| The downpayment assistance (DPA) programs administered by the Community Development Corporation of Utah (CDC) are federally funded and are to be used to HELP income eligible first time homebuyers purchase single-family homes. Funds can only be used for closing or downpayment costs. There are a limited number of loans available each year and qualified applicants will receive their financial award on a first come, first serve basis. |
| Areas Served: CDC currently administers DPA programs for Magna, Kearns, Salt Lake City, Sandy. CDC may also have funds available for communities that do not currently have downpayment assistance funds. See applications at the bottom of this page. Please contact us at info@CDCutah.org to find out where funds are available before filling out and sending us your application. |
Eligibility Guidelines for Downpayment Assistance*
Household income includes ALL income earned by ALL adults over the age of 18 living in the home.
Applicants cannot have collection accounts and/or current bankruptcy.
Maximum ratios: Housing = 36% Debt - to - Income = 42%
|
|
Household Size
|
Max. Yearly
Household Income
|
Maximum
Mortgage
|
| 1 Person |
$38,000 |
$155,000 |
| 2 Persons |
$43,400 |
$155,000 |
| 3 Persons |
$48,850 |
$172,000 |
| 4 Persons |
$54,250 |
$191,000 |
| 5 Persons |
$58,600 |
$207,000 |
| 6 Persons |
$62,950 |
$222,000 |
| 7 Persons |
$67,250 |
$230,000 |
| 8 Persons |
$71,600 |
$230,000 |
|
| * CDC uses Federal income guidelines of 80% of area median incomes to determine eligibility. If you make less than the guidelines listed above you are likely to be eligible for DPA. Income guidelines above revised by HUD effective February 2008 for the Salt Lake -Ogden Metropolitan Statistical Area (MSA). |
Downpayment Assistance Applications |
| Salt lake City |
| Salt Lake County (Magna and Kearns) |
| Sandy |
| Statewide ADDI Downpayment Program |
| Downpayment Assistance Flyer Includes contact information for other communities with down payment assistance programs. |
