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.

Home Purchase Plus 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. 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.

Home Purchase Plus 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: Minimum 650 FICO. A homebuyer education course is required, through HUD-approved homebuyer education required (CDCU, NeighborWorks, USU Extension). Residency requirement: 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.

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.

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.

Home Purchase Plus 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.

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

Applications for Home Purchase Plus 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 through Provo Development Services; 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.