Provo Ut, Homebuyers get $20,000 towards their mortgage

There is plenty of money for Provo Utah Homebuyers. These homebuyers are getting $20,000 towards their mortgage for purchasing a home.

The Provo Mortgage program is geared at getting owner occupants back into older neighborhoods. This redevelopment area covers the Maeser, Franklin, Dixon, South Joaquin, Timp and a portion of North Park Neighborhoods. I will tell you how to qualify and how to find homes in the target area.

First let’s talk about the some of the qualifications:

• You can purchase a single family home (legal accessory apts are ok), one half of a twin home or townhome. Multi Unit properties or condos do not qualify at this time.
• Home cannot be currently occupied by renters who would be displaced by the purchase.
• The Purchase Price must not exceed HUD limitations.
• You must be below the income limits for the Provo Grant.
• You must be able to secure a first mortgage.

The terms of the Provo Grant require you to stay for a while:

• The $20,000 is a 0% interest $0 payment 2^nd mortgage.  Yes, you are getting a free grant/loan.
• There is no payment due as long as you stay in the home as your primary residence.
• If you occupy the home for at least five years $5,000 will be forgiven. Every year thereafter $1,000 more will be forgiven. The maximum amount that can be forgiven is $10,000.
• The grant can be used as a down payment and/or closing costs.
• You must be able to put at least $1,000 towards the mortgage.

It can take up to 4 weeks to process the Home Purchase Plus grant. It is encouraged that you be ready before you submit an offer on a home. You should also check out the Loan in Provo program to see if you qualify.

Finding out what grants are available can be tricky. You can see if you qualify for a Utah Home Grant . If you have questions or you want to see if you qualify it is easy to contact me.

Check out the map of Utah Homes that are available now in the “Pioneer Area” (Home Purchase Plus Map)

F.A.Q. About All Utah Grants

How Much of a Grant Can I Get?

— Each grant will be different. You can get from as little as $2,000 up to 50% of the purchase price off the home.

Does Utah only Offer Grants to First Time Home Buyers?

—Most of the Utah Housing Grants are targeted for First Time Home Buyers, but it is always best to check even if you are not a First Time Home Buyer. Recently the “Home Run Two Grant” in Utah was available for all occupant buyers.

What are the income limits for Utah Grants?

—Each grant is different most will usually run from 50% to 125% of the Area Median Income (AMI). For example: A $15,000 Utah County Grant has a four household income limit of $48,000.

More Info on Government Grant Money in Utah:

West Jordon Grant $5000

Salt Lake Mortgage Grant $10,000

Orem Mortgage Grant Money $15,000

Mike Harrison
Principal Lending Manager
Email: mike (at) firstfedmort.com
801-404-3540 Cell (Text or Call)
888-800-1629 Toll Free