CDCU "Own in" Down Payment Assistance Programs (DPA)

CDCU "Own in" Down Payment Assistance Programs (DPA) is a deferred second loan for homebuyers in Salt Lake City|South Salt Lake|West Valley City|Murray|Midvale, Utah. CDCU's 'Own in' programs are place-based DPA pools funded by participating Salt Lake County municipalities (HOME/CDBG entitlement). Provides deferred-payment, partially-forgivable seconds for income-qualified first-time homebuyers purchasing within the funder city's boundaries. Specific maximum award, forgiveness terms, and affordability period vary by city. Place-based DPA programs (Own in Salt Lake, Own in South Salt Lake, Own in West Valley City, Own in Murray, Own in Midvale, etc.) providing up to ~$40,000 in deferred-payment, partially-forgivable second mortgages for low-to-moderate-income first-time homebuyers in participating Salt Lake County jurisdictions. Funds typically deferred with 5-year forgiveness or affordability period. specific terms vary by city. Funding comes from Local, HOME, and CDBG.

CDCU "Own in" Down Payment Assistance Programs (DPA) is forgiven after 5 years, so a homebuyer who stays that long does not repay it. Repayment is triggered by Repayable on sale, refinance, or non-occupancy during affordability period and partial forgiveness over 5 years (program-specific). The assistance is recorded in 2nd Lien position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

CDCU "Own in" Down Payment Assistance Programs (DPA) is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time homebuyer" usually means not having owned a home in the last three years, but the program sets its own definition. On credit, the program states: Per first-mortgage lender (typically 620+); CDCU does not impose separate floor. A homebuyer education course is required, through CDCU HUD-approved homebuyer education (online and in-person) required prior to closing; cdcutah.org/homebuyer-education. Residency requirement: Property must be in participating Salt Lake County jurisdiction (Salt Lake City, South Salt Lake, West Valley City, Murray, Midvale, etc.). Citizenship or immigration status: Per HOME/CDBG eligible-status rules. First-time homebuyer (no ownership in last 3 years). Household income at or below 80% AMI for Salt Lake County (varies $59,400-$111,950 by household size). Purchase price at or below $492,000 (varies by program). Minimum $1,000 borrower contribution typically required. Must complete CDCU homebuyer education. Property must be in participating jurisdiction. Affordability/forgiveness period typically 5 years (program-specific).

CDCU "Own in" Down Payment Assistance Programs (DPA) limits household income to 80% of the area median income, which varies by county and household size. At or below 80% AMI for Salt Lake County HUD income limits; $59,400 (1-person) to $111,950 (8-person household). The limit applies to total household income, not only the borrower’s. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

CDCU "Own in" Down Payment Assistance Programs (DPA) caps the purchase price at $492,000. Eligible property types include Single-family detached, townhouse, condominium, PUD. New construction is eligible. Manufactured homes are not eligible.

CDCU "Own in" Down Payment Assistance Programs (DPA) serves homebuyers purchasing in Salt Lake City|South Salt Lake|West Valley City|Murray|Midvale, Utah. The program targets specific areas: Available only in participating Salt Lake County jurisdictions (Salt Lake City, South Salt Lake, West Valley City, Murray, Midvale, etc.).

Applications for CDCU "Own in" Down Payment Assistance Programs (DPA) go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through Borrower applies through CDCU; CDCU reserves funds upon eligibility approval. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.