Home Ownership Assistance program

Home Ownership Assistance program is a deferred second loan for homebuyers in Davis County, Utah. Davis County's Home Ownership Assistance Program is a HOME-funded deferred-payment, partially-forgivable second-mortgage DPA for low-to-moderate-income first-time homebuyers in Davis County. Up to ~$20,000 award; 10-year affordability period; max purchase price $500,000. Up to ~$20,000 deferred-payment, partially-forgivable second-mortgage DPA for low-to-moderate-income (<=80% AMI) first-time homebuyers purchasing in Davis County. HOME-funded. Maximum purchase price $500,000. 10-year affordability period with proportional forgiveness. Funding comes from Local and HOME.

Home Ownership Assistance program is forgiven after 10 years, so a homebuyer who stays that long does not repay it. Repayment is triggered by Due on sale, refinance, or non-occupancy during 10-year affordability period and proportional forgiveness over the term. 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.

Home Ownership Assistance program 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+). A homebuyer education course is required, through HUD-approved homebuyer education required (CDCU, NNHC, USU Extension PowerPay, AAA Fair Credit Foundation). Residency requirement: Property must be in Davis County. Citizenship or immigration status: Per HOME eligible-status rules. First-time homebuyer (no primary-residence ownership in last 3 years). Household income at or below 80% AMI ($59,600-$112,350 by household size). Purchase price at or below $500,000. Property must be in Davis County. Minimum $1,000 borrower contribution typical. Must complete HUD-approved homebuyer education. 10-year affordability period.

Home Ownership Assistance program limits household income to 80% of the area median income, which varies by county and household size. At or below 80% AMI for Davis County HUD limits; $59,600 (1-person) to $112,350 (8-person household). The limit applies to total household income, not only the borrower&rsquo;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.

Home Ownership Assistance program caps the purchase price at $500,000. Eligible property types include Single-family detached, townhouse, condominium, PUD. New construction is eligible. Manufactured homes are eligible.

Home Ownership Assistance program names veterans, active-duty service members, reservists and National Guard members, surviving spouses, American Indian and Alaska Native homebuyers, educators, law enforcement officers, firefighters, healthcare workers, and homebuyers with disabilities among the groups it serves. Being named here means the program mentions the group, not that membership alone qualifies an applicant — the rest of the eligibility rules still apply.

Home Ownership Assistance program serves homebuyers purchasing in Davis County, Utah.

Applications for Home Ownership Assistance program 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 Davis County Community Development; reservation upon 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.