Breaking News: Utah Introduces $20,000 Assistance Program for First-Time Homebuyers

By Doug Cary

Doug Cary has been selling real estate in Davis County since 2005. He is a 2nd generation top producing Real Estate Agent.

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The escalating prices of houses make it increasingly difficult for first-time buyers to enter the market. However, residents of Utah can now breathe a sigh of relief, thanks to the state’s new $20,000 first-time homebuyer assistance program set to launch on July 1. 

Aimed at helping homebuilders create more affordable housing options, this initiative encourages the construction of lower-income homes, including townhomes and condos. To ensure accessibility, the program sets a price cap of $450,000 for eligible properties.

This exciting opportunity is available to first-time homebuyers across the entire state of Utah. While it may be easier to find suitable properties in certain regions like the Wasatch Front, particularly in Salt Lake and Davis County, the program’s benefits extend statewide. In these areas, there are already approximately 40 properties that meet the program’s guidelines. To qualify, the property must be priced at $450,000 or less and be new construction. Additionally, prospective buyers must be classified as first-time homebuyers, meaning they have not owned a home within the past three years.

If you meet the criteria for a first-time homebuyer, I encourage you to take advantage of this program and seize the opportunity to own your dream home. As a real estate agent, I am here to help you navigate the process and find properties that align with the program’s guidelines. Whether you’re searching for a cozy townhome or a charming condominium, I can assist you in discovering suitable options tailored to your preferences.

The demand for this program is expected to be high, with an estimated 2,500 loans anticipated to be approved before its completion. Given the overwhelming interest, it is wise to act swiftly and secure your place in this transformative initiative. Properties can be put under contract immediately, with closings scheduled for July, August, or September. However, it is crucial to note that this program may reach its capacity by September or October, potentially extending until November. 

To avoid missing out on this opportunity, don’t hesitate to reach out to me via phone or email with any inquiries or questions. I look forward to hearing from you.