Buying your first home is equal parts exciting and nerve-wracking. In Utah, housing affordability continues to be a real challenge for many first-time buyers. The good news? The American Dream Grant, offered through the Salt Lake Board of Realtors, was created to give first-time homebuyers a meaningful boost by helping cover down payment or closing costs. It’s one way our local real estate community is working to make homeownership more attainable.
The grant is available to first-time buyers and those who haven’t owned a home in the past three years. The award was increased to $10,000 for 2026! That’s a game-changing amount of money for many buyers. Typically a buyer needs 3-20% for a down payment. The grant can cover closing costs, temporary or permanent buydowns to help make monthly payments more affordable or help people reach the 20% that is required to avoid having to pay for private mortgage insurance (PMI).
To qualify, you will need to work with a Realtor who is a member of the Salt Lake Board of Realtors and meet a few requirements that ensure applicants are ready to move forward if selected.
Eligibility requirements include:
- A credit score of 640 or higher
- Household income at or below $141,400
- Pre-qualification with a mortgage lender before applying
- Select a Realtor who applies for the grant on your behalf
The grant can be used for an owner-occupied home, including modular and manufactured homes, meaning the home must be your primary residence, not a rental. Because timing is key, working with a knowledgeable and well-prepared Realtor is essential. If awarded, buyers must close on their purchase within 90 days, or the grant funds are forfeited.
A few additional details are worth noting. If a transaction closes before the grant is awarded, the applicant is no longer eligible. Once recipients are selected, grant funds are sent directly to the title company (not the buyer) after the Realtor notifies the Board of the scheduled closing date. Funds may be used toward either the down payment or closing costs—both of which can make a significant difference. Applying doesn’t guarantee an award and recipients are chosen through a random drawing process. Realtors are notified by the end of the drawing day, so no one is left anxiously waiting.
Applications for the next 2026 drawing are now open, and Realtors may apply on behalf of their buyers up until noon on May 19, 2026. The drawing will take place on May 20, 2026. Don’t worry if you aren’t quite ready to apply, there will be additional drawings in July, September and November.
The American Dream Grant is funded through SLBR Charities, a nonprofit supported by local donations. Because of this, the grant does not need to be repaid, and no lien is placed on the home—allowing buyers to move forward with confidence and less financial stress.
This thoughtful and community-driven program was created to make owning a home in Utah more attainable and a little less intimidating. If homeownership is a goal you’ve been working toward, this grant could make it feel within reach. With preparation and a knowledgeable Realtor the American Dream Grant can help turn your dream into a place you’re proud to call home.
Looking for a home in the charming neighborhoods of Holladay or the surrounding areas? Let’s connect—reach out to set up a call today!
Known for her exceptional client service, Kate Buxton is passionate about helping people achieve their real estate goals. Her attention to detail ensures that each client receives customized representation throughout the buying and selling process. With personal experience buying and renovating three homes, she understands the complex dynamics of selecting the ideal neighborhood, school, and community. Kate serves neighborhoods across the Wasatch Front and especially enjoys the opportunity to assist her friends and neighbors in Holladay, Cottonwood Heights, and Murray.
