A new Utah program designed to give first-time homebuyers a break on their new house purchases is receiving criticism for how practical it is.
, provides up to $20,000 in loans to buyers that they can then use toward down payments, closing costs or buying down interest rates., the home must be newly constructed or never lived in and must be priced at $450,000 or less.
"You have to live in Utah for 12 months, you have to be under the area median income, and then you have to have almost no debt, or you're not going to qualify because your income is so low," Anderton told KSL-TV. "The amount of people who qualify is just very few.", the median sale price in June for a single-family home in Salt Lake County was roughly $600,000. Meanwhile, the median sale price of a multifamily home — a condo town house, or twin home — was $413,000.
Utah Housing Corporation president and CEO David Damschen acknowledged the realities of the current market — particularly in Salt Lake City and Salt Lake County — and said an objective of the program and the $450,000 cap was to encourage builders to be more "creative" and "competitive" in constructing more housing units that are affordable to first-time buyers."We need to stoke supply," Damschen told KSL-TV early Friday.
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