There is up to a $50,000 grant available to help people get into a home. You don’t have to be a first time home buyer, but you can’t have owned a home for 3 years.  The top purchase price is $500,000.  It is like a loan.  It can be a new home or existing. Single family detached home or Townhome. There are no payments on this grant until you sell the house. There is a 1% interest rate on the grant and it accrues interest on top of the original loan amount. You can use the $50,000 for down payment and or loan costs, even to buy down the interest rate. Here are the income guidelines. You will need 2 things to apply. You will need a prequalification letter and an executed contract. That means you will need a house under contract,  purchase agreement signed with all the parties. Applications start on Oct 16th, 2023.

As of yesterday there were 129 single family detached homes in Davis County priced from $409,000-$500,000 and 35 Townhomes priced from $275,000-$399,900.  We’d love to help you in Davis County. The grant is for Davis County administered by their Economic Development. There is an application process that your loan officer and or Realtor can help you with.  You really need to start with getting qualified for the loan. Being fully qualified with a lender will help you get a house under contract. Using someone who has expertise in these kinds of grants would likely be helpful.

Applicants are required to attend and submit a Certificate of Completion from a HUD-approved
home-ownership class prior to closing. It is an online course you can take after you are approved for the loan and are awarded the grant. The cost is $75.00. You do need to have some of your own money in reserve to qualify. This would be money that you have on hand after you close. Basically you’ll need $1,000 plus one months of housing expense in your savings account to close. This money can’t come from the grant.

It would be great if other counties in Utah could follow suit.  We are including the Davis County Link if you want to find out more details. It is a quick video explanation.

If you want to talk more about payments and more details about Davis County housing needs let us know.

Here is a link to Cross Country Mortgage / Jon Hasebi. Who told us about the Davis County Grant,

Teresa Larson 801-750-5446, Vann Larson 801-580-4233
[email protected], [email protected]
Village Real Estate