*disclaimer: Not all individuals will qualify for each loan type and/or scenario. Please contact me to see if you'd qualify for certain loan products and/or discuss your options.
As of July 1, 2022 the state of Utah has issued a grant for first time homeowners who work in law enforcement. More details on this grant, to find where I found this information, and the regulations behind the grant can be found here.
According to utahhousingcorp.org, the purpose of this grant is to "Provide interest-free, forgivable down payment and closing cost assistance grants to individuals working as Law Enforcement or Correctional Officer to purchase a home in or near the community where they work."
In order to qualify for the grant, a borrower must be employed as a full-time law enforcement officer or correctional officer. This offer is only available to officers who are first-time homebuyers, or "A single parent who has at least one dependent child, regardless of previous homeownership interest." (utahhousingcorp.org) The borrower may also qualify for this grant if they are moving to Utah from out of state.
This grant is awarded on a first-come, first-served basis. A borrower can be awarded the lesser of up to 3.5% of the purchase price, or $25,000. Only one member of law enforcement can use this grant, per home. As long as the borrower remains employed by law enforcement, and lives in the home as a permanent residence for five years (60 months), the grant will be completely forgiven. If the borrower chooses to sell their home, leave their employment, or not occupy the home as a primary residence within the first five years of receiving the grant, the grant will need to be repaid.
Give me a call to find out more details involving this new grant, and we can discuss getting you, or your law-enforcement friends into a new home.
*disclaimer: Not all individuals will qualify for each loan type and/or scenario. Please contact me to see if you'd qualify for certain loan products and/or discuss your options.
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