Own in Salt Lake County Down Payment Assistance

What is Own in Salt Lake County Down Payment Assistance?

Own in Salt Lake County Down Payment Assistance is a forgivable loan for homebuyers in Salt Lake County, Utah, administered by Community Development Corporation of Utah (CDCU).

• Own in Salt Lake County is a federally funded (CDBG/HOME) DPA program administered by CDCU on behalf of Salt Lake County. It provides first-time homebuyers at/below 80% AMI up to $20,000 as a 0% deferred loan, fully forgiven after 5-10 years of continued primary residency, toward down payment and/or closing costs. The county program covers only 50% of the required down payment.
• Up to $20,000 toward down payment and/or closing costs.
• 0% interest, no monthly payments.
• Forgiven after 5-10 years of residency.
• No minimum credit score.
• Any lender eligible.
• Funding comes from Federal CDBG and HOME funds via Salt Lake County.

How much assistance does it provide?

Own in Salt Lake County Down Payment Assistance offers up to $20,000 in assistance.

• The program asks buyers to contribute $1,000 in personal liquid funds (gift funds excluded); plus a cash reserve covering one month of housing expenses.
• The program can be combined with First mortgage (FHA/Conventional/USDA/VA/Utah Housing).
• Amounts are the program's published maximums, not an offer — Community Development Corporation of Utah (CDCU) determines any individual award.

Do you have to pay it back?

Own in Salt Lake County Down Payment Assistance is a forgivable loan, so the balance is forgiven once the program's conditions are met.

• Repayment is triggered by Repaid in full if the homeowner sells, transfers title, refinances for a non-qualifying reason, or ceases to occupy as primary residence before the forgiveness term is satisfied.
• The assistance is recorded in Second (no lower than third behind superior liens) position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Own in Salt Lake County Down Payment Assistance is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

Own in Salt Lake County Down Payment Assistance limits household income to 80% of the area median income, which varies by county and household size.

• Household income at/below 80% AMI for Salt Lake County, adjusted by household size, per HUD limits updated annually. Per CDCU table (80% AMI, April 2022): 4-person $81,900.
• The limit applies to total household income, not only the borrower’s.
• The program lists a maximum household size of 8.
• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

Own in Salt Lake County Down Payment Assistance caps the purchase price at $522,500.

• Eligible property types include Single-family detached, Condominium, and Townhome.
• New construction is eligible.
• Manufactured homes are not eligible.

Where does it apply?

Own in Salt Lake County Down Payment Assistance serves buyers purchasing in Salt Lake County, Utah.

How do you apply?

Applications for Own in Salt Lake County Down Payment Assistance go through Community Development Corporation of Utah (CDCU), which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program, through HUD-approved homebuyer education class (CDCU 801-994-7222 or Framework online) plus a mandatory free 1-on-1 pre-purchase counseling session..

2. 2

   Contact Community Development Corporation of Utah (CDCU) to reserve funds

   Funds are reserved with the provider and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.