Davis County offers a down payment assistance program for all qualified first time homebuyers. Applicants can obtain $5,000 to assist with closing cost and/or down payment when they apply for this government grant money. The funds will be treated as a zero interest, no monthly payment loan as long as you occupy the home for at least five (5) years. The grant funds received through this program will be forgiven at a declining rate over a five (5) year residency requirement from the date of closing and will be fully forgiven after five (5) years. Repayment will be required if the buyer sells, exchanges or transfers title, or obtains additional financing secured by the property.
Qualifications & Requirements:
- Qualified properties must be zoned residential and are restricted to single family homes, condos, townhomes, cooperative unit, or a combination of manufactured housing and lot
- Home located in Davis County (not including Fruit Heights, South Weber, Layton, and Clearfield)
- No gift funds or co-signers allowed
- Purchase price cannot exceed $400,000
- Applicant must provide a minimum of ½ of the required down payment
- The $5,000 in grant money can be applied to ½ the down payment, closing costs, or upfront mortgage insurance
- Must meet first time home buyer parameters
- A HUD approved homebuyer education course must be completed and a completion certificate received by the applicant
- Purchase of property may not lead to displacement of any individual other than the seller and their immediate family
- FHA, VA, or conventional financing must be secured through a state approved lender
- Purchase property will receive a visual assessment for lead based paint and any other safety or health concerns
