You may have heard of the $20,000 program for first time home buyers, but most are unaware that Provo is offering $10,000 for the entire city. This Utah first time homebuyer program was introduced just recently to help the entire city get a boost of new homeowners. 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 $10,000 first time homebuyer program comes in the form of an interest free (0%) no payment loan as long as you live in the home. The program has few restrictions and can easily be received if you meet a few requirements.
Qualifications that you will need to meet:
- Buy a home within the city limits of Provo, Utah
- Buy a home with a purchase price less than $232,305
- Household income may not exceed guidelines
- The purchase cannot displace a current renter
- A $1,000 of buyers own money must be used to purchase home
- The property must be single family residence, a home with legal accessory apartment, town home, or one half of a twin home