Utah Housing Corporation has announced a new state-funded First-Time Homebuyer Assistance Program starting in July of 2023. This will offer assistance of up to $20,000 to first-time buyers that are building a home in Utah! 

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Buyers that qualify for the assistance program can get up to $20,000 to put toward; Down Payment, Closing Costs, or a Mortgage Interest Rate Buydown! The program from Utah Housing does have some rules to follow: 

• The home must be newly built but can be a single-family, townhome, or condo 
• The maximum purchase price is $450,000
• It is limited to first-time buyers, see the FAQ information sheet below for more details
• The home must be in Utah and you must be a Utah resident
• Those who are accepted for the assistance must be able to close after July 1, 2023

This is a state-funded assistance program to help new buyers get into a home of their own. There are some limitations. This is only for the first 2500 buyers that qualify across Utah and there are some income restrictions, following other current Utah Housing loan program guidelines. To be eligible, buyers must obtain their mortgage loan through Utah Housing and use one of their approved lenders. Our preferred lender,First Colony Mortgage, is one of their top mortgage providers. 

This program is to help people get into a home easier, but it's not a grant, it will need to be paid back. Buyers that qualify will receive up to $20,000 interest-free and payment free until they either sell the home or refinance the mortgage. Then and only then, will the assistance money need to be repaid. 

WHEN CAN YOU APPLY FOR THIS PROGRAM?

Once you are pre-qualified for a Visionary Home with our preferred lender, First Colony Mortgage your loan officer can submit an assistance program reservation request. 

Utah Housing Corporation has provided some answers to other frequently asked questions about this assistance program. Click for FAQs.