Home prices in the past few years have markedly increased throughout the state. Davis County leaders recognized this unprecedented challenge to home ownership and recently created a helpful program to assist low-to-moderate-income households purchase a home they otherwise would never be able to afford. Income qualified individuals and households looking to purchase a home in Davis County may now apply for a home ownership assistance loan up to $50,000.
This home ownership assistance loan can be used for any combination of principal reduction, permanent interest rate buy down (up to $10,000), and/or up to 50% of the required down payment and closing costs. These homeownership assistance loans have no payments and are repaid to the County (plus 1% interest) when the home is sold or refinanced for an ineligible reason.
Visit the Davis County Community & Economic Development website today for the homeownership program details and to access the application portal. Be sure to review the guidelines closely to ensure you qualify and understand all parameters of the program. Applications are on a first come, first qualified basis.
The Davis County $50,000 down payment assistance may be combined with Layton City’s $10,000 home down payment grant called “At Home in Layton.” The program offers home ownership assistance to qualifying homebuyers. The assistance is presented as a grant that may be used for up to 50% of the required down payment, closing costs or principal reduction. At Home in Layton grants are secured by a Promissory Note and Trust Deed. If the house is sold before the end of the fifth year from the closing date, all or a portion of the grant will need to be repaid to the City.
Down payment grant funds are currently available. For more information, contact Morgan Cloward, Layton City CDBG & Economic Development Specialist, 801-336-3770, mcloward@laytoncity.org.