The LatestThe Latest

Navigating Utah's First-time Homebuyer Assistance Program: A Guide for New Homebuyers

February 9, 2024

Are you dreaming of owning your first home in Utah?

Good news! The state's First-time Homebuyer Assistance Program, established by the Utah Legislature in 2023, is here to help turn that dream into reality. Whether you're a first time home buyer or simply haven't owned a home in the past three years, this program provides financial aid of up to $20,000 toward purchasing a newly constructed home.

Let's break down the key components of this program to help you understand how it can benefit you:

Who Qualifies?

To qualify as a first-time homebuyer, you must meet one of the following criteria:

  • You (and your spouse) have had no ownership in a principal residence during the three-year period ending on the date of purchase.
  • You're a displaced homemaker or a single parent, meeting specific requirements outlined in the program guidelines.

Understanding the Terms

  • Qualifying Residential Unit: This refers to a residential unit located in Utah, newly constructed but not yet inhabited, financed by a qualifying mortgage loan, owner-occupied, and purchased for an amount not exceeding $450,000. This can include single-family homes, condominiums, townhomes, manufactured, or modular homes on a permanent foundation.
  • Financial Assistance: Eligible applicants can receive up to $20,000, which can be used for down payment, closing costs, and/or a permanent interest rate buydown.
  • Loan Details: The assistance provided is in the form of a 0% interest, no-monthly-payment loan secured by a Deed of Trust and a Subordinate Note.

The Application Process

  1. Contact a Participating Lender: Begin by reaching out to a participating lender to get credit-qualified for a mortgage and complete the necessary program reservation paperwork. 
  2. Submission: Your lender will then submit the reservation request to Utah Housing for review and approval.
  3. Reservation Issuance: Upon approval, a 90-day reservation is issued. Extensions are possible, provided you continue to meet program guidelines and provide evidence of progress towards purchasing the home.
  4. Closing Coordination: Once you've identified a specific property and have met all the requirements, your lender and the title company will coordinate the closing process. Program funds are sent to Utah Housing three days prior to closing.


Owning your first home is an exciting milestone, and with the support of Utah's First-time Homebuyer Assistance Program, it's more achievable than ever. By understanding the eligibility criteria, terms, and application process outlined above, you can take confident steps towards purchasing your dream home in Utah.

For more information and to get started, reach out to Utah Housing Corporation at: 801-902-8200 or visit their website at

Happy house hunting!



March 22, 2024

Previous Article