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Provo First Time Home buyers program
Down Payment Assistance in Provo, Utah
Home Purchase Plus
The Home Purchase Plus is a city-wide down payment assistance program for homes in Provo, Utah. It is a 0% interest, deferred payment loan to assist lower-income/individuals (see income chart below) in becoming home owners. No payments are due as long as the borrowers continue to live in the home as their primary residence. The down payment assistance loan must be repaid if the borrower sells, exchanges, transfers Title, decides to refinance for any other reason than to reduce their interest rate and/or lower their monthly payment or if they cease using the property as their primary residence. A $5,000 penalty will be assessed if the home is sold within 2 years of obtaining the loan.
The Home Purchase Plus program provides down payment assistance and/or closing cost assistance of up to 6% of the purchase price or $10,000, whichever is less. Up to $20,000 is available for down payment assistance in the Liberty Place Development.
The borrowers must be first-time home buyers, meaning that they can not have owned a home in the previous three years and be able to put down $1,000 of their own money. The purchase price of the home can not exceed $181,000 for existing homes and $209,000 for new homes. Homes can be a single family home, a home with a legal accessory apartment, one half of a twin home or a town home. Down payment assistance for condominiums is only available in the Central Business District.
Ben was so great to work with on our refinance. He went above and beyond to make sure it was done right and that everything was in place. We would highly recommend him to anyone.
Ben worked with us when we were buying a home and I was particularly impressed with how quickly he always responded, even at odd hours. He was a pleasure to work with and we have already recommended him to friends.
Ben was courteous, professional, and knowledgeable. He had our best interest at heart through our entire home buying process and never pressured us. I would recommend him to anyone who is looking to buy or refinance a home.