Although, the Utah rural housing program is technically not a down payment assistance program it is an excellent way to get into a home without a down payment. This program assists low and moderate income households the opportunity to own their own home with 100% financing to those that qualify. It is also called the USDA Guaranteed loan program and a is a Federal program offered through the United State Department of Agriculture. When calculating payments you must include an “annual fee” that is charged monthly, however the annual fee is usually less than most mortgage insurance payments.
Utah USDA Qualification and Requirements*
- Be within USDA Set Income Limits
- Purchase a home in a USDA set geographical area
- Have minimum credit score of 640
- 24 month income history
- Home must be in good repair and fit USDA requirements
*All applicants must show repayment ability, have a reasonable credit history and must meet other program requirements. Not all who apply will qualify
The “Own in Salt Lake County” first time home buyer program is a federally funded deferred loan/grant program that can provide up to $20,000 which can be applied to the 50% of required down payment. The goal of this government assistance program is to offer income-eligible households grant funds to help purchase a single-family home. Deferred loan funds shall be repaid in full by the recipient if the homeowner sells; exchanges or transfers title; decides to refinance for any other reason than to reduce their interest rate; or ceases to use the property as the primary residence. There are a limited amount of government grant funds available and they are distributed on a first-come, first-serve basis and take an average of 25 to 30 days to fund after a Letter of Commitment has been issued.
Qualifications & Requirements:
- No home ownership in the last three (3) years
- Home must be in a residential zone, single family residence only
- Max purchase price $522,500
- Applicants must contribute 50% of required down payment into the transaction. A minimum of $1,000 must be from applicants own personal liquid funds.
- Applicants must complete a home buyer education course and pre-purchase counseling
- Co-owner, co-borrower or co-signors are accepted, Community Development Corporation of Utah (CDCU) must be informed in writing if they are not on the initial “Own in Salt Lake County” application
- A visual assessment must be completed by CDCU or assigned agent for any safety or health concerns
- Income restrictions apply
The “Own in Ogden” first time homebuyer program has helped hundreds and hundreds of people realize their dream of owning a home in Ogden. This government grant program offers $10,000 to first time buyers, $15,000 to state certified K-12 classroom teachers and $20,000 to sworn Police Officers and Firefighters when purchasing a home in Ogden city. These are zero interest, no monthly payment, down payment assistance grants. These grant funds are issued to first time home buyers as a loan attached to the property which will become due in full if the borrower ceases to occupy the property, sells the property or defaults on any of the established terms upon receiving the grant funds.
Qualifications & Restrictions for “Own in Ogden”:
- Property must be zoned residential
- Buyer must contribute $500 of own money towards purchase and take fee simple title to property
- First time homebuyer grant funds may be used for down payment, closing costs or principal reduction towards the first mortgage loan balance
- Property must meet minimum safety, construction, and habitability with no unresolved code enforcement violations
- Buyers assets in excess of $20,000 must be applied towards the home purchase
- Buyers must purchase property within the eligibility area of Ogden city
Own in Ogden First $10,000 Time Buyer Grant ProgramWeber County, first time buyers program in conjunction with the Community Development Block Grant Program, has been given government grant money for first time homebuyers looking to buy a home in Weber County. Eligible applicants are provided with Weber County Grant Money funds that can be used for closing costs and/or down payment towards a home. The offered assistance in the amount of $5,000 is secured as a lien against the property for five (5) years, after five (5) years all $5,000 will be forgiven.
Qualifications & Requirements:
- Buyer must provide a minimum of $2,000 of own funds
- Property must be purchased in Weber County (excluding Ogden—see “Own in Ogden”)
- First time homebuyers only (no home ownership in the last 3 years)
- Housing counseling program completed
- Must not have made an offer on a home without prior approval
- Must qualify with an approved FHA lender
