The Bear River Associaton of Governments will give $2,000 in unpaid settlement costs to applicants who complete the USU Family Life Center Homeowner Education Workshop atleast a month prior to buying a home. This is an all day workshop held the second Saturday's (and sometimes the third or fourth as well) every month at the USU Campus Credit Union. It is covers all aspects of financing and purchasing a home and I would highly recommend it regardless of if you will qualify on the extra monies. This must be repaid when the home is sold.To make a reservation call the USU Family Life Center (435) 797-7224.
Must be a first time homebuyer (defined as those who have not owned a home in the past three years, those who currently own a trailer that is not on a permanent foundation, those who lease or own a condominium, and/or are a displaced spouse.
Income must be below 80% of the HUD median income guidelines for Cache County. This includes income for all persons in the household over the age of 18. Please refer to HUD's income guidelines.
Must meet the housing debt ratio of 36% and the total debt-to-income ratio of 38%. The borrower's house payment cannot exceed 36% of their gross monthly income. Total monthly debt payment (including house payment) cannot exceed 38% of their gross monthly income.
Certificate for attending a Home Ownership workshop at a HUD approved agency. For the Cache County area please contact the Family Life Center, (435) 797-7224, for the workshop schedule and registration.
Applicant must provide $500 in personal funds toward the down payment or closing costs, verified per the settlement statement. Gifts are eligible to meet this requirement.
The Utah Housing Corp FirstHome and FirstHome Plus programs offer a below-market, 30 year fixed rate mortgage loans to qualifying low and moderate income homebuyers. The loans are originated through Participating Mortgage Lenders anywhere in Utah. FirstHome interest rates change from time to time but they can save you a lot over traditional loans.