I’m sort of sick of writing about inflation and the expectation for interest rates to continue to rise. So I thought that today I’d do a little PSA plug for the greatest down payment assistance program in the world, and it’s right here in our happy valley. The program is called Loan to Own and though it’s administered by the city of Provo, it’s available throughout Utah County, except in Alpine and Eagle Mountain.
The program works with conventional and government loans, and will give people up to $40,000 toward the purchase of their own home. A household of one can’t make more than $52,450 per year which, today, would let that person purchase a $240,000 property. A family of eight can buy a $450,000 home today. The funds can be used for down payment, closing costs, escrows, and even buying down the interest rate!
The buyers need to attend a six hour class that costs $25. Minimum credit score is 650. LMK how I can help your clients qualify for this program. I’ve worked with them for 25 years now–in fact, I used to help teach the class when it was only two hours long. So I do have a great affinity for the mission of the program to help house low income families.