Receive up to $7,500* towards the purchase of a home.
Bank of Utah has access to a limited amount of funds for first-time home buyers to go towards the purchase of a home. These funds are distributed on a first come, first served basis and can be applied to down payment or closing costs.
There’s a limited amount of money available - for information on this and other available grants, contact John.
*$7,500 grant available on applications taken on or before April 30, 2017. Applications received after April 30, 2017 will be eligible for $5,000 grant.
Home Start Grant details
- Funds are provided by the Federal Home Loan Bank of Des Moines.
- There is a limited amount of funding available on a first come, first served basis.
- The program is available to borrowers who have not owned a home in the past three years. Some exceptions can be made, contact John.
- The grant funds may be used for closing costs and/or down payment.
- Funds can be used in conjunction with other grants or credits.
- Grant funds can be used for FHA and some Conventional loans.
- Minimum 640 credit score.
- The property must be an owner-occupied, single-family residence.
- Eligibility is based on household income and purchase price limits.
- There is a 5-year retention period. If the property is sold or refinanced within the first 5 years following loan closing, the borrower must repay a pro-rated portion of the grant funds.
- Borrowers must complete a home buyer training class (which can be done online).
- Borrowers can receive a maximum of $250 cash back at closing.
- Loan subject to approval. Other restrictions and qualifications may apply. Contact John for more details.
For more information about Bank of Utah’s Home$tart Grant, contact John Gonzales.