The board of directors of the Utah Housing Finance Agency has a new housing program targeting low to low-moderate income Utahns who want to buy a home but find it nearly impossible to save enough money for a down payment.
The "Grand" program offers qualifying homebuyers with household earnings as high as $29,000 annually $1,000 toward a down payment and closing costs, said William H. Erickson, UHFA executive director. It also offers a fixed mortgage rate of 7.61 percent.Grand loans will be available for homes purchased anywhere in Utah. Homebuyers purchasing a home within certain targeted areas of the state can earn as much as $29,000, while those buying in other locations can earn as much as $26,000.
Due to a limited amount of funds set aside for Grand, about 125 qualifying accounts can take advantage of this remarkable opportunity, said Erickson, who noted that his office receives many calls from people who earn too much money to qualify for home-ownership assistance.
More information can be obtained by calling the agency at 521-6950.