Tag: Loan to own

Utah County has a first time buyer program that will allow up to $40,000 in down payment assistance (DPA). The ‘Loan to Own’ down payment assistance program is available in all cities in Utah County except for Eagle Mountain, Fairfield, Alpine and Provo. The DPA can be used for down payment and closing costs, but no prepaid items such as interest, taxes and insurance. The final amount of the DPA will be determined by the type of mortgage you get and the home buyers closing costs. If you plan to sell the home within two years of closing this is not the assistance for you. If you do sell within two years of closing you may face a hefty $5,000 penalty in addition to paying the full amount of the DPA given to you back. If selling in within two years is a possibility you may want to consider either the Chenoa Fund or a Utah Housing loan.

Utah Home Grant Qualify

Qualifications & Requirements:

  • Min of 650 qualifying fico score
  • Must be at least six months with current employer
  • Maximum purchase price of $551,000
  • First time home buyer only
  • Must be under maximum income limits
  • $5,000 penalty if property sold within two years of closing
  • 0% Interest no payments as long as you live in the home
  • DPA must be paid back in full when the property is no longer the primary residence of the borrower(s)

Utah County Homebuyer grant income limits for first time homebuyers