Free Grant Money
Would you like an extra $5,000 to help with the purchase of your home? There is a new $5,000 GRANT available to first time home buyers in Utah. Before you think to yourself, “I’m not buying my first home” remember this, you are considered a first time home buyer if you have not owned a home in the past three years.
That means if you had to sell you home before 2011 and have been renting since, you could qualify as a first time home buyer!
The great thing about a grant (versus a loan) is that is does not have to be re-paid! This is free money! Just like the Tax Credit of 2010 there is one stipulation: You need to stay in your home for 5 years. Each year you are in the home you are forgiven 20% or the grant (or $1,000) a year.
This grant money can be used for a down payment and/or closing costs. Even if you’re not ready to buy a home yet, there is the possibility you could lock in your $5,000 to use on a home purchase any time in the next year!
Here are a few of the other requirements:
- You must have a matched savings account of at least $1,667
- Required Home Buyer Education
- Applicants cannot be students (certain exceptions apply)
- Your income cannot be higher than 80% of HUD median