This first time home buyer program will allow for the buyer to use the $10,000 for down payment and/or closing costs. There will be no payments required or interest accrued as long as the buyer continues to occupy the property.
Up to $5,000 of the down payment assistance will be granted if you complete approved items that improve the exterior of the home. The work has to be finished within two years of your closing date on your home.
There are a few qualifications that you will need to meet:
- Buy a home within the city of Provo
- Buy a home with a purchase price less than $196,531
- 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
- A $5,000 penalty will be assessed if the property is sold within two years of obtaining the loan
- The property must be single family residence, a home with legal accessory apartment, town home, or one half of a twin home (Condo only within the Central Business District)
It is very easy to apply and get approved for this money as long as you meet those simple guidelines, however be aware that it can take an average of 2-3 weeks to receive the money at closing.
Are you over the limits? You may still qualify for the Utah Housing Program.
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