CDCU Down Payment Assistance
Financial Assistance for Homebuyers in Utah
The program specifics vary according to the city in which the borrower is purchasing a home. In Salt Lake City, the program offers up to $7,500 in down payment assistance in the form of a forgivable, 15-year loan, with a maximum purchase price of $289,750. Taylorsville residents can receive a $5,000 loan, 20 percent of which is forgiven per year for up to 5 years, with a maximum purchase price set at $299,500. Those purchasing in areas of Salt Lake County (except Salt Lake City, Taylorsville, West Valley City, and West Jordan) can receive $5,000 in down payment assistance, in a forgivable loan.
Qualifying applicants must be able to contribute at least 1 percent of their own funds towards the purchase of the home and have a debt-to-income ratio of no more than 45 percent. All applicants’ annual income must fall under 80 percent of the median income for the area:
1 person household: $42,250
2 person household: $48,250
3 person household: $54,300
4 person household: $60,300
5 person household: $65,150
6 person household: $69,950
7 person household: $74,800
8 person household: $79,600
*Household income is defined as all income received by household members (18 years or older) who will be living in the home, even if they are not on the mortgage.
(Note: these figures were accurate at the time of publication and may no longer be current - visit the program website for updated information)
Down payment assistance programs and/or grants were researched by the team at FHA.com. Please note that all programs listed on this website may involve a second mortgage with payments that are forgiven, deferred, or subsidized in some manner until resale of the mortgaged property.
FHA.com's compilation is not a complete list, but it can serve as a starting point in your search for the down payment assistance program or grant for your situation. It is up to the consumer to contact these entities and find out the specifics of each program.
Down Payment Grants in Utah
Community Development Corporation of Utah programs provide income-eligible, first-time homebuyers with funds to for down payment requirements and/or closing costs associated with a first mortgage, in order to help these individuals purchase homes.
Utah Housing Corporation (UHC) offers borrowers the option of getting a second mortgage in order to finance some or all of their down payment and closing costs. This Down Payment Assistance is to be used in conjunction with an FHA, VA, or Fannie Mae home loan from a UHC participating lender.
West Valley City’s Down Payment Assistance Grant provides eligible homebuyers with $5,000 in the form of a grant. These funds help low- to moderate-income families achieve their dreams of homeownership within the city limits.
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