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 Utah Housing HomeAgain Loan can be used by first time homebuyers or buyers that have previously owned a home. It allows for 2+ units as long as one is owner occupied. It is a great mortgage for anyone who does not have or does not want to put an initial down payment on a home. The DPA portion allows for up to 6% of the FHA first mortgage loan in the form of a fixed rate second lien to go towards down payment and/or closing costs.
Qualification and Requirements:*
Must qualify for an FHA loan
Minimum of 620 mid Fico score
Purchase loans only
6% of the first loan amount is available for DPA
May be used anywhere in Utah
Maximum qualifying income limit $151,900
No maximum purchase price
The City of West Jordan, Utah is providing up to $10,000 for first time homebuyers that purchase a home within West Jordan City limits. This grant may be applied to half of the required down payment and/or one-time closing costs. Funds are distributed on a first-come, first-serve basis. The home buyer must occupy the home for at least five (5) years following the purchase, any change in ownership or occupancy will require repayment of the grant funds. After five (5) years the grant is forgiven in full. If the home is sold or ceases to be occupied by the home buyer within the first five (5) years the lien is forgiven at a rate of 20% per completed year and the balance remaining will be due in full to the City.
Qualifications & Requirements:
Home buyer must contribute a minimum of $2,500 cash out-of-pocket towards the purchase, these funds may NOT be gift funds
Applicant must meet income qualifications and cannot have owned a home within the last 24 months
Co-signers are not allowed
Existing, new construction single-family homes, condos, and townhomes are permitted
Housing debt cannot exceed 35% of the household monthly income and total debt cannot exceed 45% of the household monthly income
Home must be owner occupied
Applicant must attend and receive a completion certificate from a HUD approved homebuyers education class
Visual inspection completed by the City for any safety or health concerns
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
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
