Buying a home in Utah is exciting, but the upfront costs can often be overwhelming. Many first-time buyers get stuck saving for a down payment and closing fees. The Home$tart® grant helps provide much-needed funds to help qualified first-time buyers become homeowners.
Wasatch Peaks Credit Union is proud to partner with the Federal Home Loan Bank of Des Moines to offer Home$tart grants to eligible borrowers in Utah.
The grant program provides up to $15,000 in assistance to homebuyers who meet eligibility requirements. The funds can be used to help cover a down payment or closing costs on real estate.
Home$tart grants are forgivable after five years. That means if you sell your house in less than five years, you will have to pay back a portion of the funds, pro-rated based on the length of time you owned the house.
However, if you remain in the home for at least five years, you will never have to repay the grant. It’s all yours!
To qualify for a Home$tart grant, you must be a first-time buyer earning up to 80% of the area median income for the property being purchased. Your income limit is adjusted based on the size of your household.
Complete a homebuyer’s education class
Applicants must have a signed Purchase and Sale Agreement to apply for a Home$tart grant.
