Provo City, Utah has a first time homebuyer program that offers up to $40,000 in an effort to revitalize communities in Provo. Home Purchase Plus is a down payment assistance program that was recently introduced to help all of Provo City increase the amount of new and first time homebuyers. The Community Development Block Grant (CDBG) is a federally funded program and is administered through the US Department of Housing and Urban Development (HUD) and is responsible for this allocation of funds.
The total amount of grant (up to $40,000) is determined by the mortgage programs minimum required down payment plus up to 5% in closing costs depending on the type of mortgage acquired.
As long as you own and occupy the home, the $40,000 first time homebuyer program is an interest free (0%) no payment loan.
Qualifications & Requirements for Grant:
You must be able to put down $1,000 of your own money
Home must be located within Provo, Utah
Must be a first time homebuyer (no ownership in a principal residence in the last 3 years)
Must meet income eligibility and be at current job for at least 6 months
Applicants must take “Pre-Home-Ownership Counseling” offered through Community Action or NeighborhoodWorks Provo
Purchase price cannot exceed $551,000
Property may be a single-family home, one half of a twin home, a condominium or town home, no renter displacement
Can not have own assets of more than $15,000
If home is sold or vacated within two years a $5,000 pre-payment penalty will be applied
The “Own in Salt Lake County” first time home buyer program is a federally funded deferred loan/grant program that can provide up to $20,000 which can be applied to the 50% of required down payment. The goal of this government assistance program is to offer income-eligible households grant funds to help purchase a single-family home. Deferred loan funds shall be repaid in full by the recipient if the homeowner sells; exchanges or transfers title; decides to refinance for any other reason than to reduce their interest rate; or ceases to use the property as the primary residence. There are a limited amount of government grant funds available and they are distributed on a first-come, first-serve basis and take an average of 25 to 30 days to fund after a Letter of Commitment has been issued.
Qualifications & Requirements:
No home ownership in the last three (3) years
Home must be in a residential zone, single family residence only
Max purchase price $522,500
Applicants must contribute 50% of required down payment into the transaction. A minimum of $1,000 must be from applicants own personal liquid funds.
Applicants must complete a home buyer education course and pre-purchase counseling
Co-owner, co-borrower or co-signors are accepted, Community Development Corporation of Utah (CDCU) must be informed in writing if they are not on the initial “Own in Salt Lake County” application
A visual assessment must be completed by CDCU or assigned agent for any safety or health concerns
Income restrictions apply
The Tooele County Housing Authority (TCHA) helps qualified first time home buyers purchase a home by providing a federally funded loan of up to $10,000 to assist with down payment and/or closing costs. Loans are dispersed on a first come, first serve basis and can be applied to the purchase of a single-family home, condo, cooperative unit, or combination of manufactured housing and lot.
Qualifications & Requirements:
No homeownership in the last three (3) years
Applicant must contribute $1,000 of own money
Applicant must attend a Housing and Urban Development (HUD) approved homebuyer education class and provide a certificate of completion
A home inspection completed by a Utah licensed home inspector for health and safety concerns and lead-based paint for homes built prior to 1978
Home must be located in Tooele County
Clearfield City’s Down Payment Assistance (CCDP) is a federally funded first time home buyer grant program that will contribute up to $7,500 to qualified applicants looking to buy a home in Clearfield. The grant funds are distributed as a one (1) to one (1) match. For example: Applicant has a $5,000 to put towards the purchase of a home within Clearfield city limits, the CCDP will contribute $5,000 towards the home. Applicant must contribute a minimum of 50% of required funds and the grant funds can be used for down payment and/or closing costs.
Grant funds are treated as a payment free, interest free loan in the beginning and then begin to decline over the next seven (7) years. 10% of the loan is forgiven each year over the next six (6) years as long as you live in the home as your primary residence. After seven (7) years the balance in full is forgiven. In order for the entire amount to be forgiven, proof of residency must be provided for each year for the first seven (7) years in the form of utility billings and property tax notices.
Qualifications & Requirements:
No home ownership in the last three (3) years
Residential use property within Clearfield City limits
Single family detached homes, condos and townhomes eligible
First time homebuyer education course completed
Homebuyer contribution of a minimum of 50% of required down payment and/or closing costs
Visual inspection completed for safety and health concerns
Forgiven after proof of seven years of owner occupancy
Max purchase price $400,000
Clearfield Income Limits
Davis County offers a down payment assistance program for all qualified first time homebuyers. Applicants can obtain $5,000 to assist with closing cost and/or down payment when they apply for this government grant money. The funds will be treated as a zero interest, no monthly payment loan as long as you occupy the home for at least five (5) years. The grant funds received through this program will be forgiven at a declining rate over a five (5) year residency requirement from the date of closing and will be fully forgiven after five (5) years. Repayment will be required if the buyer sells, exchanges or transfers title, or obtains additional financing secured by the property.
Qualifications & Requirements:
Qualified properties must be zoned residential and are restricted to single family homes, condos, townhomes, cooperative unit, or a combination of manufactured housing and lot
Home located in Davis County (not including Fruit Heights, South Weber, Layton, and Clearfield)
No gift funds or co-signers allowed
Purchase price cannot exceed $400,000
Applicant must provide a minimum of ½ of the required down payment
The $5,000 in grant money can be applied to ½ the down payment, closing costs, or upfront mortgage insurance
Must meet first time home buyer parameters
A HUD approved homebuyer education course must be completed and a completion certificate received by the applicant
Purchase of property may not lead to displacement of any individual other than the seller and their immediate family
FHA, VA, or conventional financing must be secured through a state approved lender
Purchase property will receive a visual assessment for lead based paint and any other safety or health concerns
The “Own in Ogden” first time homebuyer program has helped hundreds and hundreds of people realize their dream of owning a home in Ogden. This government grant program offers $10,000 to first time buyers, $15,000 to state certified K-12 classroom teachers and $20,000 to sworn Police Officers and Firefighters when purchasing a home in Ogden city. These are zero interest, no monthly payment, down payment assistance grants. These grant funds are issued to first time home buyers as a loan attached to the property which will become due in full if the borrower ceases to occupy the property, sells the property or defaults on any of the established terms upon receiving the grant funds.
Qualifications & Restrictions for “Own in Ogden”:
Property must be zoned residential
Buyer must contribute $500 of own money towards purchase and take fee simple title to property
First time homebuyer grant funds may be used for down payment, closing costs or principal reduction towards the first mortgage loan balance
Property must meet minimum safety, construction, and habitability with no unresolved code enforcement violations
Buyers assets in excess of $20,000 must be applied towards the home purchase
Buyers must purchase property within the eligibility area of Ogden city
