Looking for a new home in Utah?
If you’re looking to buy your first home in Utah but are feeling overwhelmed by the current market, there may be a way to help with the purchase. The Utah Housing Corporation (UHC) recently announced a new loan program where you can receive a loan up to $20,000 to put towards a down payment, closing costs, or a permanent buy down of the mortgage interest rate.
The up to $20,000 loan will have a 0% interest rate and no monthly payments. It only needs to be paid back when you sell the home or refinance the mortgage.
This program is available to first-time homebuyers who are buying new construction homes at $450,000 or less. Your new construction home can be a house, condo, or townhome. If you’re interested in learning more about townhomes, check out this article.
The program was created with the goal of helping first-time homebuyers and incentivizing builders to make affordable housing units throughout the state. You can start reserving the assistance loan on July 11, 2023, and you can start closing on the loan on or after July 25, 2023.
To summarize, qualifications for this loan include the following:
- You must be a first-time homebuyer
- The home you purchase must be a new construction or newly constructed but not yet inhabited home
- The home must be $450,000 or less
If you are looking for down payment assistance but don’t feel that this program is right for you, check out this article about other down payment assistance programs.
To learn more about this UHC loan, send us an email or give us a call today.
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