Mortgage Logan Utah: Welcome Home Own in Logan Grant

"Welcome Home Own in Logan" is a $7,500 subsidy or grant for first time home buyers in the city of Logan, Utah. It can be used for a down payment and/or closing costs. It turns into a grant if the home is owned for 10 years. It must be repaid if the home is sold, if the mortgage is refinanced, or the home is rented out in the first 10 years.

To be eligible for the program you must be a first time home buyer which is defined as someone that hasn't owned a home for 3 years, those that own a mobile home that is not on a permanent foundation, those that own or lease a condo, and also those that are a displaced spouse.

Also with this program there are some income limitations. To be eligible for the program applicants can not make more than 80% of the HUD median income guidelines for Cache County. As of the date of this blog post, applicants can't make more than $44,400 to be eligible for the program.

Applicants must also attend a workshop for first time home buyers. In Cache County this workshop is provided by the Family Life Center of Utah State University. They can be reached at 435-797-7224 for questions or to register. I have attended and taught this class and I recommend it to buyers that don't even qualify for the grant.

Also, applicants must provide at least $500 of their own funds towards the purchase of the home.

To sum things up, to qualify for the $7,500 Welcome Home Own in Logan grant you must:

1. Be a first time home buyer
2. Earn no more than $44,400 per year
3. Attend a First Time Home Buyer Workshop
4. Apply at least $500 of your own funds to the purchase of the home
5. Buy a single family residence within Logan city limits

This grant would be on top of the $8,000 tax credit that the government is offering to first time home buyers and on top of the Utah Home Run Grant 2 if you are buying a newly constructed home. Please feel free to call me at 435-770-2709 if you have any questions about this grant or any others you have heard about.