Utah County Loan to Own Grant / DPA
Big news for a Utah County First Time Buyer Program! The Utah County Loan to Own program is now taking applications for their new federally funded first time homebuyers’ grant.
For years the county commissioner has felt like the Utah state administrator was not giving Utah County enough money. So last year the commission voted to change the status of Utah County from a rural county to a small-city county. This enabled the Loan to Own first time buyers program to receive more money and make changes to its Down Payment Assistance program (DPA).
The DPA will now include all cities in Utah County except: Provo (Provo Grant Program), Alpine, Elk Ridge and Woodland Hills. This is a big change from the previous program that only included a few cities. Also earlier this year the Loan to Own program changed from a grant to a Down Payment Assistance Program. This DAP offers $10,000 for any home that is 30 years or older and $5,000 for homes that are newer that 30 years. The money is interest free and payment free as long as the home buyer lives in the home. Once the home ceases to be owner occupied the DAP is then required to be paid back. The change in the program will allow for more home buyers to purchase property.
The DAP will help out many first time buyers that could not otherwise qualify for a home. According to NAR (National Association of Realtors) 50% of all purchase transactions from July 2009 to June 2010 were first time home buyers. There is nothing that would make me think that those numbers are not similar today. First time homebuyers are attracted to the low home prices and fabulous rates that are currently available.