The prospect of buying your first home in Utah can be intimidating, particularly if you’re concerned about whether you can afford the purchase. Fortunately, there are options to make the process easier – like first time home buyer grants in Utah. These grants provide down payment assistance, helping you overcome that initial hurdle and buy the home you want.
Of course, there are terms and conditions you have to meet. These are some of the most important factors you should know about!
How Do First-Time Utah Home Buyer Grants Help?
For most people, the single biggest hurdle in buying a home is affording the down payment. Down payments can typically be up to 20% of the value of the home, although it’s rare to see down payments that high. Still, even payments in the 5%-10% range can be prohibitive for many buyers, even those who could otherwise afford the ongoing mortgage payments.
So, first time home buyer grants are specifically intended to help cover that down payment. Grants can pay for most or all of the down payment, making it far easier to get your home. Having a first-time buyer grant on your side will also make it easier to qualify for the home purchase in the first place. Banks will be more willing to give you a mortgage when the down payment is covered.
Are You A First Time Home Buyer?
The phrase ‘first time home buyer’ is pretty self-explanatory, but there are a few exceptions. For example, if you were married and jointly owned a home with your spouse, but then got divorced, you could still potentially qualify as a first-time buyer on your own. Also, trailers and other mobile-style homes which lack a permanent foundation don’t count as homeownership for most of these grants.
So be sure to check the terms and conditions carefully to see if you qualify – the rules are more inclusive than you might expect.
What Kind of Home Can You Buy?
Nearly any sort of home can qualify for first time home buyer grants in Utah. This includes regular houses, condos, buyer-owned apartments, even trailers if they have a permanent base. Fixer-uppers can also qualify, even if you can’t move in at first due to the need for repairs.
Turn to Home Savings Fund