(View from Y mountain looking south west over Provo)
Provo, UT
My last post was on Federal Housing Grants and how to get them. After discussing that post with interested readers I felt that I should post again on municipal programs that ARE often available for home buyers that are willing to buy in specific cities or even neighborhoods.
Provo Utah has a program aimed at getting owner occupants back into older neighborhoods. One of these down payment assistance programs is called the home purchase+. This program lends home buyers up to $20,000 at 0% interest and 0 payments! Yes you read that right 0% interest and 0 payments on the loan while you are living in the home.
To good to be true? It gets better, the longer you live in the home the less you will eventually have to pay back. On this specific program after 5 years of living in the home Provo City will forgive $5000 of the $20,000 loan. Then for each additional year after the first five years you continue to live in the home you are forgiven $1000 up to $10,000. So if you live in the home for 10 years before you decide it is time to move, when you sell your home your payoff to Provo City will be $10,000. Pretty cool that they give you the money for your down payment and let you use it free of any interest or repayment for 10 years and then knock $10,000 off the loan when you move as a little thank you for living in our city limits.
This program is great for first time home buyers who don't mind putting a little sweat equity into a home, although I have a client right now that is buying a home with this program and it is in perfect condition. New carpet, paint and tile showers and bath's.
I have helped buyers to get 2 of these grants/loans in the last 2 months and the buyer's couldn't be happier to be taking advantage of free money.
There are many ways to buy a home with NO MONEY DOWN in Utah right now. This is just one of the ways. Check back soon and I will continue to post ideas of how you may be able to buy your next home with NO Money Down.
You can read more about how to get this community loan money through provo city at http://www.provo.org/redev.homepurchaseplus.html but remember that provo city does not do the first mortgage. There are only a handful of lenders that will lend the first mortgage with this community 2nd behind it, so give me a call today if you are interested in taking advantage of this down payment program or you can apply for a mortgage in Provo on-line at www.applywithstetson.comthis is a secure on-line mortgage application and can be utilized by anyone living in Utah or moving to Utah.
