Clearfield Utah Down Payment Grant
Many First-time homebuyers are unaware of the various down payment assistance / grant programs that are available to them to help pay for down payment, closing costs, and even reduce their principal loan amount.
Clearfield City Down Payment Assistance (CCDP) Details
- Grant of $7,500 towards the purchase of a single family dwelling, townhome or condo.
- Home has to located within Clearfield City Limits and be owner occupied
- First-Time Homebuyer's only - An individual or spouse that has not owned a home in a 3 year period.
- Displaced homemaker or Single Parents can be considered first-time homebuyers if they have only owned a home with a spouse
- Funds are up to $7,500 and matched to what the buyer puts down. Buyer would need to put down $7,500 to a $7,500 grant. Earnest money as well as pre-paid costs can be included. For example, a home inspection would count.
- $7,500 grant can be used for 50% of down payment, closing costs and/or up-front mortgage insurance
- Grant funds received are forgiven over a 7 year residency period. 10% is forgiven each year with 40% forgiven the last year. Buyer must provide proof of residency at the end of 7 years for the grant to be forgiven.
- Eligible for FHA, Conventional, or VA loans.
What Do I Need To Do To Qualify?
- Complete the Clearfield City Down Payment application - Please reach out and we can help you fill this out.
- Income must be equal to or less than the 80% current area median income as determined by HUD.
- Gross Income for all household members 18 years and old must be included.
- Purchase Price can not exceed $400,000.
- Buyer must complete a HUD approved buyer education course.
What Documentation Is Required?
- Most recent year federal tax returns.
- Seller Affidavit.
- Copy of accepted Real Estate Purchase Contract with seller.
- 4 most recent paystubs and verification of any other income sources for all household members over 18.
- Driver's license
Income Limits By Household Size
- 1 Person - $56,300 / 2 Persons - $64,350 / 3 Persons - $72,400 / 4 Persons - $80,400
- 5 Persons - $86,850 / 6 Person - $93,300 / 7 Persons - $99,700 / 8 Persons - $106,150
How Do I Get Started?
Contact us today and we can help you apply for a grant to purchase a home in Clearfield, Utah. The documentation required for your loan approval is very similar to the documentation required for the grant. We can help you fill out the application and submit to Clearfield while simultaneously submitting for a loan approval.