$40,000 Grant for Provo Utah First Time Buyers Program

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 $540,917
•  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