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​​The TIME Team

Contact Us for a Private Conference to Determin If You Qualify

​Overview


The Down Payment Assistance (DPA) program administered by Community Development Corporation of Utah (CDCU) is federally funded and is to be used to help income-eligible, first-time homebuyers purchase single family residences. Funds may only be used for down payment requirements and/or closing costs associated with a first mortgage. There are a limited number of deferred loans/grants available each year and qualified applicants will receive their financial award on a first come, first served basis—no waiting lists.  All information may not be current and is subject to change at any time.

Down Payment Assistance

NEW PROGRAM REQUIREMENT


The HUD-approved homebuyer education class & counseling must be completed before  applicants may apply for down payment assistance.  An application will not be considered complete without certificates of completion for these.
For information on our classes & a link to a statewide schedule, please visit our homebuyer education page.

  • ​Household income* cannot exceed 80% of the area median income.
  • Household income includes all income earned by all adults (18 years or older) living in the home.
  • ​If you make no more than the guidelines listed below you are eligible to apply.


Household Size Maximum Yearly Household Income
1 Person $38,500
2 Persons $44,000 
3 Persons $49,500
4 Persons $54,950
 5 Persons $59,350
6 Persons $63,750
7 Persons $68,150
8 Persons $72,550


Table shows 80% of AMI in the Salt Lake County Metropolitan Statistical Area as of December 18, 2013.

  • Maximum debt-to-income ratio: 45%*
  • Maximum property value: $186,000
  • Maximum property value in Murray: $250,000



Buyer must contribute the greater of 1% of the contract sales price or $1,000 in personal funds toward purchase (gift funds may count toward this).
Total down payment at closing (including DPA funds) cannot exceed 10% of sales price
Mortgagees must comply with FHA fees guidelines (lender fees cannot be excessive)

*Income & debt ratio calculation notes: We do not "gross up" non-taxable income (i.e. Social Security) when determining household income or calculating debt ratios.  We take the full amount awarded before any deductions.