The Salt Lake Board of Realtors on Monday announced that it has a total of $240,000 in down payment assistance available for eligible first-time homebuyers this year.
The program, called the American Dream Grant, was started by the Salt Lake Board of Realtors’ Charity Committee in 2019. It offers buyers $10,000 in individual grants, meant to help homebuyers with down payments and closing costs.
To qualify for the grant, according to the board’s website, homebuyers must:
- Have a real estate agent who is a member of the Salt Lake Board of Realtors.
- Be a first-time homebuyer or have not owned a home within the last three years.
- Have a credit score higher than 640.
- Have a household income of no more than $141,400.
- Must be purchasing an owner-occupied home. Modular and manufactured homes qualify, but mobile homes don’t.
- Must close on the home purchase within 90 days of being awarded the grant. If not, the money will be forfeited.
- Must be pre-qualified with a mortgage lender before applying.
So far this year, eight $10,000 grants have already been awarded to homebuyers, the Salt Lake Board of Realtors said in a news release issued Monday…