First-time homebuyers in Utah can apply to receive a $20,000 assistance loan starting July 11 to use toward the purchase of a newly built house, townhome or condo.
. The corporation announced this week that buyers will be able to start closing on their loans on or after July 25.
Bishop said first-time homebuyers have had a rough time recently because of higher interest rates and increased competition. "Eligible property types include detached single-family homes, condominiums, townhomes, or similar residential dwellings, including manufactured or modular homes attached to a permanent foundation," according to the housing corporation.
The repayment amount will be either the amount of the assistance loan or 50% of the home's equity at the time of sale or refinancing, whichever is less. Kinder said it's attractive to her clients that the loan can be used for an interest rate buy down because it makes their monthly payment far more affordable.
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