Housing Services of Utah County's $5,000 Grant

$5,000 Housing Services of Utah County Grant

#1 Funds are limited: check http://housingservicesut.org/loantoown/ to see if funds are available.
Who Qualifies?
1. First Time Home Buyers
2. With Credit Score > 700, then DTI is 35% / 45%
3. With Credit Score > 650, then DTI is 33% / 43%
4. There can be no co-signers involved.
5. Borrowers must complete a Community Action Pre-Purchase Counseling Class ( which is free)

Income Limits


1. The client’s debt to income ratios meet HSUV guidelines (which is in the
2. application packet)
Property Limits
1. Single Family Residence (single homes, condo’s, twin homes etc. but no accessory apartments)
2. The purchase price of the home cannot exceed $ 232,305
3. Eligible Cities: Orem, Lehi, Lindon, Payson, Pleasant Grove, Spanish Fork, Springville, and Unincorporated Utah County (Rural farmland, not in an incorporated City)
4. If the home is NEWER than 30 years the client is eligible for $ 5,000 toward 2 the required down payment and the one time closing costs (does not include pre-paid items or reserves).
5. If the home is OLDER than 30 years the client is eligible for $ 15,000 which will pay for the one time closing costs (does not include pre-paid items or reserves) and the balance will go toward down payment.
Repayment
1. After the 1st 5 years the loan is forgiven at a rate of 20% per year until the end of the 10th year and the entire 0% interest loan is forgiven.
File goes through a loan committee and funds are awarded based on (a) availability and (b) need. In other words, just because a client may fit all the criteria funds could be awarded to a “more needy” applicant. Process takes 2 to 3 weeks.