English: 801.784.6085
Español: 801.316.8692
The Utah First-Time Homebuyer Assistance Program was created with the purpose of providing financial aid for first-time homebuyers to reach the goal of purchasing a newly constructed home.
The assistance program loan is a 0% interest, no-monthly-payment loan which allows you to borrow up to $20,000 to be used toward purchasing a home. The funds may be used for down payment, closing costs, and/or a permanent interest rate buydown for the qualifying mortgage loan
This assistance program was specifically created to help first-time homebuyers in Utah enter the world of home ownership. The bill defines first-time home buyers as individuals (or spouses) who have had no ownership in a principal residence during the 3-year period ending on the date of purchase. A Utah first-time home buyer may also include a displaced homemaker or single parent, who except for owning/residing in a home with their spouse, meets the aforementioned requirements.
A qualifying residential unit is defined as a new construction single family home, townhome, condo, manufactured home, or similar structure that serves as a one-unit dwelling, or part of a two-unit dwelling as long as one unit is owner-occupied, in Utah.
The unit must be financed through a qualifying mortgage loan and does not exceed a purchase price of $450,000.
A qualifying mortgage loan means a loan that is purchased and serviced by Utah Housing Corporation and secured by a recorded Deed of Trust in the county where the home is located.
Simply put, this is a first mortgage loan funded by a participating lender, such as First Colony Mortgage, the preferred lender of EDGEhomes.
Utah first-time homebuyers will need to contact a participating mortgage lender, like First Colony Mortgage, in order to credit-qualify for the program. Once credit-qualified, your lender will submit a program reservation request to secure program funds.
Are you a first-time homebuyer in Utah?
At EDGEhomes, we are dedicated to creating strong communities in the heart of Utah with our premier single family homes, townhomes, condos, and quick move-ins. With EDGEhomes, you can rest assured that your first home is Designed for Life and all the beauty that comes with it.
Simply submit the form below for more information on our listings and the First-Time Homebuyer Assistance Program. Let us help you find a beautiful first home in one of our growing communities.
We’re here to help! Fill out the form below, and we’ll get back to you as soon as possible.
