Article by Teresa Larson Village Real Estate
Down Payment Assistance
HUD has a program to help first time buyers and also people who have not owned a home for 3 years. It can help you get started in home ownership. Why keep paying off your landlords property? It is available in our Utah area as well as other states. The information PDF below applies mainly to our UT area.
Guidelines To Follow
The basics are this:
“The program is designed to help lower income individuals. There are income limits and housing cost limits. You have to stay in the home for 5 years and you can’t refinance for 5 years, otherwise you will have to pay a portion of the grant back. Otherwise the grant is a gift to you! You can get up to $5,000. to use towards your down payment and or closing costs on getting into a home of your own. ”
Multiple Lenders to Choose From
Bank of Utah has access to the Home$tart grant which provides a limited amount of funds for first-time home buyers to go towards the purchase of a home. (up to $5,000) These funds are distributed on a first come, first served basis and can be applied towards down payment or closing costs. This is not limited to the Bank of Utah but Banks and Mortgage companies have to apply and follow the guidelines to have access to the program. Call your favorite lender and see if they have the program. More Home Start Details
Of course we would love to help you in the dream of home ownership. We work with first time buyers.
Teresa Larson Village Real Estate, Murray UT
20+ years real estate experience
Vann Larson Village Real Estate
25+ years real estate