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As it gets harder to obtain a zero down loan, homebuyers are looking for other alternatives to help them purchase their first home. State, County and City grant money have become very popular. One of the most popular programs in Utah County, which allows a first time homebuyer (no home ownership in last three years) to receive up to $15,000, is running out of money.

I was speaking with Jeff, who is the new program director over the grant money in Utah County, and he explained to me that the demand for grants have been huge in the last several months. The grant money is going to run out before they get a new allotment in July. Jeff further explained they have enough money to help 10 to 12 homebuyers before the money is depleted. It is always on a first come first serve basis and this money will only last a few more weeks.

Qualification for this grant money is not difficult. You must be below a certain income according to family size. You may purchase a home in Orem, Lehi, Lindon, Payson, Pleasant Grove, Spanish Fork, Springville, and Unincorporated Utah County. The maximum purchase price for this program is $232,305. There are also some debt to income and credit score requirements.

This grant money is No Interest, No Payments and can be completely forgiven.

Family Size    Income Limits
1                      $33,600
2                      $38,400
3                      $43,200
4                      $48,000
5                      $51,850
6                      $55,700
7                      $59,500
8                      $63,350

There is still time to submit an application to receive this money. If you want more information please do not hesitate to contact me.

*Update new money may be approved as soon as 9/8/09

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Mike Harrison        Send me an email or  Qualify Now Online
Principal Lending Manager
First Federal Mortgage, Inc
Salt Lake City, Utah
801-404-3540 Cell
888-800-1629 Toll Free