Provo's Home Purchase Plus-Program - Down Payment
If you are a First Time Home buyer (meaning you have not owned a home in the last 2 years) and have been putting off buying a home because you don't have enough money saved for a down payment. Then you are in luck. Provo City is currently offering 'Provo's Home Purchase Plus'.
Provo's Home Purchase Plus is a program that provides assistance with your down payment by offering a deferred, zero percent (0%) interest loan to all eligible and qualified First Time Home Buyers (Home buyers that have not owned a home in the last (2) years).
Currently the maximum purchase price limit (effective Jan 1 2014) is $181,000.00 for existing housing and $209,000.00 for new construction.
The property must be located within the Provo City Limits and must be a single family house, one half of a twin home or a town home.
The maximum loan amount for this zero percent (0%) loan is six percent (6%) of the purchase price up to $10,000.00. This money can be used to pay closing costs, but not any prepaid items (such as insurance). You will be required to pay at least $1,000.00 of your own personal funds to get this loan.
You will be required to submit a completed application packet. If you submit an incomplete packet you will not be considered for a deferred loan. So make sure your packet is complete, Use the checklist that is provided with the packet.
You will also be required to attend a 'Home Buyers Education Class'. Upon completion of the class the applicant will receive a completion certificate from an approved HUD Program that you will need to submit to Provo Redevelopment Agency prior to closing.
There are so many homes in Provo that can be purchased today for less than renting, that it makes sense to see if you qualify to 'Own in Provo'.
I would love to show you some of the fabulous homes for sale in Provo (some that haven't hit the market yet) and help you get qualified for this remarkable program! I am here to help you find a home. Call or register online today!
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