First-Time Home Buyers in Herriman, Utah

It depends on your loan type and whether you qualify for down payment assistance. FHA loans require 3.5% down, conventional loans start at 3%, VA loans require zero down, and USDA loans require zero down in eligible areas. Utah Housing Corporation offers grants and forgivable second mortgages that can cover your entire down payment and some closing costs. We help you identify every available program to minimize your out-of-pocket costs.

Ask a lender about a documented pre-approval before you shop. A letter can clarify a budget range and which programs might fit. It does not tell you that you will qualify or lock a payment. Sellers often want to see a letter. We can connect you with lenders who work with first-time buyer programs.

From pre-approval to closing typically takes 45–90 days, depending on how quickly you find a home and your loan type. The home search itself varies, some buyers find a home in a week, others take several months. Once you're under contract, expect 30–45 days to close for conventional and FHA loans, and 45–60 days for VA and USDA loans. We set realistic timelines based on your specific situation.

Plan for closing costs (2–4% of the purchase price), home inspection ($350–500), appraisal fee ($400–600), homeowner's insurance (first year paid at closing), and moving expenses. Some of these costs can be negotiated as seller concessions. We provide a detailed cost estimate early in the process so there are no surprises.

This is the key question for Herriman investors. Builder activity has been intense, and new single-family homes and townhomes continue to enter the market. During the 2020–2022 period, demand easily absorbed supply, but the pace has moderated. Rental supply competition includes builder-held spec homes and build-to-rent developments. Existing investors should focus on competitive pricing and presentation to hold tenants against newer options. For new investors, careful underwriting that accounts for potential rent softening is prudent. The long-term demand drivers (population growth, Silicon Slopes employment) remain strong, but near-term supply dynamics warrant attention.

Herriman's residential growth outpaced commercial development for years, forcing residents to drive to Riverton or South Jordan for shopping and dining. This has improved significantly with new retail along Mountain View Corridor and the emerging Herriman Town Center, but the city still lacks the commercial depth of more established cities. For investors, this means tenants currently depend on cars for most errands and entertainment. However, the trajectory is positive, each new commercial development improves livability, and the city's General Plan shows extensive commercial zones that will fill in over time.

Herriman's far southwestern position means longer commutes to downtown SLC (35–45 minutes) and limited transit options. This location discount keeps prices below South Jordan and Draper for comparable homes. For investors, this means moderate appreciation but strong rental yields from tenants who want new-build quality at accessible price points. Silicon Slopes commuters (15–20 minutes) are the sweet spot. The Mountain View Corridor has significantly improved connectivity, and future transit expansion could further lift values if it materializes.