City Grants For 1st Time Homebuyers

One of the hardest parts of buying your first home is getting the money you need for down payment.  Usually 3.5 % for FHA loans and 5-20 % for conventional.  On a $200,000 home that is $7000 to $40,000 depending on the type of loan you have.  Pocket change sez you…ha ha sez I (no, I don’t know what that means, I just wanted to be a pirate for a second).

Now if that is scaring you off of buying a home, don’t cry little buckaroo.  There are programs available especially for first time homebuyers that will help you with the money for down payment that you need.  These are in the form of:

1. Utah Housing- a state run program that will grant up to 103% financing of sales price to assist first time homebuyers with down payment and/or closing costs. There are income limitations and also debt to income limitations, plus credit score in the mid 600s
   1. City Grants- There is grant money available in various cities throughout the Wasatch Front that will grant you up to 5-10,000 in money toward down payment and closing costs.  Again, there are restrictions on price of the home, debt to income, and now most cities have criteria on credit scores as well.  These cities also have different criteria on their grants as well.  Some cities require you to make an offer first, then present the REPC (purchase contract) as part of the application process.  Some cities require you to apply first, and look after you have been accepted.

Salt Lake County Homes For Sale that may qualify for grant money

Just remember that not all cities have grants for first time homebuyers , and the cities that do have down payment assistance grants, are limited and sometimes run out of money.

So, if you want a list of cities and the criteria they use for grants in the Salt Lake Valley, email us at loves@saltlakehomefinders.com and we will send a list out to you.

And, as always, if you have questions, text or

Call Us

801-819-9005

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