The Utah Housing Finance Agency has released $25 million at a 7.29 percent interest rate that can be used to finance home purchases for 400 lower-income Utah households, according to William H. Erickson, executive director.
The fixed interest rate is available to low- and moderate-income first-time homebuyers, many of whom have seen their rents rise to levels beyond their means. Erickson said in many instances the payments to get into a house are lower than paying rent.Prospective buyers may qualify providing their income and the cost of the home they want to buy is below certain limits.
Under UHFA's CHAMP program, a portion of the $25 million will be contributed toward down payment and closing cost requirements for very low-income home-buyers.