Utopia Homes - Eligibility Questions

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We encourage everyone who meets the following eligibility criteria to apply to our program:
- FICO of 550 or above
- Monthly Income of $3,500 or above
- Debt to Income Ratio (including rent) of 50% or below
- Timely Rent Payment History of 12 months or above
- Down Payment of 1% to 3%

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Most move-in ready homes on the market are eligible for the Utopia program, but there are also some specific eligibility criteria.
Eligible home types:
- Single-family detached: The home’s deed must be “Fee Simple” (includes land ownership)
- Move-in Ready homes with no major repair or renovation work required; must not have water, termite, foundation or roof damage
- Homes with at least 2 above grade (above ground) bedrooms on less than 2 acres
- Needs to be in the range of $125,000 to $500,000
- Home needs to be in Urban or Suburban areas of the City and not in rural or semi-rural areas
- Built in or after 1978 - Older homes could be considered on case-by-case basis if they are on public utilities and are fully renovated
Ineligible home types:
- Condos or townhouses
- HOAs or municipalities with rental restrictions
- Pre-foreclosures / short sales /Foreclosures
- REO / Bank-owned / county-owned / Fannie or Freddie-owned
- Assignee contracts from wholesalers
- Manufactured or mobile homes
- Age Restricted Communities: Housing and neighborhoods specifically for those 55/65 and older
- Homes on unpaved roads and/or driveways
- Homes without central air conditioning HVAC
- Homes with financed solar panels (owned solar systems and/or systems paid off at closing are OK)
- Homes with above ground pools

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Not at all. You can get started with Utopia and apply to the program whether you're already working with an agent or not.
Once you are fully approved to go home shopping with Utopia, we’ll introduce you to a partner agent who can help you navigate the home shopping process.
Already have an agent in mind? Sweet, We’re happy to work with any licensed realtor in your area. If they haven't already, ask them to sign up with us.

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Utopia Homes is continuously expanding across the Country. Our Homeownership program is currently available across major cities in the following 26 states: Alabama, Arkansas, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Michigan, Minnesota, Missouri, North Carolina, Nebraska, New Mexico, Ohio, Oklahoma, Pennsylvania, South Carolina, Tennessee, Texas, Utah, West Virginia, and Wisconsin.

Frequently asked questions