Earlier this year, Utah legislators allocated $50 million to help first-time homebuyers purchase a new home.
I visited with lender and mortgage expert, Miles Pitcher of Superior Home Lending to talk about the ins and outs of the loan, who qualifies for it, and how to get started.
Here’s the gist: Each recipient will receive up to $20,000 (0% loan) to help with down payment, closing costs and/or interest rate buydown.
The application process will begin July 11, so now is the time to start your pre-approval process with a Utah Housing Participating Lender.
- Must be a first-time homebuyer (haven’t owned a home in the last 3 years)
- Purchase price limit is $450,000
- Home must be new construction
- Can be single family, twin, townhouse or condo
- Must be a Utah resident for at least 12 months.
- Money is lent at 0% interest (must be repaid upon refinancing or sell, or when the home is no longer your primary residence).
- Applications must be submitted through an approved lender with pre-approval letter.
- After you’re approved, you’ll have 90 days to identify the home you wish to purchase (will be possible to extend)
- Money will be available for disbursement July 25
- Your long-term mortgage type can be conventional, FHA or VA.
Income limits vary per county – here are a few examples:
- Utah county – (family size) 1-2 people – $121,200, Over 3+ people is $141,400
- Salt Lake Limits – $110,750, $127,350
- Box Elder – $105,350, 122,900
- Happy to provide info on other counties
Money is expected to go fast so there is no time to lose. I’m happy to assist you or someone you know take advantage of this opportunity! Visit utahhousingcorp.org for application details and info on approved lenders.