South Jordan RDA Down Payment Assistance Program

South Jordan RDA Down Payment Assistance Program is a forgivable loan for homebuyers in South Jordan, Utah, administered by South Jordan City Redevelopment Agency (RDA). South Jordan City's RDA offers down payment assistance to low- and moderate-income households purchasing within city limits. Assistance is the lesser of 7.5% of purchase price or $20,000, provided as a loan that converts to a grant if all terms are met over a 10-year term. Prorated repayment applies if the home is sold during the term; full repayment if rented. Up to lesser of 7.5% of purchase price or $20,000. 0% interest. No monthly payments. Converts to grant after 10 years.

South Jordan RDA Down Payment Assistance Program offers up to $20,000 in assistance. Award tiers: Assistance = lesser of 7.5% of purchase price or $20,000. Homebuyer contribution: Homebuyer must pay at least $1,000 down payment; max $20,000 of own funds may be contributed. Amounts are the program's published maximums, not an offer — South Jordan City Redevelopment Agency (RDA) determines any individual award.

South Jordan RDA Down Payment Assistance Program is forgiven after 10 years, so a homebuyer who stays that long does not repay it. Repayment is triggered by Sale during 10-yr term: prorated repayment. Lease/rent/sublet during term: full repayment. Sale/rental within first two years: additional $5,000 penalty. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

South Jordan RDA Down Payment Assistance Program is open to homebuyers who will live in the home as their primary residence. The program lists a minimum credit score of 650. A homebuyer education course is required, through Home Ownership Class certificate (or receipt that course has begun) required with application. Loan term: 10-year term; loan converts to grant if terms met.. Present ownership interest disqualifies; income <=80% SL County AMI; min mid-credit 650; housing ratio <=33% (650-699) or <=35% (700+); total DTI <=43% (650-699) or <=45% (700+); min $1,000 own down payment; home ownership class. Income table labeled 'Effective Thru 6/30/2023' - confirm current limits and active funding.

South Jordan RDA Down Payment Assistance Program limits household income to 80% of the area median income, which varies by county and household size. Combined family income (applicant + members over 18) no more than 80% Salt Lake County median. Limits effective thru 6/30/2023 by size: 1 $57,350; 2 $65,550; 3 $73,750; 4 $81,900; 5 $88,500; 6 $95,050; 7 $101,600; 8 $108,150. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

South Jordan RDA Down Payment Assistance Program can be used for Single Family.

South Jordan RDA Down Payment Assistance Program serves homebuyers purchasing in South Jordan, Utah.

Applications for South Jordan RDA Down Payment Assistance Program go through South Jordan City Redevelopment Agency (RDA), which publishes the current terms and the application steps on its own site. 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.