The 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 buy down for the qualifying mortgage loan
This assistance program was specifically created to help first-time homebuyers enter the world of home ownership. The bill defines first-time home buyers as and individual (or spouse) who has had no ownership in a principle residence during the 3-year period ending on the date of purchase. A 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.
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.
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