Helping Homebuyers Soar: CDCU’s Down Payment Assistance
To assist potential homebuyers in realizing their dreams of homeownership, the Community Development Corporation of Utah (CDCU) offers valuable federally funded Down Payment Assistance (DPA) programs. These programs are specifically designed to support income-eligible, first-time homebuyers by providing financial assistance for down payment and closing costs associated with securing their initial mortgage. CDCU’s program prioritizes applicants on a first-come, first-qualified basis, making it essential to apply promptly due to the limited number of deferred loans/grants available each year.
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Available Assistance
The nature of the assistance provided under CDCU’s program varies depending on the city where the homebuyer intends to make their purchase:
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- Salt Lake City: Eligible buyers can receive up to $7,500 in down payment assistance, which is structured as a forgivable 15-year loan. The maximum purchase price allowable for this assistance is $289,750.
- Taylorsville: Residents of Taylorsville have access to a $5,000 loan. This loan includes a unique forgiveness feature, with 20 percent of the loan amount forgiven annually for up to 5 years. The maximum purchase price allowed for this assistance is set at $299,500.
- Salt Lake County (excluding specific cities): Buyers in these areas can receive a $5,000 forgivable loan for down payment assistance.
Eligibility Requirements
To qualify for CDCU’s Down Payment Assistance Program, applicants must meet certain criteria. These include:
- Minimum Buyer Contribution: Homebuyers must contribute a minimum of 1 percent of their own funds towards the purchase of the home.
- Debt-to-Income Ratio: The debt-to-income ratio of applicants must not exceed 45 percent, ensuring they have the financial capacity to manage the mortgage.
- Income Limits: Annual income for all applicants must fall below 80 percent of the median income for their specific area. Income limits are as follows:
- 1 person household: $42,250
- 2 person household: $48,250
- 3 person household: $54,300
- 4 person household: $60,300
- 5 person household: $65,150
- 6 person household: $69,950
- 7 person household: $74,800
- 8 person household: $79,600
CDCU’s Down Payment Assistance Program strives to make homeownership a reality for individuals and families who might otherwise struggle to afford the upfront costs associated with purchasing a home.
