New Homeownership Assistance Program to Launch in Davis County

New Homeownership Assistance Program to Launch in Davis County this Month

In recognition of the dramatic increase in home prices across the state, the Davis County Commission is proud to announce the creation of a new homeownership assistance program. Utilizing $1.8 Million of Federal funds, this initiative aims to assist low-to-moderate income families overcome the unprecedented challenges to homeownership, enabling them to purchase a home that they might otherwise not be able to afford. Launching Monday, October 16th, income-qualified individuals and families interested in buying a home in Davis County can apply for a homeownership assistance loan of up to $50,000. These loans 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. The loans will require no payments and will be repaid to the County (with an additional 1% interest) when the home is sold or refinanced for an ineligible reason. This program can be coupled with other State and Local homeownership assistance programs. For more information and for program guidelines for the homeownership program visithttps://www.daviscountyutah.gov/ced/economic-development/quality-of-life/homeownership-assistance. Applications will be processed on a first-come, first-qualified basis and must be submitted through the Neighborly online platform. Once the program is live, applicants will create an account onNeighborlyand select "Davis Homeownership Program" to initiate their application. For any questions or further inquiries about the Davis County Homeownership Assistance Program, please contact Davis County Community & Economic Developmentat or [tel://+1801-451-3251]801-451-3251 orhomeownership@daviscountyutah.gov