Buyers Guide

Down payment requirements vary by loan type. USDA and VA loans can require zero down payment, while conventional loans typically start at 3% and FHA loans at 3.5%. The Utah Housing Corporation offers down payment assistance (DPA) up to 6% of the first mortgage amount, paired with FHA, VA, or conventional loans. Utah's S.B. 240 program provides up to $20,000 for down payment, closing costs, or rate buydowns on new construction homes priced at $450,000 or less, and Salt Lake County offers its Own in SLC County program with a $20,000 deferred loan. The Stark Group can connect you with trusted local lenders who specialize in these programs.

A 55+ active adult community is a residential neighborhood designed for residents aged 55 and older, with low-maintenance homes, shared amenities like clubhouses, fitness centers, swimming pools, and social activities. Along the Wasatch Front, these communities are expanding rapidly in Daybreak (SpringHouse Village), Saratoga Springs (Starhaven Villas), and other areas. As an SRES-certified agent (Seniors Real Estate Specialist), Adam Stark has deep expertise in helping buyers navigate these communities, understand HOA fees, and match lifestyle needs with the right property.

The Stark Group brings a high-level, tech-forward approach to every buyer's journey. We start with a thorough needs assessment and finance review, then leverage Summit Sotheby's International Realty's extensive network and cutting-edge marketing platform to identify off-market opportunities, new construction releases, and the best listings across the Wasatch Front. Our buyers get custom neighborhood tours, access to our comprehensive community guides on Utah City Living, direct MLS searches, and hands-on guidance through every stage — from offer strategy and negotiation to inspections, financing coordination, and closing.

Buyers in Utah typically pay 2% to 5% of the purchase price in closing costs, which includes the lender origination fee, appraisal, credit report, title insurance (lender's policy), escrow fees, recording fees, and prepaid items like property taxes and homeowners insurance. For a $500,000 home, that means roughly $10,000 to $25,000 due at closing. Many buyers negotiate seller concessions to cover some or all of these costs. Utah does not charge a state real estate transfer tax, which keeps closing costs lower than many other states.

Both options have strong advantages along the Wasatch Front. New construction homes offer modern floor plans, energy-efficient features, builder warranties, and the ability to customize finishes. Existing homes often come with established neighborhoods, mature landscaping, larger lots, and immediate availability. Adam holds a New Home Construction certification and can guide you through builder contracts, incentive negotiations, and inspection timelines. Many of the communities we serve — Daybreak, Herriman's Terraine, Saratoga Springs, and Lehi — offer both new construction and resale options, so we can compare both paths side by side.

Utah has several excellent programs for first-time buyers. The Utah Housing Corporation's FirstHome program offers 30-year fixed-rate loans with down payment assistance up to 6% of the loan amount. Salt Lake County's Own in SLC County program provides up to $20,000 in deferred down payment assistance. Utah County's Loan to Own program offers up to $40,000 (50% forgivable after 10 years). USDA loans are available in many areas along the Wasatch Front for zero-down financing, and FHA loans require as little as 3.5% down. The key is being pre-approved before you start house hunting, which also makes your offer stronger in a competitive market.

The Wasatch Front market remains competitive, though it has cooled from the peak 2021–2022 frenzy. With nearly 37,000 new residents arriving in 2023–2024, demand continues to outpace supply in desirable neighborhoods from Daybreak to Alpine. Homes in strong school districts and amenity-rich communities still receive multiple offers. The best strategy is to work with a knowledgeable agent who can identify properties before they hit the open market, craft competitive offers with smart terms, and connect you with local lenders who provide pre-approval letters that sellers trust.