3 Home Programs in Salt Lake City you may not have heard of
Whether you’re a first-time home buyer in Utah, or you are already a proud homeowner in the greater Salt Lake City area, you will likely benefit from knowing about some of the helpful home programs out there. We have outlined three Utah Home Programs below, these are all specifically for homes in Salt Lake City. Since we are committed to serving homeowners in Utah, we will share about more home programs in Utah in the future!
1 . Welcome Home SLC.
Buying a home is a big step. As with most big steps in life, a launching pad to give you a little extra boost is essential. The Welcome Home SLC program is this for your home buying process in Salt Lake City, Utah.
If you are a low to moderate-income family, the Welcome Home SLC program is for you. The goal of Welcome Home SLC is to provide you the opportunity to purchase a home in Salt Lake City. According to their informational brochure they believe in “improving the communities of Salt Lake City through homeownership while helping the families that we serve build wealth.” They do this in three ways.
You can either find a home through a real estate agent, and finance the purchase through Welcome Home SLC, which would then basically act as your lender.
If you’re one of those brave souls that is willing to find a fixer-upper, the Welcome Home SLC program can provide additional financing to support the work you’re doing to this house. They can provide up to $25,000 to ensure the house is brought up to code. They also provide a rehab specialist, who “will determine what work needs to be completed, how much it will cost, find a contractor, and oversee the work to ensure it is completed according to the contract and specifications”.
The last option is to buy from Welcome Home SLC, which gives you access to homes that are only available to the applicants of the Welcome Home SLC program. Some of these are a part of the Salt Lake City Community Land Trust to ensure the homes are affordable and stay affordable even after the home is sold to the next buyer.
To be eligible for this home program, there are a few requirements. For example, your new home needs to be within Salt Lake City limits, and you need to have a credit score of at least 620, as well as have an annual income below the household income limits. You also need to be a US citizen or legal resident.
If you qualify and become a part of their program, you’re likely to save an average of $200 a month on payments! Besides this, you can purchase a home with no money down, except for the $1000 that are needed for closing costs.
If you are interested in this home program or want to apply, go to their website, email Housing@SLCgov.com or call 801-535-7228.
2. The HandyMan Program
Every homeowner knows how much work it takes to take good care of your home. Unfortunately, not everybody is physically able to perform tasks in and around the house. That’s why the Housing and Neighborhood Development department of Salt Lake City offers the Handyman Program.
This program is for seniors (62 years or older) or people with a disability. The Handyman Program provides assistance with small household repairs. For example, they could unclog or repair drains, install faucets, correct toilet leaks, re-caulk bathtubs and weather strip windows, clean rain gutters and provide tree trimming.
Besides being a senior or a person with a disability, there are also some income requirements. This program is geared towards people whose income is below 80% of median income. Even if you are not qualified for this program, perhaps you have a neighbor who is a senior citizen or who has told you about a disability that makes it difficult to perform repairs around the house. Pointing them in the direction of this program can be a very effective act of kindness, and improve your neighborhood simultaneously!
Call (801) 535-7228 or go to their website for more information or email HANDtech@slcgov.com to ask for an application.
3. Utah Down Payment Assistance
Perhaps the biggest obstacle to purchasing a home is coming up with the down payment. Depending on your financial history, lender and credit score, you might be required to have as much as 15-20% down!
The Community Development Corporation of Utah, or CDCU, administers Down Payment Assistance in Salt Lake County, Salk Lake City and Taylorsville. If you live in South Jordan, West Jordan, West Valley City or Sandy, there might be Down Payment Assistance available to you, but not through the CDCU. You can check directly with those municipalities for more information.
What is Down Payment Assistance, or DPA? DPA are loans with no payments and no interest that are forgiven after a period of time. The money awarded can also be used towards the closing costs of a purchase transaction. There’s no waiting list and no funds reserved, so they are awarded on a first come, first qualified basis. This means that it pays off to check their website often to see when funds become available. We highly recommend signing up for their newsletter to be the first to receive updates. Their website states that the funds for the DPA program typically become available in the Fall.
For an overview of the program, and availability of the program, go to the CDCU website.
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There are many more programs available in Salt Lake City, and even more in the rest of Utah. We encourage you to ask around about them, or spend some time on Google and several government websites to research your options. As a supporter of homeowners in Utah, we will also continue our search to help you find the best home programs in Utah. We’ll let you know about our findings in future blog posts.
Already the happy owner of a home? Please don’t hesitate to reach out through this contact form for a free estimate to see if your house needs an air vent cleaning. Your air vents are the lungs of your home, let’s make sure they’re healthy and providing clean air to you and your family!