Most people think you need a huge down payment and extra money for closing costs to purchase a Utah Homes. Fact is there are several ways to buy a home without any money out of your pocket.
One way to help people buy a home with no money down is utilizing Utah home grants.Utah home grants are one of the best ways to cover needed down payments, closing costs or to simply lower the loan balance. Most home buyers don't even realize that there are grants or down payment assistance available for them to use.
SeveralUtahcounties and cities offer home buyers grants and down payment assistance to purchase a home. One reason is the county or city wants people moving into their boundaries. More residents means more customers for utilities, property taxes and local merchant service. The more people living in the boundaries then the more money the municipal makes. This is why most grants ask the buyer to stay in the home for a least 5 years. But is the buyer has to sell then the grant may be prorated and a portion paid back from the proceeds of the sale.
Utahhome grants range from $2,000 to $20,000 depending on the city or county. These grants are on a first come – first serve basis and sometimes the funding can run out. Most get refunded, but it is a question of when. These grants service counties such asSalt Lake,Utah, Davis, Tooele, Weber and otherUtahcounties. Every grant is different and the buyer most qualify based on the conditions of each grant.
Down payment assistance are slightly different than grants. Cities and counties will give money to assist with the down payment or closing costs, but when the home is sold then they ask for it back. This helps refund the program so that money is available for other buyers. There is no interest or payment required on these funds and there is no time limit when they most be paid back.
If you are currently think about buying a home but don't have the needed funds, then these home programs may be perfect for you. Currently, home prices are rising quickly and it may be detrimental to wait and save for a down payment. Saving $5,000 for a down payment and paying $20,000 more for the same house may not be wise.
Even if you are considering buyer in the next 12 months, considering home grants and down payment assistance could help. If these do not work out, then there are other ways to buy aUtahhome with no money down.