Good news for all the First-Time Home Buyer!
Utah Senate President Stuart Adams (R-Layton) recently proposed Senate Bill 240 to provide first-time homebuyers a significant financial boost - up to $20,000 - from the state's discretionary funds. As the leader of the Utah Senate which rarely sponsors bills, this proposal is a big move and one that could be instrumental in helping first-time buyers purchase their homes.
Adams’ proposal would allow buyers to use the money for the down payment, closing costs, or paying down the interest rate.
There are some strings attached to the current plan. The home has to be new construction – a house, townhome, or condo – and it has to cost less than $450,000. The bill also stipulates some repayment requirements if the home is sold before it's paid off.
Wanna know more about this? Reach out to us and we'd love to help you explore your options in home buying.
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