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Provo City Redevelopment Agency

Home Purchase Plus

What is it?
• A 0% deferred payment loan to assist low-income families/individuals in becoming home owners in Provo (see income chart).
• Must be first-time home buyer (click here for definition of first-time home buyer).
• Must qualify for a first mortgage through a lender of the buyer’s choice. It is a requirement that spouses or partners be included on our loan and on title whether or not their income is necessary to qualify for this loan.
• Single individuals may qualify for loans on a maximum two-bedroom house.

How much can you qualify for?
• The Home Purchase Plus loan is to provide down-payment and/or closing cost assistance of 6% of the purchase price or $10,000, whichever is less, city wide.
• $20,000 available for down-payment assistance for Liberty Place Development only.
• You must be able to put down $1,000 of your own money.
• Subject to RDA underwriting criteria.

What housing qualifies?
• Purchase price of the home may not exceed HUD limitations ($196,531 – effective 2-6-12).
• Property may be a single-family home, a home with a legal accessory apartment, one half of a twin home or town home.
• Within the Central Business District, down-payment assistance can be obtained for condominiums only.
• Home may not be currently occupied by renters who would be displaced by the purchase.

What are the terms?
• Home Purchase Plus is a 0% interest, deferred payment loan. No payment is due as long as the applicant continues to own and live in the home as their primary residence.
•A $5,000 penalty will be assessed to down-payment recipients if the property is sold within two years of obtaining the loan.
• Liquid assets cannot exceed $15,000 up to time of closing.

What you need to do to apply…
• Return a completed and signed application. (Applications available online).
• Attach copies of Federal Income Tax returns (1040 ‘s) for the past three years.
• Attach copies of pay stubs for the last three months for all working household members over 18 years of age. (Minimum time on current job is 6 months and cannot be on probation.)
• Attach Certification of Completion of “Pre-Home Ownership Counseling” offered through Community Action Services (801-373-8200 located at 815 S. Freedom Blvd, Provo), or NeighborWorks of Provo (801-375-5820 located at 39 W. 300 N. Provo.
• Attach Sellers Affidavit (form included in application or provided by Redevelopment Agency).
• Attach copies of last three month’s bank statements.
• Original verification that all household members are US Citizens, US Nationals or permanent resident aliens, plus Social Security Cards (we will copy in our office). Click here for a list of what is acceptable for verification

How long does it take to process a loan application?
• Our normal loan processing time is approximately one week to determine income eligibility and an average of 2-3 weeks to close.

Own in Provo

Own In Provo
Down-Payment Assistance

What is it?

A 0% deferred-payment loan to assist people in becoming home owners in the Pioneer Neighborhoods.

Who qualifies?
• Must qualify for a first mortgage through a lender of the buyer’s choice.
• For a limited time, loans are available to credit-worthy households in all income brackets.
• Families are a program priority. Single individuals may qualify for loans on a maximum 2-bedroom house.
• It is a requirement that spouses or partners be included on our loan and on title whether or not their income is necessary to qualify for this loan.

How much can you qualify for?
• Down-payment assistance of up to $10,000.
• You must be able to put down $1,000 of your own money.
• Subject to RDA underwriting criteria.

What housing qualifies?
• The home must be located within the Maeser, South Joaquin, Timp, Franklin, or Dixon or a portion of the North Park Neighborhoods (see map).
• Property may be a single-family home, a home with a legal accessory apartment, one half of a twin home or town home.
• Home may not be currently occupied by renters who would be displaced by the purchase.

What are the terms?
• The down-payment assistance is a 0% interest, deferred payment loan. No payment is due as long as the applicant continues to own and live in the home as their primary residence.
• As a condition of the loan, a 15-year owner-occupancy covenant shall be recorded against the property.

What you need to do to apply…
• Return a completed and signed application. (Applications available online).
• Attach copies of Federal Income Tax returns (1040 ‘s) for the past three years.
• Attach copies of pay stubs for the last three months for all working household members over 18 years of age. (Minimum time on current job is 6 months and cannot be on probation)
• Attach Certification of Completion of “Pre-Home Ownership Counseling” offered through NeighborWorks Provo or Community Action Services. NeighborWorks Provo may be contacted at (801) 375-5820 or 39 W. 300 N. Provo. Community Action is located at 815 S. Freedom Blvd., Provo, 373-8200.
• Attach Sellers Affidavit (form included with application or provided by Redevelopment Agency).

How long does it take to process a loan application?

Our normal loan processing time is approximately one week to determine eligibility for down-payment assistance.