Down Payment Assistance offered by the Community Development Corporation of Utah includes Salt Lake City, Salt Lake City Plus, Salt Lake City Community Heroes, and Salt Lake County and Taylorsville. For SLC, SLC Plus, Salt Lake County, and Taylorsville, assistance is offered as a forgivable loan.
The amount of assistance funds is as much as $14,000 for SLC, SLC Plus, and Community Heroes, and up to $10,000 for Salt Lake County and Taylorsville. Funding for these programs is limited, and therefore is awarded first-come, first-serve. Borrowers must be under-contract for a home purchase at the time of application. It can take around five days after application submission to get a result, and around 30 days for the loan to be processed.
Applicants will need to fall within specified income limits, depending on the program they choose. However, for all loans, the property being purchased must be owner-occupied. The applicant DTI cannot be higher than 45%-50% and the housing ratio cannot be higher than 35%-40%. Furthermore, borrowers must have enough funds in reserve to be able to pay for a minimum of one month of housing expenses. Any assets over $10,000 must be put towards the home purchase, and a minimum of $1,000 from the applicant’s assets (not including gift funds) must be put towards the purchase. Finally, applicants also have to complete counseling and homebuyer education.
Other programs in Utah:
- UHC Down Payment Assistance
- West Valley City Down Payment Assistance Grant
- BRAG First Time Homebuyer Assistance
- Welcome Home: Own in Logan
- Weber Housing Authority Homeownership Assistance Program
- Own in Odgen Program
- Davis First Time Home Buyer
- Clearfield First Time Home Buyer
- City of West Jordan Down Payment Assistance Program
- Loan to Own Down Payment and Closing Cost Assistance
- Provo Home Purchase Plus Program