*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.
Before we begin, let me preface that all of the information in this article is in the Utah Housing Corporation's Matrix for the Utah Veteran First-Time Homebuyer Grant. This matrix can be found here.
Just like the grant that was introduced a few weeks ago for police officers, now veterans and military members have a grant of their own. Qualification, and other details involved with this grant are listed below.
Military members currently serving, and veterans discharged from service within the last five years can qualify for up to a $2,500 grant. Eligibility for the grant will be determined by the UDVMA (Utah Department of Veterans and Military Affairs). They can be contacted at 801-326-2372. Their website is veterans.utah.gov/FTHB/
In order to obtain a Veteran Grant, the veteran must first obtain the Utah Veteran First Time Homebuyer Grant Status Validation (UVGSV). More information on how to get the UVGSV can be found at veterans.utah.gov. Once the UVGSV is received, we (the lender) will request and reserve the Veteran Grant for our borrowers.
VA, FHA or Conventional loan requirements may have certain restrictions as to how the money can be used. It's important to speak with your loan officer to inquire about how the money received can be used. We as lenders must abide by the FHA, VA, and Conventional loan lending requirements.
It is important to note that the residence used to receive this grant must be the first home the veteran purchases within the state of Utah. The borrower must also occupy the residence as his/her primary residence within 30 days of closing.
Veterans are strongly encouraged to consult with a tax advisor as to whether this is a good move to make.
Please contact me for more information regarding this Veterans grant, and let's help you get into a home!
*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. All of the information in this article came from the Utah Housing Matrix for Veterans First Time Homebuyer Grant.
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