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If you're looking to buy a home for the first time, you're in luck. With a new program recently introduced by the Utah Legislature, first-time homebuyers in Utah can now receive financial assistance when purchasing a new-construction home. The program allows borrowers to secure a loan of up to $20,000 to be used for a down payment, closing costs or to buy down a mortgage rate.
Loan details and eligibility
With mortgage interest rates hovering near 6.7% as of June 20, according to FreddieMac, this program is designed to make homeownership more accessible and affordable for Utah residents.
The first-time homebuyer assistance program, established through Utah SB240, offers highly attractive terms for borrowers. Qualifying loans have a 0% interest rate and require no monthly payments. In fact, repayment of the loan is only required when the home is sold or the mortgage is refinanced, providing flexibility for homeowners. In order to help a wide range of homebuyers, these funds must be used for new-build residences priced at or below $450,000.
Program background
The first-time homebuyer assistance program is administered by the Utah Housing Corporation, which has been entrusted with the task of overseeing the allocation and distribution of the $50 million designated for this initiative. This healthy allocation should help an estimated 2,500 Utah homebuyers receive assistance when purchasing a new build. The Utah Housing Corporation provides more information on the program, along with frequently asked questions on its website.
Goldenwest Credit Union: Your trusted partner
Goldenwest Credit Union, a Utah lender since 1936, is eager to support homebuyers in navigating the first-time homebuyer assistance program. Their experienced mortgage experts possess in-depth knowledge of the Utah housing market and are ready to answer any questions prospective buyers may have. Whether it's clarifying eligibility requirements or guiding borrowers through the mortgage qualification process, Goldenwest Credit Union is committed to providing personalized service and assistance.
Comparing rates and terms for the best deal
One of the key advantages of working with Goldenwest Credit Union is their dedication to securing the best possible deals for homebuyers. Their mortgage originators will go the extra mile by shopping mortgages to compare rates and terms with multiple lenders. This ensures borrowers can make well-informed decisions and obtain the most favorable rates and loan conditions available.
Goldenwest Credit Union's expertise and commitment to customer satisfaction make them a reliable partner throughout the home buying journey.
Equal housing lender
The first-time buyer assistance program is aimed at helping all Utahns become homeowners – and so is Goldenwest Credit Union. As an equal housing lender, Goldenwest is committed to fair lending practices. Their longstanding presence in the Utah financial landscape attests to their reliability and professionalism, while their high industry standards help ensure every borrower receives exceptional service.
By leveraging the resources and expertise offered by Goldenwest Credit Union, borrowers can confidently navigate the application process and secure the best possible mortgage terms – along with assistance from the new program. For more information, visit Goldenwest Credit Union.
