Down Payment Assistance

CDCU administers Down Payment Assistance (DPA) funds on behalf of
Salt Lake County, Salt Lake City and Taylorsville.

 

**2019-2020 Changes** There is a limited amount of funds for Sandy, South Jordan, West Jordan this year. The Salt Lake County program can only cover 50% of the required down payment, applicants are responsible for covering 50%. Funds are NOT available for West Valley City.

 

DPA is designed to assist low-to-moderate income (LMI) households in need of funds to cover the required down payment and/or closing costs for the purchase of a home. DPA is provided as deferred loans with no payments and no interest that are forgivable after a period of time (Excluding Community Heroes). DPA is available for Salt Lake City (Up to $14,000), Salt Lake County (Up to $10,000), and Taylorsville (Up to $10,000).

 

Eligibility review results will be provided within 5 business days after a fully completed application is submitted. Incomplete applications will cause delays and may not be approved. Entire processing time takes 25-30 business days. CDCU will not process rushes under any circumstance. Eligible applicant(s) will receive their financial award on a first-come, first-qualified basis-no waiting lists and no funds can be reserved.

See below for availability of funds. This page is updated once funds become available, so check back often.

AREAS

Available Funds0%

Salt Lake County

Funds Available

Eligible Cities- Property must be within the boundaries of: Alta, Bluffdale, Cottonwood Heights, Draper, Herriman, Holladay, Midvale, Millcreek, Murray, Riverton, Sandy, South Jordan, South Salt Lake, West Jordan, and the 5 Metro Townships of Copperton, Emigration Canyon, Kearns, Magna, White City and the balance of the Unincorporated County, according to the Salt Lake County Assessor

Available Funds0%

Taylorsville City

Funds Available

Property must be within Taylorsville City boundaries according to the Salt Lake County Assessor

Available Funds0%

Salt Lake City

Funds Available

Property must be within Salt Lake City boundaries according to the Salt Lake County Assessor

Available Funds0%

Community Heroes

Funds Available

Property must be within Salt Lake City boundaries according to the Salt Lake County Assessor. 

Property Address Search

If you are unsure whether or not the property you are considering is in an eligible area you may use the link below to look up the address.  After clicking on the address search link you will need to enter the street address in the parcel search box. You may need to move the parcel search box to zoom in & out on the map to make the city boundaries visible.

Summary of DPA Programs in Utah

Click below to download a list of DPA programs throughout Utah. All information may not be current & is subject to change at any time.

DPA PROGRAM OVERVIEW

**2019-2020 Changes** There is a limited amount of funds for Sandy, South Jordan, West Jordan this year. The Salt Lake County program can only cover 50% of the required down payment, applicants are responsible for covering 50%. Funds are NOT available for West Valley City.

 

DPA’s are federally funded deferred loans with no payments and no interest that are forgivable after a period of time.  that can be applied towards the down payment and/or closing costs of a purchase transaction. Buyer cannot receive cash back at closing.

 

 Applicant(s) must be household income eligible at or below 80% of the Area Median Income (AMI).

 

Applicant(s) must occupy the purchase property as the principal residence during the entire term of the deferred loan.

 

Property must be within eligible city boundaries.

 

Applicant(s) must be under contract to purchase a property at the time of submitting an application.

 

Housing(front-end) ratio cannot exceed 35%-40%. Debt-to-Income/DTI (back-end) ratio cannot exceed 45%-50% of the household monthly gross income.

 

Applicant(s) must meet cash reserve requirement to cover at least one month of the total monthly housing expenses included in the front-end ratio after purchase.

 

Applicant(s) must meet minimum residual income guidelines depending on household size.

 

Applicable assets in excess of $10,000 must be invested in the purchase of the home by the homebuyer.

 

Applicant(s) are required to contribute a minimum of $1,000 in personal funds towards the transaction. Gift funds are not considered personal funds.

 

Applicant(s) must complete a counseling session from a HUD-approved agency and a Homebuyer Education course from one of the below approved course providers:

  • CDCU: (801)-994-7222
  • Online: cdcutah.org (Framework)
  • Neighborworks: (801)-539-1590
  • AAA Fair Credit Foundation 1-800-351-4195
  • USU Extension (801)-477-7391

 

APPLICATION DELIVERY

Please send complete applications to

EMAIL: dpa@cdcutah.org

FAX: 801-994-7220 Attn: DPA Dept.

ADDRESS: 501 E. 1700 S. SLC UT, 84105

Processing Time 25-30 business days (see process timeline)

Above figures are effective as of April 2019 (These limits change annually and are published by HUD). We use current income projected out for 12 months.

Terms of Assistance Provided

QUESTIONS & ADDITIONAL INFORMATION

If you have any questions or concerns regarding the different DPA programs or the application process please contact our office (801)-994-7222 TY711 or email us at dpa@cdcutah.org. Se habla español, se fala Português; interpretation services are available upon request.