*disclaimer: Not all individuals will qualify for each loan type and/or scenario. Please contact me to see if you'd qualify for these loan products and/or discuss your options.
One of the hot new topics of the summer in regards to homeownership is Utah Housing's First-time Homebuyer Assistance Program, also known as SB 240. This is an assistance program aimed to help first time homebuyers start their journey through homeownership with financial aid towards a newly constructed home.
The new bill is set to begin on July 25, 2023 (start date is pending, contact me for updated information).
The borrower must qualify for the assistance program by being credit worthy, a resident of the state of Utah for at least the past 12-months, a first time homebuyer (or a borrower that hasn't owned a home within the last three years), and wanting to purchase a new construction or newly constructed but not yet lived in home under $450,000.
Borrowers can receive up to $20,000 that can be used for down payment, closing costs, and/or a permanent interest rate buydown.
In the event of the sale or refinance of the home that had been purchased using the Utah Housing First Time Homebuyer Assistance Program, the funds issued must be repaid equal to the lesser of: The amount of assistance the recipient received or 50% of the home equity amount.
Please contact me today for more information regarding this program, or to see if you'd qualify to be a beneficiary of Utah Housing's First Time Homebuyer Assistance Program.
*disclaimer: Not all individuals will qualify for each loan type and/or scenario. Please contact me to see if you'd qualify for these loan products and/or discuss your options.
Brayden Ramsay NMLS #1997195
Momentum Loans NMLS #1606597
Comments