Salt Lake City's housing market is characterized by steady growth and increasing demand. The median home price has risen to $430,000, driven by the city's strong economy, outdoor recreational opportunities, and cultural attractions. Neighborhoods like the Central City and Sugar House are particularly popular, with a mix of historic homes and new developments. NMHL's local expertise helps you navigate this competitive market and find the right mortgage solution for your needs.

The city's population growth has also led to an increase in rental properties, making it an attractive market for investors. However, for those looking to buy a home, the rising prices can be a challenge. NMHL offers a range of mortgage programs to help Salt Lake City residents achieve their homeownership goals, including options for first-time buyers and those with less-than-perfect credit.

At NMHL, we offer a variety of mortgage programs tailored to the needs of Salt Lake City borrowers. Our Conventional Loan program features competitive rates and terms, while our FHA Loan program offers more lenient credit scoring and lower down payment requirements. For eligible veterans, our VA Loan program provides a pathway to homeownership with favorable terms and no down payment requirement.

• First-Time Buyer Program: 3.5% down payment, flexible credit scoring
• Bad Credit Mortgage Program: 10% down payment, non-traditional credit references considered
• Self-Employed Mortgage Program: Alternative income documentation, 20% down payment

Down payment assistance programs can be a valuable resource for Salt Lake City homebuyers. The Utah Housing Corporation's (UHC) Down Payment Assistance program provides up to 3.5% of the home's purchase price towards down payment and closing costs. NMHL is an approved lender for UHC programs and can help you navigate the application process. Additionally, our own Down Payment Assistance program offers grants and matching funds to help you cover the upfront costs of homeownership.

As a homeowner in Salt Lake City, you'll need to consider property taxes and insurance when budgeting for your mortgage. The average effective property tax rate in Salt Lake County is 0.59%, which is relatively low compared to other major cities. However, property taxes can still add up, and it's essential to factor them into your mortgage planning. NMHL can help you understand your property tax obligations and explore options for reducing your tax burden.

In addition to property taxes, homeowners insurance is also a necessary consideration. NMHL can provide guidance on insurance requirements and help you factor the costs into your mortgage payments.