Get Qualified for Up to $5,000

Get into your dream home

Understanding Home$tart Guidlines

You May Qualify for Up to $5,000 Downpayment Assistance

The Home$tart grant program promotes home ownership by helping first time home buyers with up to $5000.00 in grant funds that may be used for either down payment assistance or closing costs.

First-time homebuyers can qualify for grant funds or homebuyers who have not owned or purchased a new home in the last 3 years may also qualify.

Home$tart grants may be used for down payments and/or closing costs for single-family homes, condominiums, and townhomes; provided it will be the homebuyer’s primary residence.

Grants may be used in combination with funds from other sources and do not need to be repaid if you live in the home for at least 5 years.

Home$tart Program funds will be made available to qualifying homebuyers who have not owned a home in the past three years, as well as to qualifying new first-time homebuyers. The grant funds can be used in conjunction with other grants or credits.  Grant funds can be used for FHA and some conventional loans.

Funds are limited and will run out quickly, apply today to take advantage of available funds.

Need immediate assistance? Call us today to learn more about how you can qualify for up to $5,000. There is no obligation to apply. Please call (801) 355-7411

( income restrictions  and conditions apply )

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Home$tart

Get into your dream home

Frequently Asked Questions

Who can qualify for a Home$tart grant? 

The Home$tart program is available to qualifying home buyers earning up to 80% of area median income for the location the residence is being purchased. You can find median income info for your area on the Department of Housing and Urban Development (HUD) website at www.huduser.org. Income limits are adjusted based on household size. Home$tart recipients must also:

  • Complete a home buyer education class if this is their first home.
  • Qualify for mortgage financing with their lender.

In addition, Home$tart Plus participants must be receiving public housing assistance.

How much grant money may I receive through Home$tart or Home$tart Plus? 

Home$tart participants may receive up to $5,000 in grant funds. Home$tart Plus participants may receive up to $10,000 in grant funds. You must have a signed Purchase and Sale Agreement to enroll in the Home$tart and Home$tart Plus.

Frequently Asked Questions

What if I receive public housing assistance? 

If you currently receive public housing assistance, you may qualify for Home$tart Plus.

How do I enroll?

You can enroll through Liberty Bank today – simply call (801) 355-7411 or click here to get pre-qualified.

Are there any restrictions on the type of home I may purchase? 

Home$tart grants may be used to purchase single-family homes, manufactured homes, condominiums, and other types of residences. The home you purchase must be used for your primary residence. There are no neighborhood restrictions. If you qualify for mortgage financing from your lender and are income eligible, you will likely be able to receive a Home$tart grant.

Frequently Asked Questions

Are there restrictions on how the grant may be used?

Yes. Home$tart and Home$tart Plus grants may be used for down payment and closing costs or to rehabilitate a new residence. Please contact Liberty Bank to speak with a lender if you plan on using the funds for rehabilitation. The grant may not be used to pay for moving costs or to pay the bills.

What happens if I sell my house? 

If your home is purchased with Home$tart or Home$tart Plus assistance, it is subject to a five-year deed restriction requiring that you return a portion of the grant if you move or sell your home within five years of purchase. This amount will be prorated based on the length of time you own the home, and the funds will be taken from your sale proceeds. If you sell your home at a net loss or to another low- or moderate-income home buyer or if you lose your home through foreclosure, the prorated amount owned on your grant will be forgiven; In these cases, your title company should contact FHLB Des Moines to request a forgiveness review. However, if you live in the home at least five years, you will never have to repay the grant – it’s all yours!