contact the Utah Antidiscrimination and Labor Division (UALD) at labor.utah.gov/uald or the U.S. Department of HUD.

§ 06 — Ask a question

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