HFA Advantage

HFA Advantage is a grant for homebuyers in Statewide, Utah. UHC HFA Advantage is a Freddie Mac HFA Advantage 30-year fixed conventional first mortgage with reduced mortgage insurance, paired with a UHC DPA second mortgage of up to 6%. Designed for low-to-moderate income (<=80% AMI) borrowers statewide; no FTHB requirement; minimum 680 FICO. Freddie Mac HFA Advantage 30-year fixed conventional first mortgage with reduced mortgage insurance, paired with UHC DPA second mortgage of up to 6% of first-mortgage amount. No first-time homebuyer requirement. Statewide Utah availability. Income limit county-tiered ($80,080 to $134,880, 80% AMI). Minimum 680 FICO. Reduced MI charter coverage on conventional loan reduces monthly payment vs. standard conventional. Funding comes from State and HFA.

HFA Advantage is structured as a grant, so it is not repaid. Repayment is triggered by Monthly amortizing payments alongside primary mortgage over 30 years and balance due at sale, refinance, or non-occupancy. The assistance is recorded in 2nd Lien position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

HFA Advantage is open to homebuyers who will live in the home as their primary residence. On credit, the program states: Minimum 680 FICO. A homebuyer education course is required, through UHC-approved homebuyer education providers (Framework, eHomeAmerica, NeighborWorks Salt Lake, AAA Fair Credit Foundation, USU Extension PowerPay). Residency requirement: Property must be in Utah and used as primary residence. Citizenship or immigration status: U.S. citizen or qualifying permanent/non-permanent resident alien. Household income at or below 80% AMI county-tiered limit ($80,080 rural to $134,880 urban). Minimum 680 FICO. Must be primary residence. Standard Freddie Mac HFA Advantage underwriting (Loan Product Advisor). Must complete UHC-approved homebuyer education. No FTHB requirement.

HFA Advantage limits household income to 80% of the area median income, which varies by county and household size. County-tiered at 80% Area Median Income: $80,080 (rural counties) to $134,880 (Salt Lake/Davis/Summit/Utah/Wasatch/Weber/Morgan/Tooele). See UHC chart. The limit applies to total household income, not only the borrower&rsquo;s. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

HFA Advantage caps the purchase price as follows: No specific purchase-price cap on HFA Advantage; conforming conventional loan limits apply. Eligible property types include Single-family detached, condominium (Freddie-warrantable), townhouse, PUD, manufactured (per Freddie Mac). New construction is eligible. Manufactured homes are eligible.

HFA Advantage names veterans, active-duty service members, reservists and National Guard members, and surviving spouses among the groups it serves. Being named here means the program mentions the group, not that membership alone qualifies an applicant — the rest of the eligibility rules still apply.

HFA Advantage serves homebuyers purchasing in Statewide, Utah.

Applications for HFA Advantage go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through Loan officer reserves funds via UHC Lender Online portal at time of loan locking. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.