Utah Housing Corporation is offering $35 million in mortgage funds at a low 5.72 percent interest rate to assist low- to moderate-income families at locations across the state to purchase homes.
In addition to the 30-year fixed rate mortgage monies, Utah Housing Corporation will provide financing for down payment and closing costs.
The UHC program is expected to save the typical lower income household in Utah as much as $17,000 in payments during the life of the loans, according to the state agency.
"Helping families in their pursuit of homeownership is the central objective of the Utah Housing Corporation," explained William Erickson, UHC president. "Whenever we are able to move a family from an apartment into a home, it frees up that affordable apartment unit for the next family. With the shortage of affordable housing in Utah, this process is crucial to make more housing available."
Due to assistance from UHC and other programs, nearly 73 percent of Utah households own homes compared to the national average of 68.4 percent, pointed out the corporation.
"Homeownership provides stability for families and for the community. It also provides the greatest opportunity for lower-income households to build equity and provide economic security for their future," said Erickson.
UHC has provided home-buying assistance for more than 50,000 lower income families in every area of the state.
The corporation is the largest provider of affordable housing assistance in Utah.
UHC loans are obtainable from many lenders in Utah.
Certain limitations apply to household incomes as well as the cost of homes that may be financed under the program.
In addition, certain locations in the state are designated by the federal government as targeted areas.
To promote home ownership in targeted areas, eligible purchasers are extended several additional advantages.
Utah Housing finances low-interest home loans for thousands of eligible Utahns across the state.
Since founded by the Utah Legislature in 1975 as an independent self-supporting public corporation, Utah Housing has provided financing for more than 77,000 single- and multi-family affordable housing units.
For additional information about Utah Housing, Carbon County residents may contact the corporation toll-free 1-800-301-6950 for a no-cost brochure.