We're delighted to bring you news of additional help that's available to reduce the initial costs of buying a home.
Utah Housing has a new down payment assistance program available in Utah. They are calling it the Deferred Down Payment Assistance program.
The down payment assistance is a loan available up to 3.5% of your sales price with a maximum loan amount of $27,500. The interest rate on the loan is locked in at 3.5% for the life of the loan. The helpful part of this is there are no payments due or required on this part of the loan until the property is sold, or refinanced.
The biggest advantage between previous Utah Housing down payment assistance and their new Deferred Down Payment Assistance is that since there is no monthly payment due on this loan it will help buyers qualify for more home than they currently could have under the traditional down payment assistance Utah Housing offers.
This information sheet contains more details, including eligibility criteria.
For more specific advice, please contact Dewey Warner of Intercap Lending at 435-586-9740 or dewey@intercaplending.com.
