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The Utah program is only for new construction and will provide a loan for up to $20,000 that could be used for any combination of a down payment, closing costs or to permanently buy down the mortgage interest rate.
The loans will have a 0% interest rate and will not have monthly payments. Recipients will have to pay it back only when they sell the home or refinance the mortgage.
"Eligible property types include detached single-family homes, condominiums, townhomes, or similar residential dwellings, including manufactured or modular homes attached to a permanent foundation," according to the housing corporation.
To qualify, the newly built residential units must be priced at or below $450,000. The price limit aims to incentivize builders to build affordable housing.
Listing information provided courtesy of UtahRealEstate.com. IDX information is provided exclusively for consumers' personal, non-commercial use, and it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data is deemed reliable but is not guaranteed accurate by the MLS.
Updated:8th December, 2023 11:16 PM (UTC).
