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First-time Homebuyer Grant This July!

Posted by Misty Maki on Wednesday, June 14, 2023 at 9:12 AM By Misty Maki / June 14, 2023 Comment

Spanish Fork Market Update

June 2023 - Week 2

As we are headed towards July we are seeing more new constructions, townhomes and condominiums coming into the market that qualify for this grant.

Exciting news for those in the market for a new home in Utah! Starting July 1, 2023, a first-time homebuyer program will be available with up to $20,000 in assistance. This program has been created by the Utah Legislature through S.B. 240 and offers allocated funds that can be used towards down payment assistance, closing costs, and/or a permanent interest rate buydown on qualifying loans. Administered by Utah Housing Corporation, this program is exclusive to newly constructed homes priced at or below $450,000.

FIRST-TIME HOMEBUYER PROGRAM ASSISTANCE FAQ

HOW DO I APPLY FOR THE PROGRAM?
Once a prospective homeowner has established creditworthiness with one of our participating Utah Housing Lenders, the lender is then able to submit a request for program assistance reservations.

WHAT TYPE OF HOMES ARE ELIGIBLE FOR S.B. 240?
New construction or newly constructed single-family, townhomes and condos or similar residential dwellings priced at or below $450,000.

CAN I QUALIFY FOR THE PROGRAM IF I AM ALREADY UNDER CONTRACT FOR A NEW HOME?
Absolutely. As long as the first-time homebuyer applies for the program and closes on the qualifying purchase after July 1, 2023.

HOW MANY FIRST-TIME HOMEBUYERS WILL S.B. 240 HELP?
The Utah Legislature appropriated $50 million towards S.B. 240, which will help approximately 2,400 first-time homebuyers.

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