Would you like an extra $5,000 to help with the purchase of your fist home? There is a new $5,000 GRANT available to first time home buyers in Utah. Before you think you aren't a first time home buyer remember that a first time home buyer is anyone who has not owned a home in the past three years. That means if you had to sell you home before 2010 and have been renting since, you could qualify as a first time home buyer! 
The great thing about a grant (versus a loan) is that is doesn't have to be paid back. This is free money! Just like the Tax Credit of 2010 there is one stipulation: You need to stay in your home for 5 years. Each year you are in the home you are forgiven 20% or the grant (or $1,000) a year. This grant money can be used for a down payment and/or closing costs. Even if you're not ready to buy a home yet, there is the possibility of locking in your $5,000 for a year!
Here are a few of the other requirements:
- You must have a matched savings account of at least $1,667
- Your income cannot be higher than 80% of HUD median
- Required Home Buyer Education
- Applicants cannot be students (certain exceptions apply)
About the Author:
Utah Dave - Daybreak Neighboorhood Expert and Local Resident
My friends nicknamed me Utah Dave in high school because they said it didn't matter where we went in Utah, I would know how to get there and who we needed to talk to. The name sticks today as UtahDave has formed into a professional real estate network of Neighborhood Experts all across the state. I live in Daybreak with my wife and 4 amazing children. I enjoy dancing (which is how I met my wife Dawn) as well as traveling, coaching, and learning.
