Loan to Own Program

Utah County
A Utah County consortium of cities offers 0% interest, deferred loans to first-time home buyers purchasing homes in Lehi, Lindon, Orem, Payson, Pleasant Grove, Spanish Fork, Springville, and unincorporated Utah County. Loans are available for amounts from $5,000 to $15,000, depending on the age of the home. 20% of the loan is forgiven in the 6th year, with 20% more each year, until after the 10th year, when the loan is completely forgiven. Home buyers can also qualify for money for closing costs.

Qualifications:

• Meet income requirements listed below. Includes income of all persons in home over age of 18.
• Qualify for bank mortgage.
• Credit score above 650 with no unsatisfied collections.
• Have not owned home within past 3 years.

Requirements:

• Complete pre-homeownership counseling.
• Contribute minimum of $1,000 to purchase of home.
• Purchase price cannot exceed $232,305.

Contact:

Housing Services of Utah
P.O. Box 1906
Orem, UT 84059
(801) 687-3696
(801) 406-4719 (fax)
info@housingservicesut.org
http://housingserviceut.org/loantoown

Equity Sharing Program

Provo
The Provo City Redevelopment Agency offers 0% interest, deferred loans to home buyers purchasing homes in Provo that have been purchased and rehabilitated by Neighborhood Housing Services. Loans are available for 10% of the purchase price, up to $17,870. No payment is due as long as the applicant continues to own and live in the house as their primary residence. Any money spent on home improvements in the first 5 years of ownership is credited against the loan balance, up to $5,000. Down payment assistance may also be available.

Qualifications:

• Qualify for mortgage through Neighborhood Housing Services.

Requirements:

• Complete pre-homeownership counseling.
• Contribute minimum of $1,000 to purchase of home.
• Purchase price cannot exceed $223,155.

Contact:

Neighborhood Housing Services of Provo
39 W. 300 North
Provo, UT 84601
(801) 375-5820
(801) 375-5966 (fax)
http://www.nhsofprovo.org/home_loans_equity_sharing.htm

Home Purchase Plus

Provo
The Provo City Redevelopment Agency (RDA) offers 0% interest, deferred loans to home buyers purchasing homes in Provo’s pioneer neighborhoods (see map). Loans are available to provide down payment assistance of up to $20,000 or 20% of the home purchase price, whichever is less. No payment is due as long as the applicant continues to own and live in the house as their primary residence. $5,000 is forgiven after 5 years of ownership; $1,000 is forgiven each additional year, up to $10,000.

Qualifications:

• Meet income requirements listed below.
• Qualify for 30-year fixed rate mortgage through conventional lender.

Requirements:

• Complete of pre-homeownership counseling.
• Contribute minimum of $1,000 to purchase of home.
• Purchase price cannot exceed $232,305.

Contact:

Provo City Redevelopment Agency
86 N. University Ave., Ste. 240
P.O. Box 1849
Provo, UT 84603-1849
(801) 852-6160
(801) 375-1469 (fax)
http://www.provo.org/econdev.homepurchaseplus.html

Own in Provo

Provo
The Provo City Redevelopment Agency (RDA) offers 0% interest, deferred loans to home buyers purchasing homes in Provo’s pioneer neighborhoods (see map). Loans are available to provide down payment assistance of up to $10,000. No payment is due as long as the applicant continues to own and live in the house as their primary residence.

Qualifications:

• Qualify for 30-year fixed rate mortgage through conventional lender.

Requirements:

• Complete of pre-homeownership counseling.
• Contribute minimum of $1,000 to purchase of home.

Contact:

Provo City Redevelopment Agency
86 N. University Ave., Ste. 240
P.O. Box 1849
Provo, UT 84603-1849
(801) 852-6160
(801) 375-1469 (fax)
http://www.provo.org/econdev.owninprovodownpaymentassistance.html