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Utah’s First-Time Homebuyer $20k Assistance Program: The Key to Your Dream Home

by | May 9, 2023 | Homeowner Education

Take some of the stress off of buying your first home and find out if you qualify for Utah's $20k home buying assistance program.

Are you in search of purchasing your first home? If you’re a Utah resident, you’re in luck because Utah’s $20k first-time homebuyer assistance program is set to begin this July!

Buying a new home is exciting! See if you qualify for Utah's First-Time Homebuyer $20k Assistance Program to ease the homebuying process.

What is This Assistance Program All About?

There are two main goals of Utah’s First-Time Homebuyer Assistance Program: 1) to help residents afford their first home and 2) to incentivize builders to construct more affordable housing by setting price limits on qualifying homes. First-time homebuyers are eligible for a loan up to $20,000 with 0% interest rate and no monthly payments. The loan can be used for down payments, closing costs, or to permanently buy down the mortgage interest rate. The only catch is that the loan must be paid back when the home is sold or if the mortgage is refinanced.

Qualifications for the Program

  1. The property must be a new construction.
  2. The new construction must be $450,000 or below.
  3. It must be your first time buying a house.
    1. Or you/your spouse cannot have owned a principal residence in the last 3 years.
  4. You must close on your housing purchase after July 1.
  5. Eligible homes include detached single-family homes, condos, and townhomes.
Buying your new home doesn't have to be so hard anymore with Utah's first-time homebuyer assistance program!

The Beginning of a Revolution

This program has already caused builders to consider how they can construct more affordable housing for the middle class, which is an exciting step towards revolutionizing the housing market. The State has set aside $50 million for the program, which can assist 2,500 first-time buyers. While it may not solve all the challenges related to purchasing a home, it will offer substantial help for Utahns to enter the housing market. Check out this link to learn more about the program!

Purchasing a home is merely a single point along the homeowner’s journey, followed by a realm of new concerns and responsibilities. At Elevate, our team is ready to help you take the hassle out of homeownership. We’ll help you gain coverage to relieve your concerns about possible appliance breakdowns when you have a Homescription. Discover the possibilities by checking out our coverage brochure for Utah and start customizing your perfect package today!