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Home Purchase Plus Program

Provo, Utah

Last verified
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Income limit

80% AMI

Of area median income; varies by county and household size

Price cap

$551,000

Highest purchase price the program allows

Repayment

Forgivable

Forgiven after 5 years

What is Home Purchase Plus Program?

Home Purchase Plus Program is a deferred second loan for homebuyers in Provo, Utah.

  • Provo's Home Purchase Plus Program is a HOME-funded deferred-payment, partially-forgivable second-mortgage DPA for low-to-moderate-income first-time homebuyers in Provo City. Up to ~$20,000 award; minimum 650 FICO; max purchase price $551,000.
  • Up to ~$20,000 deferred-payment, partially-forgivable second-mortgage DPA for low-to-moderate-income (<=80% AMI) first-time homebuyers purchasing a primary residence in Provo City. HOME-funded. Maximum purchase price $551,000. Minimum 650 FICO. 5-year affordability period.
  • Funding comes from Local and HOME.

Do you have to pay it back?

Home Purchase Plus Program is forgiven after 5 years, so a buyer 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.
  • 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.

Who qualifies?

Home Purchase Plus Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

The program requires

  • First-time homebuyer — the program sets its own definition
  • The home is occupied as a primary residence
  • On credit: Minimum 650 FICO
  • A completed homebuyer education course, through HUD-approved homebuyer education required (CDCU, NeighborWorks, USU Extension).
  • Residency: Property must be in Provo City
  • 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 for Utah County ($55,550-$104,700 by household size). Purchase price at or below $551,000. Property must be in Provo City. Minimum 650 FICO. Minimum $1,000 borrower contribution. Must complete HUD-approved homebuyer education. 5-year affordability period.

The program excludes

  • Manufactured homes
  • Purchases above the $551,000 price cap
  • Households above 80% of area median income

These are the program's own published rules, not a decision about any individual — the administering agency and a lender determine who actually qualifies.

What are the income limits?

Home Purchase Plus Program limits household income to 80% of the area median income, which varies by county and household size.

  • Up to 80% AMI for Utah County HUD limits; $55,550 (1-person) to $104,700 (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.

What kind of home can it be used for?

Home Purchase Plus Program caps the purchase price at $551,000.

  • Eligible property types include Single-family detached, townhouse, condominium, PUD.
  • New construction is eligible.
  • Manufactured homes are not eligible.

Is there eligibility for specific groups?

Home Purchase Plus Program names veterans, active-duty service members, reservists and National Guard members, surviving spouses, American Indian and Alaska Native buyers, educators, law enforcement officers, firefighters, healthcare workers, and buyers 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.

Where does it apply?

Home Purchase Plus Program serves buyers purchasing in Provo, Utah.

How do you apply?

Applications for Home Purchase Plus Program go through the administering agency, which publishes the current terms and the application steps on its own site.

  1. Take a homebuyer education course

    Required by the program, through HUD-approved homebuyer education required (CDCU, NeighborWorks, USU Extension)..

  2. Contact the administering agency to reserve funds

    Funds are reserved through Borrower applies through Provo Development Services; reservation upon approval., and are subject to availability.

  3. Work with a lender who handles the program

    Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.

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