As part of a commitment made in 2000 to revitalize and preserve the neighborhoods of Provo, Provo City, funded in part by a Congressional Economic Development Initiative, offers Home Purchase Plus. Home Purchase Plus is meant to help low-income households by offering a deferred payment loan with zero interest.

The amount that can be received depends in part on need and in part on an applicant’s credit score. Those with a middle credit score between 650 and 699 could receive as much as $25,000, while those with a middle credit score of 700 or more could receive as much as $40,000.

This loan only needs to be paid back when the borrowers no longer use the property as their primary residence. If the borrowers stop using the property as their primary residence before two years have passed after closing, they will receive a $5,000 fine.

Only first-time homebuyers (those who have not owned a house in at least 3 years) can qualify for this program. If one spouse has not owned a home but the other spouse has, both are considered first-time homebuyers if they are on the loan together.

In order to qualify, the applicants must be able to contribute at least $1,000 from their own funds towards the home purchase. In addition, applicants must be qualified for a first mortgage, fall within income limits, and have worked at their current place of employment for at least six months. Provo requires both spouses or partners to be on the loan, regardless of whether or not they are both on the first mortgage. If the applicant is single, they can only use this program for a home with two bedrooms or less. Furthermore, at the time of closing, the applicant cannot have more than $15,000 in cash assets.

All applicants must also complete approved homebuyer counseling, and all members in the household aged 18 or older must undergo a background check.

Properties being purchased using this program cannot have a price more than $426,550 (as of 2022), and can be a single-family house, town house, condo, a house with an accessory apartment, or a half of a twin house. The property cannot have tenants or renters either currently or for the past six months who have been or will be displaced or evicted in order for the purchase to proceed.

Other programs in Utah:

• UHC Down Payment Assistance
• CDCU Down Payment Assistance
• West Valley City Down Payment Assistance Grant
• BRAG First Time Homebuyer Assistance
• Welcome Home: Own in Logan
• Weber Housing Authority Homeownership Assistance Program
• Own in Odgen Program
• Davis First Time Home Buyer
• Clearfield First Time Home Buyer
• City of West Jordan Down Payment Assistance Program
• Loan to Own Down Payment and Closing Cost Assistance

Or click here to search a different state.