Own in Salt Lake City Program
The Own in Salt Lake City program is a federally funded deferred loan/grant program administered by the Community Development Corporation of Utah (CDCU). The loan/grant of up to 6% is not to exceed $10,000 and can only be used for closing and/or down payment costs.
Qualified applicants receive their financial award on a first-come, first-served basis and there are a limited number of deferred loans/grants available.
Program Qualifications
- Applicant must meet income eligibility for his/her household size.
- Applicant must be a US Citizen or Resident Alien and be 18 years of age or older
- Must be a First-Time Homebuyer.
- Eligible Boundaries: Area within the boundaries of Salt Lake City
- Eligible properties are limited to single-family detached residences and single family attached residences (such as condominiums and town homes)
- Applicant must contribute a minimum of $500.00 in personal funds to the down-payment or closing costs.
- Purchase price of property cannot exceed $230,000
- The deferred loan/grant must be applied to the down-payment and/or closing costs.
- Purchased property must be zoned for residential use only.
- The purchase of said property must not lead to the displacement of any individual other than the seller and his/her immediate family.
- Applicant must secure FHA, VA, or Conventional financing for property purchase.
- A visual assessment must be completed by the CDCU on all homes for health and safety concerns.
- Applicant must complete a homebuyer education course and obtain certificate upon completion of the course.
Down Payment Assistance Experts
The RedSign team is very familiar with the application process for this down payment assistance program. We are more than happy to help you through the process and help you find a home that qualifies for this amazing program. Please contact us today so we can help you locate your new home as soon as possible
