Utah County “Loan to Own” is offered through the Utah County Consortium of Cities and administered through Provo City. They are currently offering up to $40,000 for first time homebuyers in Utah County. This is a huge help when trying to purchase a new home because the money can be used for a down payment and/or closing costs. This first time buyer program boasts of a quick qualification time once you have found a home.
The First time buyers program includes all cities in Utah County except: Alpine, Fairfield, Eagle Mountain, and Provo (Provo $40,000 Grant).
Qualifications:
- Home must be a single family home, one half of a twin home, condominium or town home
- Maximum Household income qualification (See Chart Below)
- The grant will be in the form of a zero interest, zero payment forgivable loan
- $5,000 penalty if home is sold or vacated within two years of closing
- $1,000 of homebuyers money must be put into the transaction
- No renters can be displaced by the sale of the home
- Applicants must not have had any real estate owned in the last three years
- 650 Credit score required with no unsatisfied judgments or collections
Repayment Notes:
As long as you occupy the property there is no payment, however if the property ceases to be owner occupied or the property is sold the entire grant/loan loan will become due and payable.
More information on Utah Grants:
Home Sweet Home
Provo Utah $40,000 City Grant Money
Salt Lake County first time buyer programs
Loan to Own Utah County
Own in Ogden