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Achieve Your Homeownership Dream with Utah's SB 240 First-Time Homebuyer Program
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Achieve Your Homeownership Dream With Utah's SB240

If you're a first-time homebuyer in Utah, you're in luck!

If you're a first-time homebuyer in Utah, the path to owning your dream home just got smoother and more attainable. Thanks to the recent introduction of a groundbreaking program by the Utah Legislature, first-time homebuyers can now receive essential financial assistance when purchasing a new-construction home. RanLife Home Loans is proud to be at the forefront of this initiative, helping Utah homeowners access Utah’s downpayment assistance loan of up to $20,000. Whether it's for a down payment, closing costs, or to buy down your mortgage rate, Utah’s SB 240 program is designed to make Utahns’ homeownership dreams a reality. Let's explore the details of this exciting opportunity and how it can benefit first-time home buyers in Utah.

Loan Details and Eligibility:

With mortgage interest rates hovering around 7% as of July 20, homeownership in Utah may seem like a challenging prospect. However, Utah’s SB 240 First-Time Homebuyer Assistance Program is specifically crafted to ease the burden for first-time buyers, making homeownership more accessible and affordable. Under this program, qualifying buyers can receive up to 20k in assistance at a 0% interest rate! These funds help with affordability or lower the barrier of entry for first time home buyers.

The 20k can be used for or towards any of the following.

  • • A down payment for your home.
  • • They can be used to pay closing costs, lowering the amount due at the time of purchase. • You may opt to use the funds to permanently buy down your interest rate, lowering your monthly house payment.
  • • They can be used to buy out mortgage insurance premiums, lowering your monthly housing payment.
  • • Any combination thereof There are no monthly payments due for the state assistance. Repayment is made when homebuyers sell the home or refinance the mortgage.

This is a free loan from the state as they charge no interest on the repayment. If the full amount cannot be repaid due to a lack of equity, the state will accept half of the equity available as payment in full! Whichever is less. To incentivize homebuilders to create more affordable housing within the state, the funds must be used for new construction priced at or below $450,000. Funds can be reserved through RanLife Home Loans for any prequalified buyer within 90 days of their home completion. Spec homes may also qualify as long as the home has not been occupied previously. This is for residents of the state of Utah only, defined as living in the state for 12 months or more.

Empowering Aspiring Homebuyers

Utah’s SB 240 Program is a testament to the state's commitment to supporting first-time homebuyers. With an allocation of $50 million entrusted, the state of Utah aims to help an estimated 2,500 first-time homebuyers realize their dream of owning a new home.

RanLife Home Loans: Your Trusted Partner

As a leading mortgage lender in Utah, RanLife Home Loans is dedicated to being your one-stopshop on your journey to homeownership. RanLife’s team of experienced mortgage experts possess an in-depth understanding of the SB 240 program, the Utah housing market, and are readily available to address any questions or concerns you may have. From clarifying eligibility requirements to guiding you through the mortgage qualification process, RanLife offers personalized services to ensure your home buying experience is seamless and stress-free.

Click Here To Speak With A RanLife Home Loans Expert

Comparing Rates and Terms for the Best Deal

At RanLife Home Loans, we understand that finding the best mortgage deal is crucial for your financial well-being. Their committed mortgage originators go above and beyond. This dedicated effort ensures that you can make informed decisions and secure the most favorable rates and loan conditions available. The journey to homeownership is a monumental step, and the state of Utah and RanLife Home Loans are here to help you turn your dream into an address.

The journey to homeownership is a monumental step, and the state of Utah and RanLife Home Loans are here to help turn your dream into an address. With the SB 240 First-Time Homebuyer Assistance Program offering up to $20,000 in financial support, your path to owning a new-construction home in Utah is brighter than ever before. RanLife Home Loans’ team of experts is eager to guide you through the application process and secure the best mortgage terms, so you can confidently embark on this exciting chapter in your life. To take advantage of this incredible opportunity, contact us today and achieve your homeownership dream. 

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