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.

FHA Mortgage Loan Rates

December 6, 2019
FHA Rates for December 6, 2019
Compare 30 Year Fixed Mortgages
Compare 30 Year Fixed Mortgages
Use our mortgage calculators
to see what you can afford!
Get started one
Get started two
Get started three
Get started four
FHA.com is a privately owned website, is not a government agency, and does not make loans.

Choose a Loan Type

then
get
your

Your Credit Score

Do you know what's on
your credit report?
Get Credit Score Button
Get Credit Score Button
FHA.com is a privately owned website, is not a government agency, and does not make loans.

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 a forgivable 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) spacer

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. 

SEE YOUR CREDIT SCORES   From All 3 Bureaus  

Do you know what's on your credit report?

Learn what your score means.


spacer