Qualified applicants can apply for The First-time Homebuyers Assistance Program starting Tuesday, July 11, 2023. Funding will be made available to Utahns on or after July 25 and will help individuals and families receive a loan of up to $20,000 to buy down interest rates, apply funds towards a down payment or pay closing costs on a first home.
President J. Stuart Adams led this initiative by sponsoring and passing S.B. 240 the First-time Homebuyer Assistance Program, during the 2023 General Session. The bill makes it possible for more Utahns to afford homes and experience the pride of homeownership.
“As someone concerned we are losing our middle class, my goal is to help Utahns live the American dream and build equity for their future,” said President Adams. “It’s imperative that we make homeownership possible in our state. I am excited for Utahns to use the program to get out of apartments and into homes.”
The Legislature allocated $50 million to the program, which will help an estimated 2,400 families purchase homes. Those who have not owned a home in the previous three years and have lived in Utah for at least one year prior to closing may be eligible to apply for the First-time Homebuyer Assistance Program through the Utah Housing Corporation.
To qualify for the loan, buyers must purchase a home up to $450,000 that is either a new build or has never been lived in. The program applies to new construction, which encourages builders to construct affordable homes while also helping address the state’s housing shortage.
The loan will have a 0% interest rate and will not require a monthly payment. When the recipient of the program either sells or refinances their home, they will pay back the loan amount or a portion thereof, subject to program requirements, to the Utah Housing Corporation. The funds are then rolled back into the program for other Utahns to utilize.
Funds will be made available to qualifying applicants on a first-come-first-serve basis. Learn more about the program and how to apply here.
Tags: First-time Homebuyers Assistance Program, President J. Stuart Adams