Up to $20,000 of Financial Assistance for First-Time Homebuyers

If you're thinking, dreaming or contemplating purchasing a new home this summer, pay very close attention. Utah legislation has set aside $50 million dollars in state funds to help first-time home buyers in Utah. Starting July 1, 2023, funds for Utah's First-Time Homebuyer Assistance Program SB240 will be available to eligible applicants. This means you may qualify for up to $20,000 to help purchase a new home. Interested parties should be aware that program funds are typically available on a first-come, first-served basis, so it's important to act quickly once the funds become available. To maximize your chances of receiving assistance, it's a good idea to start preparing early by confirming your eligibility, finding a participating lender, and getting pre-approved for a mortgage. You can then apply for assistance once the program funds become available on July 1, 2023. Keep in mind that the program applies to new construction home purchases as long as you meet the eligibility criteria.

HOW TO APPLY:

1. Find a Destination Homes preferred, Utah Housing Participating Lender and confirm eligibility

2. Get pre-approved for a home priced no more than $450,000

3. Apply for SB240 assistance through your lender

4. Close on your home after July 1, 2023 to receive assistance funds

It is estimated that approximately 2,500 homebuyers could benefit from this opportunity. Come visit one of our model home locations today to speak to a sales agent who can help you understand how this program could work for you, as well as direct you to participating lenders.