Hey St. George! If the down payment is what's keeping you renting, this one's for you. A new Zillow analysis and Utah's own state program both touch on down payment help, and they work in different ways. Here's the plain-English version.
What Zillow Modeled
On Oct. 28, 2026, Zillow Research estimated how long a median-income household would take to save a 10% down payment on a typical home. Its model assumes the household saves 10% of its income each month, buys the typical home as measured by Zillow's September 2026 home values, and uses an FHA loan.
- Nationally: about 4.2 years to save 10% down, or 2.7 years if assistance equal to 3.5% of the home price covers part of it.
- Salt Lake City metro: 5.2 years without help, 3.4 years with it.
These are national and Salt Lake City model results. St. George isn't in Zillow's table, and the numbers don't predict when any one buyer could actually buy. Zillow also modeled payment savings from a bigger down payment, but that example uses national assumptions and doesn't include the cost of repaying an assistance loan, so we're leaving it out here.
Utah Housing's DPA Second
Utah Housing Corporation (UHC) offers a "DPA Second," a second loan used with a UHC first mortgage. Unlike Zillow's model, which is based on the home price, UHC's percentages are based on the first mortgage loan amount listed on the First Note. That amount may include FHA upfront mortgage insurance on an FHA first mortgage (UHC Form 300, rev. July 6, 2026). Form 300 describes two versions:
- Traditional DPA: up to 6% of that first mortgage amount, not to exceed $27,500. It's a 30-year fixed-rate loan with monthly payments. The rate is 1 percentage point above the UHC first mortgage rate, capped at 8%, and not less than the first mortgage interest rate.
- Deferred DPA: up to 3.5% of that first mortgage amount, not to exceed $27,500. No monthly payment is required, but it is not forgiven. It accrues 3.5% simple interest, and the principal plus deferred interest are due at maturity, sale, or refinance.
A few more points from the same form:
- FirstHome generally requires first-time buyers, with single-parent and veteran exceptions. FHA/VA and Freddie Mac HFA Advantage do not require first-time-buyer status.
- Credit score minimums: 660 for FirstHome, 620 for FHA/VA, and 680 for HFA Advantage on single-family homes.
- Owner-occupied primary residence purchases only.
- A UHC Approved Participating Lender must underwrite and close the loan.
Whether you qualify, and for how much, depends on the UHC first mortgage you choose, underwriting, the program requirements, and lender review. A participating lender will check whether you qualify. Nothing is guaranteed.
The Honest Trade-Offs
Down payment help is still borrowed money. The traditional version adds a second monthly payment. The deferred version has no monthly payment, but interest keeps building and the full balance comes due later. Both mean you owe more against the home on day one.
Our Take
If your income and credit are steady but your savings aren't there yet, this is worth a real look. Ask a participating lender to compare total costs with and without assistance, including what you'd repay on the second loan.
Have questions? Reach out to us here. We're here to help!
Sources
- Zillow Research, "Down Payment Assistance Could Cut the Time to Save for a Home by a Year and a Half or More," Oct. 28, 2026: https://www.zillow.com/research/down-payment-assistance-october-2026/
- Utah Housing Corporation, UHC Form 300, rev. July 6, 2026: https://utahhousingcorp.org/pdf/Form300.pdf
The Genuine Group | Brokered by Red Rock Real Estate
