NEW FIRST-TIME HOMEBUYER ASSISTANCE PROGRAM COMING TO UTAH!

Exciting New Opportunity for First-Time Home Buyers in Utah

Utah Housing Corporation is thrilled to introduce an exciting new program that will make homeownership more accessible and affordable for first-time home buyers in Utah. The state-funded Program Assistance, set to launch in July 2023, offers a range of benefits and opportunities to help individuals and families achieve their dream of owning a home. Let’s explore the key details of this remarkable opportunity.

Program Availability and Terms

The Program Assistance funds will be available shortly after July 1, 2023. This means that eligible first-time home buyers won’t have to wait long to take advantage of this fantastic opportunity. The program offers a 0% interest, no monthly payment loan, secured by a recorded Deed of Trust and evidenced by a Subordinate Note. This favorable loan structure ensures that buyers can focus on building their future without the burden of high-interest rates or immediate repayment obligations.

Affordable Purchase Price and Income Limits

Under the Program Assistance, there is a maximum purchase price limit set at $450,000. This ensures that buyers can find suitable homes within their budget, making the dream of homeownership more attainable. Additionally, there will be income limits associated with the program. While the specific limits will be further defined when Program rules are published, they are anticipated to be similar to Utah Housing’s non-FirstHome income limits. These income limits ensure that the program benefits those who truly need assistance in achieving homeownership.

Residency Requirement and Program Benefits

To qualify for the Program Assistance, buyers must have been residents of Utah for at least the previous twelve months prior to closing. This requirement focuses on supporting local residents in their journey towards homeownership and contributes to the stability and growth of Utah communities.

Buyers who qualify for the Program Assistance may receive up to $20,000. These funds can be used for various purposes, including down payment, closing costs, and a permanent interest rate buydown for the qualifying mortgage loan. This flexibility allows buyers to allocate the funds where they are most needed, making the home buying process more manageable and affordable.

Program Flexibility and Eligible Property Types

The Program Assistance offers flexibility when it comes to eligible property types. Buyers can choose from detached single-family homes, condominiums, townhomes, or similar residential dwellings. The program also includes manufactured or modular homes attached to a permanent foundation. This wide range of eligible property types ensures that buyers have plenty of options to find a home that suits their needs and preferences.

Partnering with Utah Housing Participating Lenders

To access the benefits of the Program Assistance, buyers must work with a Utah Housing Participating Lender. These lenders are experienced and knowledgeable in the program’s requirements and can guide buyers through the mortgage loan process. Any first mortgage loan program offered by Utah Housing may be used in conjunction with Program Assistance, providing buyers with additional options and opportunities.

Conclusion

The introduction of the Program Assistance by Utah Housing Corporation brings exciting news for first-time home buyers in Utah. This state-funded program offers financial assistance, flexibility, and affordability to help individuals and families achieve their dream of homeownership. With favorable loan terms, an affordable purchase price limit, and the option to use funds for down payment or closing costs, this program opens doors to homeownership that were previously out of reach for many.

If you are a first-time home buyer in Utah, this is an opportunity you don’t want to miss. Start exploring the possibilities today, and reach out to our Sales Team for more information and guidance on how to take advantage of the Program Assistance.

Please note that the availability of the Program Assistance funds is expected shortly after July 1, 2023. Stay updated and be prepared to seize this opportunity as soon as it becomes available.