Hey team, hope you’re doing well. I’ve got some good news for us here, as the heat is on. They’ve just rolled back out the, what’s called the 1% Down Conventional Program, as you can see, but really what it is, it’s a $7,000 grant.
And it’s for folks that make, less than 80%, up to 80%, 80% or less of the area median income.
And, as you know from watching previous videos, that amount went up this year in Salt Lake County to $97,200.
In the other counties, it’s a little bit higher in Davis and Weber. Weber, it’s a little bit lower in Utah County, but all really pretty close to this.
So, what this means is that, um, if somebody makes, up to 80%, or 80, 100 bucks a month, or less, we can basically get them a $7,000 grant.
So if you look right here, that grant can be used towards a down payment or closing cost. It is the normal, uh, purchase for, with 3% down only.
And so, they’re calling it a month.1% down because they cap it at a $7,000 grant.
We’re not, you know, not very many homes that are below $350. So, anyway, it’s up to $7,000.
That’s what’s important. So, the cool thing is, is that this is available now. They’ve got to be at least a 620 credit score, which they would be.
And then just make less than essentially $97,200. So the way this affects you is if you’ve got some folks and money’s a little bit tight, or really, money doesn’t even need to be tight.
If they are just, you know, I just helped a gala that was making around $7,500. And so now, under this program, there have been an extra seven grand in the kitty to be able to give to that person to be able to own their first home.
If you have folks that are in this situation, um, or want to know more, please reach out to me and we’ll get them approved in advance and this is going to help us just one more error in the quiver to help us get some homes sold.
So, thanks for watching. If you have any questions, please reach out and we’ll talk to you soon. Take care.
