Bank of Utah is offering $7,500 grants to first-time home buyers

OGDEN — Bank of Utah branches and mortgage loan offices throughout Utah are offering grants up to $7,500 to help low-income, first-time home buyers get into homes.

The local bank is one of a few financial institutions in the state that has access to grant money from the “Home$tart Program” through the Federal Home Loan Bank of Des Moines. The “free money” is available on a first-come, first-served basis for a limited time.

“Home$tart” grants may be used for down payments or closing costs of an owner-occupied housing unit, including condominiums. Grants can also be used in combination with funds from other sources.

Applicants must intend to live in the home for five years or they will receive a prorated allocation. To qualify, home buyers must earn at least 20 percent less than the local median income (adjusted for family size), in addition to other eligibility factors.

“With the ‘Home$tart Grants,’ Bank of Utah can help make home ownership a reality for those who have struggled to do so,” Bret Wall, senior vice president of residential and consumer lending for Bank of Utah, said. “If you think you might qualify, I encourage you to contact us as soon as possible so we can secure your grant money, help you close your loan and get you and your family into a home of your own.”

For more information about or to qualify for a “Home$tart grant,” call 800-516-5559 or click here.

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1 Comment

  • utahdiablo March 17, 2017 at 12:02 am

    US Taxpayer subsidies paying for these Freebies? All this is going to end real soon, get a job, pay your own way like we all had to…. The Home$tart Program is a set-aside of the Affordable Housing Program (AHP) and is designed to assist
    income-eligible households who, but for the receipt of Home$tart Program subsidy, would not be able to
    afford to purchase or rehabilitate a home.
    • Serves households with incomes at or below 80% of area median income (AMI), adjusted for family
    size
    • Provides forgivable grants as follows:
    — Up to $5,000 (Home$tart)
    — Up to $10,000 for households receiving public housing assistance at enrollment (Home$tart
    Plus)
    • May be used for downpayment, closing costs, or rehabilitation of an owner-occupied housing unit to
    be used as the household’s primary residence
    • May be used in combination with funds from other sources (e.g., downpayment assistance, state

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