Clearfield, Utah has a great first time homebuyer program that will give up 50% of the down payment and closing costs for a qualified mortgage and homebuyer. (Max $7,500)! The $7,500 down payment assistance received can be used to reduce a homebuyers investment for down payment and/or closing costs.
At first the funds will act as an interest free, payment free loan. The balance of the loan will decline over a seven year period. As long as you live in the home, 10% of the loan will be forgiven each year for six years. The remainder of the balance is forgiven in full after seven years. Proof of residency MUST be provided in the form of utility billings and property tax notices for each year for the full amount to be forgiven.
Some Requirements:
- Must qualify for a traditional mortgage and this down payment assistance
- Must be first time homebuyer, displaced homemaker or a single parent who has only owned a home with a spouse
- Must purchase property within Clearfield city limits
- Property must be zoned for residential use only
- Property is limited to owner occupied single family detached home, condos and townhomes.
- City of Clearfield will hold a second trust deed on the property until forgiven
- A visual assessment must be completed for health and safety concerns
- Homebuyers education course must be completed
- Max purchase price of $400,000
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