Utah’s new first-time home buyer program has started to make an impact in the state. According to writer Katie McKellar for the Desert News, the program began in July after the Utah Legislature passed and funded SB240, a bill sponsored by Senate President Stuart Adams that used $50 million in state money to help Utahns afford homes. It offers up to $20,000 loans to each eligible home buyer to help fund down payments, closing costs, or buying down interest rates. The $50 million is expected to help about 2,500 buyers.
As of mid-November, the program has helped 460 Utah families, with 355 applications funded to the tune of nearly $6.7 million and 105 reservations awaiting funds totaling $2.1 million, according to the program’s administrator, Utah Housing Corporation. About 1,860 slots remain.
It’s a “really strong” start, said David Damschen, president and CEO of Utah Housing Corporation.
“The people that are buying homes using this program, the vast majority of them would not have been in a position to buy a home were it not for the program,” he said.
With over 400 homes that have so far been funded by the program at an average price of $381,115, the program has helped facilitate the purchase of over $150 million in housing stock. It’s helping builders and buyers in a challenging market environment for both.
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