Plenty Of Help With Your Down Payment
If you’re looking for down payment assistance in Utah, you’re very lucky. There are three agencies with DPA programs for first time property purchasers who need help coming up with the funds for the down payment: the Utah Housing Corporation, the Federal Home Loan Bank, and the Community Development Corporation of Utah.
Let’s start with the Community Development Corporation of Utah (CDCU). Their program provides up to 10% of the purchase price in the form of a deferred loan/grant:
The Down Payment Assistance (DPA) program administered by Community Development Corporation of Utah (CDCU) is federally funded and is to be used to help income-eligible, first-time home buyers purchase single family residences. Funds may only be used for down payment requirements and/or closing costs associated with a first mortgage. There are a limited number of deferred loans/grants available each year and qualified applicants will receive their financial award on a first come, first served basis—no waiting lists.
Next on the list is the Home$tart ($5,000 in assistance) and Home$tart Plus ($10,000 in assistance) down payment assistance programs offered by the Federal Home Loan Bank:
FHLB Des Moines members have the opportunity to receive up to $500,000 – up to $400,000 for Home$tart and $100,000 for Home$tart Plus – in down payment and closing cost assistance for eligible homeowners. Members provide these funds to eligible households in amounts up to $5,000 for Home$tart or $10,000 for Home$tart Plus, and are reimbursed by the FHLB Des Moines after the closing of the mortgage loan.
The third down payment assistance program available in Utah is the Down Payment Assistance Second Mortgage provided by the Utah Housing Corporation:
Learn About our Down Payment Assistance Mortgage
If cash at closing is your challenge, our Down Payment Assistance Second Mortgage can help. When combined with our first mortgage, qualified borrowers can purchase a home with little or no cash investment.
These programs are not exclusive of each other, meaning you can combine two or more, with some restrictions. To get the details of each, visit the CDUC Down Payment Assistance (DPA), Home$tart and Home$tart Plus, and the UHC down payment assistance pages.
More Utah Down Payment Assistance
In addition to these three statewide DPA programs, you should also check to see if there are local programs offered in Utah that provide additional help that can be applied toward your down payment.