The American Dream Grant provides eligible households with $5,000 in assistance funds that may be used toward down payment. These grant funds are available throughout the year and will rotate the recipient of the grant among the eligible groups (see below).
- Grant funds supplied by the Salt Lake Board of Realtors
- Funds can be used for a down payment only
- Must qualify for a mortgage and supply a pre-approval letter
- Must be a first-time homebuyer
- Minimum credit score 640
- Household income limits apply. ($102,400 for 1-2 individuals, or at/below $117,700 for 3 or more individuals)
- Must purchase a property within 90 days after accepting the grant
- Buyer must work with a Realtor for help in purchasing the property