How to Get Help Buying a House
Are you planning on buying a house in Utah? If so, you might be wondering if there are opportunities for qualified homebuyers to make the financial burden a little easier. Thankfully, there is a range of different services available for both first-time homebuyers and families in need of financial assistance, like the solutions from Utah’s nonprofit Home Savings Fund.
Below, we’ve collected all of the options at your disposal to make purchasing a home a little easier.
Down Payment Assistance Programs: How They Work
Down payment assistance is most often available through government first-time homebuyer programs or loans and grants from private companies or nonprofits. Some of the most common forms of down payment assistance include:
- Grants: This is an outright gift of money that doesn’t need to ever be paid back, often used in addition to government loans. Often, agencies like Home Savings Fund that offer grants set their own qualifications. To learn more, go here!
- Zero-Interest, Forgivable Loans: This type of loan doesn’t need to be reimbursed as long as one remains living in the household after the loan period (often five years or more) is over.
- Low-Interest Loans: These types of loans need to be repaid over a certain period of time, often 10 years or more. This type of loan lessens the burden of purchasing a home by spreading out the closing costs and down payment over multiple years.
- Zero-Interest, Deferred-Loan Payments: With this type of loan, traditionally, no payments for the loan are due until the home is sold.
Who Can Get Down Payment Assistance?
When it comes to obtaining down payment assistance, there are often some qualifications to be able to apply, such as taking a homebuyer education course, meeting the proper income requirements, purchasing in an approved location, and other things.
For example, to be eligible for the down payment assistance grants from Home Savings Fund, applicants must:
- Be a US Citizen, permanent resident or have a work visa
- Have a minimum credit score of 660
- Work with an approved loan officer
- Be purchasing a property located in Utah with a minimum purchase price of $150,000
Contact Home Savings Fund today for Utah home down payment assistance!
If you need help shouldering the financial burden of purchasing a home in Utah, we’re here to help by offering grants without income restrictions. To learn more about our services contact us online or call (855) 369-7283.