Utah ranks in the top 10 most 'difficult' states for first-time homebuyers, with an average of over $70,000 in cash needed up front for a down payment.
, which takes effect July 1, uses $50 million in state money to offer an up to $20,000 loan to eligible Utahns to help them buy new homes, whether that's for down payment assistance, closing costs or buying down interest rates. State officials estimate it will help about 2,500 buyers.
To qualify for the loan, the single-family home, condo or townhome must be newly constructed and cost no more than $450,000. State lawmakers opted to keep the program narrowed to new home construction only, arguing it will help drive the state's housing stock upward and, hopefully, help make a dent in Utah's housing shortage.
In contrast, Moneywise ranked West Virginia as the best state for first-time homebuyers with the lowest average down payment requirement of $16,783 and an average Zillow home value of $129,103. Next came Mississippi, with an average down payment requirement of $20,517 and an average Zillow home value of $157,828. Arkansas ranked No 3, with an average down payment requirement of $22,082 and an average Zillow home value of $169,867.West Virginia: $157,828 with down payment of $20,517Iowa: $194,695 with down payment of $25,310Louisiana
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