If you need assistance, please call 801-891-5489

  • Unpacking Utah's New Homebuyer Grant Program: A Golden Opportunity

    Thursday, July 20, 2023   /   by Justin Critchfield & Michelle Aspseter

    Unpacking Utah's New Homebuyer Grant Program: A Golden Opportunity

    Unpacking Utah's New Homebuyer Grant Program: A Golden Opportunity

    In a dynamic move to invigorate the housing market and provide an accessible route to homeownership for many Utahns, the state of Utah has recently allocated an astounding $50 million in grant money specifically aimed at aiding prospective home buyers. Dubbed the "First-Time Homebuyer Grant Program", this initiative is not only a ray of hope for first-time buyers but also a valuable chance for those who haven't owned a home in the last three years.

    The program is set to kickstart from July 25th, 2023 and it’s important to understand its ins and outs to best position yourself to take advantage of this unique opportunity.

    Exploring the Qualifications

    Before you start planning your move, it’s essential to understand the program’s specifications and qualifications. The state has outlined two significant criteria that potential buyers must meet to be eligible for this program.

    First and foremost, the home must be a new construction. This clause is a strategic effort aimed at stimulating the local construction industry while also ensuring that new homeowners are stepping into fresh, modern homes that won't require immediate repairs or upgrades.

    Secondly, the cost of the new home cannot exceed $450,000. While this might seem restrictive to some, it is a measure implemented to ensure the grant’s impact is felt primarily within the middle- and low-income brackets. It also encourages buyers to explore areas further afield, and in so doing, stimulate growth in the less densely populated western and northern regions of the state.

    Navigating the Competition

    There is a slight catch: the program has a limit to the number of grants available. In total, only 2,400 grants will be given out, a relatively modest number considering the state's population. That makes this a competitive process, requiring applicants to act quickly and decisively.

    Remember, the clock starts ticking on July 25th. You'll want to have all your ducks in a row and be prepared to apply as soon as the opportunity opens. It's essential to move quickly, but just as important to make sure your application is thoroughly completed and all details are accurate. You can apply and get locked in for up to 90 days before you find your home.

    Seizing the Opportunity

    The grant is given at a 0% interest rate. This makes it a genuinely incredible offer, providing substantial financial support that can transform the dream of homeownership into a reality for many Utah residents.

    However, navigating the process of home buying and grant applications can be tricky. For those who need guidance or simply have queries about the process, our team is here to help. We're ready to provide you with all the necessary details, ensure you meet the qualifications, and guide you to seize this exceptional offer.

    The First-Time Homebuyer Grant Program is a golden opportunity, and it is crucial to act quickly to make the most of it. It's a rare chance to mitigate some of the financial challenges associated with homeownership. Utah is reaching out, providing a helping hand to those eager to take the step into homeownership. Are you ready to seize the moment?