This is the second in a series of articles regarding first time homebuyers assistance programs for the Lake Powell area. See first article here.
While not all people qualify for the assistance programs if you are interested in buying Lake Powell real estate, either in Utah or Arizona, these programs are readily available.
Utah has a program to encourage first time homebuyers to make the leap to home ownership instead of renting. One of the best programs out there is offered by the Utah Housing Corporation.
Utah Housing Corp is a private/public partnership. From William H. Erickson, President
- With a mission to provide safe, secure and sanitary housing for Utah residents earning low and moderate incomes, UHC is dedicated to improving the quality of life for families, single parents, senior citizens, disabled and special needs people.
- Most importantly, the Corporation meets this goal without using state revenue. Instead, UHC takes an innovative, entrepreneurial approach. Authorized by the state to sell tax-exempt bonds, UHC lends the proceeds to eligible borrowers through private lending institutions. These low-cost, low-interest mortgage loans enable more low-income people to invest in their own homes rather than incurring the expense of rent.
First Home and First Home Plus are two of the programs offered through UHC. First HomePlus also offers downpayment assistance and closing cost assistance. These are not grants, but rather low cost, low interest loans that are taken as a second mortgage. First Home Plus also has below-market, 30 year fixed rate mortgage loan to qualified applicants.
While not a requirement of the program, it is strongly recommended homebuyers take a Counseling and Training class offered at several Utah locations.
First Home is a downpayment savings program in which UHC will match every dollar saved toward a down payment 3 to 1 for a total of between $3,000 and &5,000. Every year the buyer lives in the home 1/5 of the gift is forgiven.
In order to qualify you
- have to be a first time homebuyer
- fit in the eligible income bracket
- home must be under $383,750 in Kane County