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.

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January 23, 2018
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CDCU Down Payment Assistance

Financial Assistance for Homebuyers in Utah

In order to help ease the burden for potential homebuyers, the Community Development Corporation of Utah (CDCU) offers federally funded Down Payment Assistance (DPA) programs. These 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. Under the CDCU’s program there are a limited number of deferred loans/grants available each year, which is why applicants will receive their financial award on a first come, first qualified basis.

Available Assistance
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 an unforgiveable loan.

Eligibility Requirements
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:

Income Limits
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 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.

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