First time home buyer Assistance Program:
1- BRAG Assistance
The Bear River Associaton of Governments will give $2,000 in
unpaid settlement costs to applicants who complete the USU Family Life Center
Homeowner Education Workshop atleast a month prior to buying a home. This is an
all day workshop held the second Saturday's (and sometimes the third or fourth
as well) every month at the USU Campus Credit Union. It is covers all aspects
of financing and purchasing a home and I would highly recommend it regardless
of if you will qualify on the extra monies. This must be repaid when the home
is sold.
To make a reservation call the USU Family Life Center (435)
797-7224.
Bear River Association of Government(Brag):
Contact:
2-Uidan Individual Development account(IDA) will match $3 for every $1 saved toward
purchase of a home.
3- Welcome
Home Own In Logan
This is a First time homebuyer program sponsored by Logan
City, and the Neighborhood Nonprofit
Housing Corporation. Qualified new buyers purchasing a single family
detached home within Logan City Limits are given a $7,500 subsidy (can be used
for downpayment and/or closing cost assistance) and does not have to be repaid
if the buyer owns the house for atleast 10 years.
To qualify for this grant money the buyer must be a first time homebuyer (haven't owned a home in the past three years, those who currently own a trailer that is not on a permanent foundation, those who lease or own a condominium, and/or are a displaced spouse.
To qualify for this grant money the buyer must be a first time homebuyer (haven't owned a home in the past three years, those who currently own a trailer that is not on a permanent foundation, those who lease or own a condominium, and/or are a displaced spouse.
Income must be below 80% of the HUD median income guidelines
for Cache County. This includes income for all persons in the household over
the age of 18. Please refer to HUD's income guidelines.
Must meet the housing debt ratio of 36% and the total
debt-to-income ratio of 38%. The borrower's house payment cannot exceed 36% of
their gross monthly income. Total monthly debt payment (including house
payment) cannot exceed 38% of their gross monthly income.
Certificate for attending a Home Ownership workshop at a HUD
approved agency. For the Cache County area please contact the Family Life
Center, (435) 797-7224, for the workshop schedule and registration.
Applicant must provide $500 in personal funds toward the
down payment or closing costs, verified per the settlement statement. Gifts are
eligible to meet this requirement.
4- Home Start
The Home Start Program is designed to help first time buyers
"save" for their down payment. It is a partnership between local
lending institutions and the federal government. Locally Zions Bank and Bank of
Utah participate in this program. The HSP is designed to help you accumulate
funds for your down payment and closing costs by matching every $1 you save (or
are gifted) with $3, up to a maximum of $3,000 to $5,000 toward the purchase of
your first home. For every year that you live in the home 1/5 of the HSP Grant
is forgiven.
Utah Housing Corporation
Utah Housing Corporation
5-Home Run grant.
What is the $6,000
Home Run Grant?
The Home Run Grant is
a mortgage assistance program that grants $6,000 to home buyers who purchase a
newly-constructed, never-occupied primary, single-family residence in
Utah. The Home Run Grant is funded by the Housing Relief Restricted
Special Revenue Fund, established by Utah Governor Jon Huntsman, the Utah State
Legislature, and Utah Housing Corporation.
When is the Home
Run Grant program being launched?
Governor Jon Huntsman signed Senate Bill 260 on March 19,
2009 to authorize Home Run Grants.
Who is eligible to
receive a $6,000 Home Run Grant?
- Home buyers must meet the following income restrictions:
- Single person, $75,000
- Married couple, $150,000
- If more than one unmarried person is taking title to the Eligible Home, each such single person is subject to the $75,000 income limit.
- Home buyers must occupy the purchased home as a primary, permanent residence no later than 30 days after closing.
- If home buyers need a mortgage loan to purchase the home, the loan must be a fixed interest rate, amortizing mortgage loan with a term of 30 years or less. Cash buyers can also qualify by contacting Utah Housing Corporation directly.
- The Home Run Grant Program is effective for home purchases closed after a Home Run Grant Commitment has been issued for that specific transaction. Unfortunately the funds may not be used for homes purchased without the Home Run Grant Commitment.
6- Utah
Housing (UHC) Help For First-Time-Homebuyers
Assistance with down
payment and closing costs
See a Participating
Lender to apply for UHC's homebuyer package:
- A 30-year, fixed-rate FHA or VA first mortgage to purchase the home and
- A small UHC second mortgage to pay for down payment and closing costs. (Second mortgage maximum amount is 6% of the first mortgage.)
Note: UHC does not take your application or process your
loan. A Participating
Lender assists with all details pertaining to your loan. After your
loan is closed, UHC buys your loan from the Participating
Lender and then you make your monthly payments to UHC.
Interest Rate
Advantage
To reduce the amount of your mortgage payment, a UHC
homebuyer loan package offers you a competitive or below-market interest rate
without any discount points for your first mortgage and the second mortgage
interest rate is only 2% higher than the first mortgage.