Income for all household members will be included in the total household income calculation.
Possible sources and proof of income include, but are not limited to: pay stubs, SSI/SSA award letter, profit & loss statement (if self-employed), etc.
Household must be income eligible at or below 80% of the Area Median Income (AMI) and meet HUD income limits which are updated annually.
Buyer cannot have more than 10% of the purchase price in personal checking/savings funds. Excess liquidity will disqualify the buyer.
Total combined down payment from all sources (including DPA funds, seller paid costs, gift funds and any other assistance program) cannot exceed 10% of the purchase price.
Salt Lake County, Salt Lake City & Taylorsville programs require the buyer to contribute 1% of the contract sales price in personal funds towards the purchase.
The applicant, and co-applicant (if applicable) must own and occupy the property as the primary residence and are subject to an annual affidavit stating they still remain in the home.
There is no minimum FICO credit score requirement to participate in the DPA program. The credit report submitted with the application will be used to verify the applicant’s debt ratios.
Total debt/Debt-to-Income (DTI) ratio cannot exceed 45% of the household monthly gross income.
Housing Ratio (Front End) there is no established requirement. However, lower ratios will favor the buyer for underwriting purposes. Housing debt or “PITI”- includes principle, interest, taxes, insurance, and HOA fees of the new home loan.
For purchase transactions DPA can be recorded in 3rd position behind superior liens such as a Community Second loan or a Utah Housing loan that benefits the buyer.
FAIR HOUSING & EQUAL OPPORTUNITY
It is CDCU’s policy that all aspects of this program shall be conducted without regard to race, color, religion, sex, disability, familial status, age, source of income, national origin, sexual orientation or gender identity. CDCU adheres to all State and Federal Fair Housing and Civil Rights laws, including the Equal Credit Opportunity Act, and encourages minorities, women, and people with disabilities to seek funding.