Utah officials unveil programs to help homebuyers

JOSH LOFTIN
Associated Press

SALT LAKE CITY (AP) - Homebuyers in Utah with a low credit score or minimal savings can receive down payment assistance through two new programs.

Utah Housing Corporation President Grant Whitaker says Monday the new programs will be available to first-time and repeat homebuyers.

Whitaker says the HomeAgain Loan program will allow people to secure a low-interest second mortgage of up to 6 percent of the purchase price. The Score Loan will help people qualify for a second mortgage with a credit score of 620 or higher, instead of the current minimum score of 660.

Gov. Gary Herbert says the programs will spur the state's economic recovery by boosting home sales in the state.

Herbert says the programs will help reduce the excess inventory in the housing market and reduce foreclosures.

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