STATEWIDE PROGRAMS

Utah Housing Corporation Down Payment Assistance

Assistance Available:
When you qualify for a Utah Housing Corporation first mortgage, you may be able to borrow all the money you need to make your downpayment and to pay for all the closing costs associated with the sale.

The assistance is in the form of a 30 year, fixed rate, second mortgage. Income and purchase price limits vary according to the county in which the property is located. Utah veterans who are first time homebuyers may be able to receive a $2500 grant to assist with downpayment and closing costs. A certificate of completion of a homebuyer education course is required.

CITY AND COUNTY PROGRAMS

Salt Lake County, Salt Lake City, and Taylorsville
Downpayment Assistance

Assistance Available:
The Community Development Corporation of Utah administers these funds for Salt Lake County, Salt Lake City, and Taylorsville. The downpayment assistance is in the form of a forgivable, no interest loan with no monthly payments. Funds are limited and are issued on a first come, first served basis. There are no waiting lists. No funds are reserved.

If you purchase property in Salt Lake County, you can receive up to $10,000 in downpayment assistance forgiven after 5 years. The maximum purchase price is $340,100.

If you purchase property in Salt Lake City, you can receive up to $14,000 in downpayment assistance forgiven after 5 years. The maximum purchase price is $322,050.

If you purchase property in Taylorsville, you can receive up to $7,500 in downpayment assistance forgiven after 5 years. The maximum purchase price is $340,100.

The actual amount of assistance is based on need and is determined on a case by case basis.

“2018-2019 Change” downpayment assistance is not available in Sandy, South Jordan, West Jordan, and West Valley City.

Qualifications:
Income limits apply. Your annual household income may not exceed 80% of the area median. For instance, the maximum income allowed for a 4 person household is $64,000. You cannot have a debt to income ratio higher than 45%. You must contribute 1% of the purchase price from your personal funds.

West Valley City
Downpayment Assistance Grant

Assistance Available:
If you are purchasing property within the city limits of West Valley City and need assistance with your downpayment and closing costs, you may qualify for up to $7500 in the form of a downpayment assistance grant from the city. Grants are given on a first come, first served basis until funds are depleted. The city maintains a 2nd position on the loan.

Qualifications:
Your annual household income may not exceed 80& of the area median. Child support and alimony are included in income. Your debt to income ratio cannot exceed 43%. Your housing debt to income ratio cannot exceed 31%. You must have a minimum FICO credit score of 550 at the time you submit your application.

Only 30 year, fixed rate first mortgages are eligible for the program. No ARMs, owner financing or other types of financing qualify. You must contribute a minimum of $2000 in personal funds toward the property purchase. No gifts are allowed. The funds must be documented and proof of availability (ie. bank statement, 401k, etc.) must be submitted when you file your application.

The property purchased must be located within the city limits of West Valley City. Existing single family homes, condominiums, and townhomes are eligible for the program. New construction is not eligible.