Could You Qualify For Down Payment Assistance As a First Time Home Buyer In Utah?

2-Sep

Could You Qualify For Down Payment Assistance As a First Time Home Buyer In Utah?

Do you dream of owning a Utah home, but struggle to find and save enough money to make the down payment?  If so, you are far from alone.  In fact, this is the single biggest barrier to first time homeownership in the US!  

There are, in some cases, home loans and mortgages available that do not require a down payment, but there are generally tight restrictions on who can take advantage of them.  For example, armed service members can get loans through the Veteran’s Administration, but those loans are not available to members of the general public.

Fortunately, there are other options available – such as non-profit down payment assistance programs!  These can help a first time home buyer afford their down payment, and own their own Utah home!

What Is Down Payment Assistance?

Numerous organizations exist specifically to help first time home buyers afford the initial costs of purchasing a home, particularly costs associated with the down payment and initial move-in.  These are sometimes government-funded, but just as often, they’re private non-profit organizations.

These groups recognize that homeownership helps the economy and the country, and so they help people like you achieve your dreams!

Who Can Qualify For Down Payment Assistance?

These programs will each have different requirements, but there are generally some points in common:

  • The buyer usually has to be a first time home buyer.
  • The buyer will have to pass a credit check, although usually not a stringent one.
  • The buyer will have to attend educational sessions on matters such as budgeting for mortgage payments and proper upkeep of a home.
  • The buyer will have to work with other approved parties, such as lenders and realtors who are also participating in the program.
  • There will usually be restrictions on maximum income levels to qualify, as well as on the total price of the property.

Of course, the best way to find out the requirements for individual down payment assistance programs is to contact their organizers directly!

Home Savings Fund Helps Utah Residents Become First Time Home Owners

Home Savings Fund is a registered 501(c)(3) non-profit organization that provides fund-matching grants up to $7,500 for first time Utah home buyers looking for help with their down payments.  We want to help you own the home you’ve always wanted!

If you’re a Utah resident and need help making a down payment, contact us to learn more.