Making the Dream of Owning a Home a Reality
In the face of soaring home prices, which have risen by an eye-opening 87.6% from 2018 to 2022 in Utah, Davis County is taking a stand to support its residents. With wages only increasing by about 11% statewide, the disparity between income and the cost of housing has made homeownership an elusive dream for many low to moderate-income families. This is why Davis County’s Community and Economic Development has launched an innovative Homeownership Assistance program aimed at bridging this gap.
A Helping Hand Up to $50,000
The program offers a one-time homeownership assistance loan of up to $50,000 to help reduce the primary mortgage needed, thereby making monthly payments more affordable. This loan carries a minimal 1% interest and is repayable to the County when the home is eventually sold, with no payments required during the life of the loan.
Empowering Through Education and Support
Prospective homeowners must complete a HUD-approved homeownership class, such as the one offered by Utah State University online, to ensure they are well-prepared for the responsibilities of owning a home. In addition, the property in question must meet certain eligibility requirements, including being located within Davis County and not displacing current tenants.
Income and Property Eligibility
Eligible applicants must have an income at or below 80% of the Area Median Income (AMI) as defined by HUD. For instance, a family of four must earn no more than $85,100 annually to qualify. The program also stipulates that the purchase price of the home cannot exceed $500,000 and the property must be the buyer’s primary residence.
A Fair and Accessible Process
The Davis County Homeownership Program operates on a first-come, first-qualified basis with no waiting lists. A $1,000 contribution from the borrower is required, and the applicant must be pre-qualified by a reputable lender. The program is firmly rooted in fair housing practices, ensuring equal opportunity for all residents of Davis County without discrimination.
Ready to Apply?
To apply, please reach out directly to our office at 801-820-7620. Our team will guide you through the application process and help determine your eligibility.
In Conclusion
With a comprehensive approach that includes financial assistance, education, and adherence to fair housing laws, Davis County is not just providing a down payment assistance program—it’s nurturing a community where the American dream of homeownership becomes a widespread reality.
Contact our office today to take the first step towards your new home in Davis County.