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$tart grants may be used for down payments or closing costs of an owner-occupied housing unit, including condominiums. Grants can also be used in combination with funds from other sources. Applicants must intend to live in the home for five years or they will receive a pro-rated allocation. To qualify, homebuyers must earn at least 20 percent less than the local median income (adjusted for family size), in addition to other eligibility factors.
“With the Home$tart Grants, Bank of Utah can help make homeownership a reality for those who have struggled to do so,” said Bret Wall, senior vice president of residential and consumer lending for Bank of Utah. “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.”