Down-payment assistance is a loan that is forgiven at twenty percent per year. After five years, the loan becomes a grant and is fully forgiven. Maximum Down-Payment Assistance: $5,000.00 (All reasonable closing costs and one half of required down payment). Average loan is $4,100. The homebuyer must invest a minimum of $2,000 cash at the time of purchase. Property must be located within the City of West Jordan. Only Single Family Homes, Condos, and Townhomes are eligible for consideration. Persons currently living in a rental situation or similar situation are eligible for program assistance. All homes must be owner occupied after purchase for a period of 5 years. Co-signers are allowed. If a co-signer will live in the house after purchase, then their income will be considered in the income review. Household income includes every working person residing in the unit over the age of 16 years old. Income limits for the program are based on a maximum of 80 percent of the median family income for West Jordan City:
Family Size 1 2 3 4 6 8
Income Limit – $38,000 $43,400 $48,850 $54,250 $62,950 $71,600
All applications will be subject to the following Debt Ration Reviews:
Housing Ratio – The combined monthly payment, taxes, insurance and Homeowners Association Fees, cannot exceed 35% of the applicants gross monthly income.
Total Debt Ratio – The total debt of the applicant cannot exceed 45% of the applicants gross monthly income.
Submission of the application does not automatically qualify the buyer for assistance. A real estate purchase contract for the property must be included with the application. This is different from the West Valley City program. In West Valley City, you must be approved before making an offer on the property. I have a copy of the application that I can fax or email to you if you’re interested in the West Jordan program.
Avg. Sales Price: $213,204
Avg. Days on Market: 99
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