Wednesday, February 20, 2019 / by Cary Crowe
Did you know there are grant money funds available for homebuyers in cities throughout the Utah state?
If you are a first time home buyer in Utah state assistance grants can help you make buying your dream home a little easier.
A lot of the institutes have renewed their grant funds which are now available in Salt Lake City, Taylorsville, up north in Davis County and down south in Utah County as well. The list is long because a lot of the cities in Utah are offering these grant money funds.
You are considered a first-time buyer if you have never owned a home. According to FHA you can also qualify as a first-time home buyer if you haven’t owned a primary residence for up to 3 years. Also, you and your spouse are considered as separate entities. So, if you wish to buy a house now there is a way out and you can take the help of a grant.
Here are a few frequently asked questions that might help you out in seeking these grant funds.
So, if you are into buying a house and looking for some assistance to make the deal possible you should definitely check out these grants available in your city. These grants are city specific and the range and terms and conditions fluctuate based on the location as well.
What is the Range of the Grant Money?
The range of these grant funds is from $5,000 to $10,000. You can check out or the exact amount by researching a little on the city you wish to get your home in.
Can these grants be used for closing costs and down payments?
These grant funds can be used for closing costs and down payments. If you don’t have your closing costs or down payments, you can definitely look into it. For instance, Davis County grant allows up to $5,000 in down payment assistance whereas the Clearfield grant allows up to $3,000 as down payment assistance.
Are these grant funds forgivable?
These grant funds are totally forgivable as long as you live in the house for 5 years.
Are there any income restrictions?
There are income restrictions based on the household size and depending on how many people are living in the house. The income goes up if there are more people living in the house.
If you are interested do check out if you can qualify for the grant money. Now is a fantastic time to because the interest rates have gone up a little bit and the market on a whole has absolutely slowed down. Sellers are much more negotiable and are dropping their prices because they want to get sold before Christmas.
So, get the grants and contact us to get your dream home today. With the grant money and a 10 -15 grands asking price from the sellers, you are going to win.
Getting your own house is a tough decision. Striking the deal at the right time is crucial and can make all the difference.