Eagle Mountain, Saratoga Springs and Vineyard Home Loans: SB 240 New Builds and Builder Buydowns — Slickrock Skylight
Updated October 2026
New construction in Eagle Mountain, Saratoga Springs, and Vineyard often comes with a choice: a price reduction, closing cost credit, or advertised rate buydown. The strongest incentive is the one that improves your actual financing—not necessarily the largest number on the builder's sign. Start by separating temporary payment relief from permanent loan terms.
Evaluate SB 240 before committing funds
Utah's First-Time Homebuyer Assistance Program, created through SB 240, provides a $20,000 zero-interest loan for eligible purchases of newly constructed homes. It is assistance that must be repaid under the program's terms, not an unrestricted gift. Confirm current funding, buyer qualifications, home eligibility, purchase-price restrictions, and repayment triggers with Utah Housing Corporation.
UHC also offers FirstHome, HomeAgain, Score, and NoMI programs, with qualifying down payment assistance potentially reaching 6% through a 30-year second mortgage. Do not assume every product can be combined with SB 240 or every builder incentive. Ask for a written financing structure showing which assistance is approved and what each loan requires.
Before paying a substantial deposit, establish:
- Whether the specific home and completion timeline qualify.
- Whether assistance funds are available for your expected closing.
- How earnest money and closing credits will be applied.
- What happens if construction delays extend beyond the rate lock.
Compare buydowns on equal terms
A temporary buydown reduces payments for a limited period; it does not erase the underlying note rate. A permanent buydown uses upfront funds to reduce that rate for the loan term. Compare both against a lower purchase price using identical down payments and closing dates.
The Consumer Financial Protection Bureau provides tools for reading mortgage offers. Use the amortization schedule to examine principal reduction, and the closing cost estimator to separate lender charges from prepaid taxes and insurance.
Watch the first fully assessed tax year
A new home's early tax history may reflect vacant land or incomplete improvements. Ask for a payment estimate based on the completed property, including any HOA and district charges. Otherwise, a later escrow adjustment can overwhelm the advertised first-year savings.
Qualifying primary residences receive Utah's 45% residential exemption, leaving 55% of fair market value taxable. Verify occupancy records after closing. Slickrock Skylight can frame the decision around the completed home's ongoing payment rather than the construction-stage tax bill or promotional payment.
Compare Current Mortgage Rates
Compare current APRs, points, fees, and estimated monthly payments from participating lenders below.
Loan Program Comparison: 2026 Benchmarks
Eagle Mountain, Saratoga Springs and Vineyard Home Loans: SB 240 New Builds and Builder Buydowns — Choose a mortgage by comparing eligibility, upfront cash and total monthly costs, not the advertised rate alone. Conventional, FHA, VA and USDA serve different borrowers. Confirm county limits, taxes, insurance and lender requirements before comparing personalized Loan Estimates for your household.
Historical 2025 one-unit comparison: conforming $832,750; FHA floor $541,287. County and unit-count limits can differ.
| Loan program | Down payment / equity | 2026 one-unit baseline | Costs and page-specific comparison |
|---|---|---|---|
| Conventional | 3%–5% subject to eligibility | $832,750 | PMI generally below 20% down |
| FHA | 3.5% at 580+; 10% at 500–579 | $541,287 floor | 1.75% upfront MIP; 0.55% annual for >95% LTV, base loan ≤$726,200, term >15 years |
| VA | 0% for eligible borrowers | No VA limit with full entitlement | No monthly PMI; funding fee unless exempt |
| USDA | 0% for eligible borrowers | Income, address and repayment eligibility | Guarantee and annual fees; confirm current schedule |
| Jumbo | Lender-specific cash and reserves | Above applicable conforming limit | Lender-specific pricing and insurance |
| Home Equity / Refinance | Equity and underwriting dependent | Property and lender dependent | Compare closing costs, term and break-even |
Sources: FHFA limits; HUD FHA limits.
Editorial Methodology & Primary Sources
Verification date: Not recorded; check the primary source and lender timestamp before relying on an estimate.
Rate comparisons use participating lender feeds, not a whole-market survey or guaranteed offers. Freddie Mac PMMS is a market benchmark, not a personalized quote. Calculator models rely on published regulatory formulas and disclosed assumptions rather than fabricated first-person loan testing.
Monthly principal and interest use the amortization formula P × r / (1 − (1 + r)−n), where r is the monthly note rate and n is the number of payments; at zero interest use P / n. PITI adds monthly property taxes and homeowners insurance; PMI is separate. APR includes applicable finance charges under Regulation Z and is not the note rate used for payments. Compare lender Loan Estimates for actual APR and fees.
- Consumer Financial Protection Bureau (CFPB) — Loan Estimates, APR and borrower disclosures; Regulation Z.
- U.S. Department of Housing and Urban Development (HUD / FHA) — FHA program guidance.
- U.S. Department of Veterans Affairs (VA) — VA loan eligibility and benefits.
- Freddie Mac Primary Mortgage Market Survey (PMMS) — published rate benchmarks.
- U.S. Census state tax collections — state property tax benchmarks; confirm parcel-specific assessments and exemptions with the state revenue department and local assessor.
- Utah Housing Corporation — state housing finance and property tax authority.
- Utah State Tax Commission Property Tax — state housing finance and property tax authority.
The payment snapshot uses illustrative annual taxes of 1% of home price, $1,200 insurance and 0.5% PMI below 20% down, not verified local quotes. Other calculators disclose their inputs and assumptions. Published guidance and lender feeds may change independently; confirm current program rules, taxes and offers before a decision.