The City of West Jordan, Utah is providing up to $10,000 for first time homebuyers that purchase a home within West Jordan City limits. This grant may be applied to half of the required down payment and/or one-time closing costs. Funds are distributed on a first-come, first-serve basis. The home buyer must occupy the home for at least five (5) years following the purchase, any change in ownership or occupancy will require repayment of the grant funds. After five (5) years the grant is forgiven in full. If the home is sold or ceases to be occupied by the home buyer within the first five (5) years the lien is forgiven at a rate of 20% per completed year and the balance remaining will be due in full to the City.
Qualifications & Requirements:
- Home buyer must contribute a minimum of $2,500 cash out-of-pocket towards the purchase, these funds may NOT be gift funds
- Applicant must meet income qualifications and cannot have owned a home within the last 24 months
- Co-signers are not allowed
- Existing, new construction single-family homes, condos, and townhomes are permitted
- Housing debt cannot exceed 35% of the household monthly income and total debt cannot exceed 45% of the household monthly income
- Home must be owner occupied
- Applicant must attend and receive a completion certificate from a HUD approved homebuyers education class
- Visual inspection completed by the City for any safety or health concerns
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
