If you want to buy your first home in the coming months, you could qualify for $20,000 of financial aid. With a first-time homebuyer assistance program created by the Utah Legislature, you can get a loan for up to $20,000 on a new-construction home to go towards a down payment, closing costs, or to buy down the mortgage rate.

Homebuyer assistance loans have a zero percent interest rate, and no monthly payments. Even better, borrowers are not required to pay back the loan until they sell the home or refinance the mortgage.

This exciting, new program is administered by the Utah Housing Corporation and will be available for funding after July 1, 2023. The money is available for single-family homes, condos, and townhomes. The funds must be used for new-build residences priced at or below $450,000.

I encourage you to act quickly as the $50 million allocated to the program is enough to help about 2,500 Utah homebuyers. Goldenwest Credit Union’s mortgage experts are ready to answer your questions about the first-time homebuyer assistance program, and help you begin the mortgage qualification process.

In addition to conventional mortgages, Goldenwest has many specialty home loan options. For military active-duty and former service members (or surviving spouses), we offer Veteran Affairs (VA) home loans with up to 100% financing. For first-time homebuyers, we have Federal Housing Administration (FHA) mortgages to assist low-to-moderate income borrowers. With as little as 3.5% down payment, you could qualify for a home with an FHA mortgage. Even better, the down payment can be 100% gifted. If building a home is in your future, Goldenwest has construction loans currently priced as low as 5.75% (7.306% APR) and improved lot loans as low as 6.75% (7.201% APR).

Our local mortgage experts are ready to assist members with everything from a first-time home purchase to construction loans and investment properties. Email our mortgage team at mortagecc@gwcu.org, call 801-786-8400, or visit any Goldenwest or USU Credit Union branch to speak with an expert. We’ll take care of you!

Goldenwest Credit Union is an Equal Housing Lender. NMLS#440574. Rates current as of 06-07-2023 and subject to change.