First Time Homebuyer Program

First Time Homebuyer Program is a deferred second loan for homebuyers in Logan|Brigham City, Utah. BRAG's First Time Homebuyer Program is a HOME-funded deferred-payment, partially-forgivable second-mortgage DPA for income-eligible first-time homebuyers in Cache, Box Elder, and Rich Counties. Up to ~$20,000 award; 5-year affordability period. Deferred-payment, partially-forgivable second-mortgage DPA up to ~$20,000 for low-to-moderate income (<=80% AMI) first-time homebuyers in Cache, Box Elder, and Rich Counties. HOME-funded. 5-year affordability period with proportional forgiveness. Funding comes from Local and HOME.

First Time Homebuyer Program is forgiven after 5 years, so a homebuyer who stays that long does not repay it. Repayment is triggered by Due on sale, refinance, or non-occupancy during 5-year affordability period and proportional forgiveness over the term. The assistance is recorded in 2nd Lien position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

First Time Homebuyer Program is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time homebuyer" usually means not having owned a home in the last three years, but the program sets its own definition. On credit, the program states: Per first-mortgage lender (typically 620+); BRAG does not impose separate floor. A homebuyer education course is required, through Approved homebuyer education through NNHC, USU Extension PowerPay, or similar HUD-approved counseling agency required prior to closing. Residency requirement: Property must be in Cache, Box Elder, or Rich County. Citizenship or immigration status: Per HOME eligible-status rules. First-time homebuyer (no primary-residence ownership in last 3 years). Household income at or below 80% AMI ($46,450-$87,550 by household size). Property must be in Cache, Box Elder, or Rich County. Minimum $500 borrower contribution typical. Must complete approved homebuyer education. 5-year affordability period; proportional repayment if home sold during period.

First Time Homebuyer Program limits household income to 80% of the area median income, which varies by county and household size. Up to 80% AMI for service-area HUD limits; $46,450 (1-person) to $87,550 (8-person household). The limit applies to total household income, not only the borrower&rsquo;s. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

First Time Homebuyer Program caps the purchase price as follows: Per HOME-program purchase price limit for service area. Eligible property types include Single-family detached, townhouse, condominium, PUD. New construction is eligible. Manufactured homes are eligible.

First Time Homebuyer Program names veterans, active-duty service members, reservists and National Guard members, surviving spouses, American Indian and Alaska Native homebuyers, educators, law enforcement officers, firefighters, healthcare workers, and homebuyers with disabilities among the groups it serves. Being named here means the program mentions the group, not that membership alone qualifies an applicant — the rest of the eligibility rules still apply.

First Time Homebuyer Program serves homebuyers purchasing in Logan|Brigham City, Utah. The program targets specific areas: Cache, Box Elder, Rich Counties.

Applications for First Time Homebuyer Program go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through Borrower applies directly to BRAG Community & Economic Development; reservation upon approval. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.