Clearfield City’s Down Payment Assistance (CCDP) is a federally funded first time home buyer grant program that will contribute up to $7,500 to qualified applicants looking to buy a home in Clearfield. The grant funds are distributed as a one (1) to one (1) match. For example: Applicant has a $5,000 to put towards the purchase of a home within Clearfield city limits, the CCDP will contribute $5,000 towards the home. Applicant must contribute a minimum of 50% of required funds and the grant funds can be used for down payment and/or closing costs.
Grant funds are treated as a payment free, interest free loan in the beginning and then begin to decline over the next seven (7) years. 10% of the loan is forgiven each year over the next six (6) years as long as you live in the home as your primary residence. After seven (7) years the balance in full is forgiven. In order for the entire amount to be forgiven, proof of residency must be provided for each year for the first seven (7) years in the form of utility billings and property tax notices.
Qualifications & Requirements:
- No home ownership in the last three (3) years
- Residential use property within Clearfield City limits
- Single family detached homes, condos and townhomes eligible
- First time homebuyer education course completed
- Homebuyer contribution of a minimum of 50% of required down payment and/or closing costs
- Visual inspection completed for safety and health concerns
- Forgiven after proof of seven years of owner occupancy
- Max purchase price $400,000
