Utah County Grants and Down Payment Assistance

Utah County has announced that they have received new funding for Utah County’s ‚Loan to Own‘ Program. What this means is, if you are looking for a home then there is down payment assistance to help cover the down payment on the purchase of the home. Now you can enjoy the great rates FHA has to offer and have ‚Loan to Own‘ cover all or most of the 3.5% down payment.

This down payment assistance is a zero interest loan with no payments, so you get the best mortgage possible. With the exception of a VA loan (reserved for the military), this may be one of the best loan options available. These funds are on a „first come, first serve basis“ and are not guaranteed to last. Application is necessary to receive funds.

Loan to Own is a Utah County Program designed to assist First Time Home Buyers get into homes. A First Time Home Buyer not only includes „First Time Buyer“ but also includes anyone who has not purchased or own a home in the last three years. Even if your home was foreclosed and it has been three years since then, you may qualify.

This programs offers up to $10,000 in Utah Down payment assistance towards the purchase of a home. These funds can be applied to the down payment and whatever is remaining can be used to lower the loan amount.

Example 1: A buyer who was a First Time Home Buyer qualified for a Utah FHA loan to purchase a home of $190,000. Typically, the down payment for FHA is 3.5% or $6,650. The home qualifies for $10,000, so of the $6,650 was applied to the down payment and the remaining $3,350 was applied to lower the loan amount.

Example 2: A couple was foreclosed on in the spring of 2009 and had to file bankruptcy, so they started over. Within the last year the got small lines of credit which they paid on time. Since their credit was improving and it has been three years since they owned a home, they now qualified for the program as First Time Home Buyers. Within 6 weeks, they were now home owners again with no money down and the best FHA rate available.

You will be surprised when you find out you can buy a home, several people are. Some situations take a little more work, some are ready now. You never know until you do a Utah FHA prequalification.

All of Utah County qualifies for ‚Loan to Own‘ with the exception of Alpine, Woodland Hills, Elk Ridge and Provo (Provo has a different grant program up to $20,000, see Provo Home Grants)

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