Own In Provo

Down Payment Assistance

What is it?

Who qualifies?

• Must be ABOVE HUD’s income guidelines
• Must qualify for a first mortgage through a lender of the buyer’s choice.
• For a limited time, loans are available to credit-worthy households in all income brackets.
• Families are a program priority.  Single individuals may qualify for loans on a maximum 2-bedroom house.
• It is a requirement that spouses or partners be included on our loan and on title whether or not their income is necessary to qualify for this loan.

How much can you qualify for?

• Down-payment assistance of up to $10,000.
• You must be able to put down $1,000 of your own money.
• Subject to RDA underwriting criteria.

What housing qualifies?

• The home must be located within the Maeser, South Joaquin, Timp, Franklin, or Dixon or a portion of the North Park Neighborhoods (see map).
• Property may be a single-family home, a home with a legal accessory apartment, one half of a twin home or town home.
• Home may not be currently occupied by renters who would be displaced by the purchase.

What are the terms?

• The down-payment assistance is a 0% interest, deferred payment loan.  No payment is due as long as the applicant continues to own and live in the home as their primary residence.
• As a condition of the loan, a 15-year owner-occupancy covenant shall be recorded against the property.

What you need to do to apply…

• Return a completed and signed application.
• Attach copies of Federal Income Tax returns (1040 ‘s) for the past three years.
• Attach copies of pay stubs for the last three months for all working household members over 18 years of age. (Minimum time on current job is 6 months and cannot be on probation)
• Attach Certification of Completion of “Pre-Home Ownership Counseling” offered through NeighborWorks Provo or Community Action Services.
• Attach Sellers Affidavit (form included with application or provided by Redevelopment Agency)

Down Payment Assistance Experts

The RedSign team is very family with the application process for the Own in Provo program. We are more than happy to help you through the process and help you find Provo real estate that qualifies for this amazing program. Please contact us today so we can help you locate your new Provo home as soon as possible.