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Owning Your Own Home

Perhaps you want to own your own home. This is a huge commitment of time, money and energy. You will be responsible to pay your mortgage, but you must also maintain the building and landscape. To purchase a home you will have to plan and save your money. If you will apply for a mortgage, you will need a good credit rating. Once you own the home, you may need to invest more time and money in the remodeling or making the home accessible to meet your mobility needs.

Plan and Save

Put money in a savings account. Put aside a little each week or month and you will be surprised how fast it will add up. You may also be eligible for a matched savings account, Individual Development Accounts (IDA). When you save $1, the program matches with $3. IDAs are designed for people who have low income to be able to save up to $6,000 for a home, a small business or education and training. You save $1,500 and it is matched with $4,500. You are being paid to save!!

Home Loans

• Home Choice provides homeownership opportunities for Utah residents with disabilities or those who have family members with a disability. This program provides first-time homebuyers with financial counseling and assistance. The disability is defined by the Fair Housing Amendments Act. Those households earning 80% or less of the area median income may be eligible for direct down payment/closing cost assistance and low-interest rate mortgages, ranging from 1 to 3%. Home Choice is funded by the Olene Walker Housing Loan Fund. HomeChoice can be contacted at their toll-free number, (866) 493-4500.
• The Community Development Corporation of Utah develops quality and affordable housing, revitalizes neighborhoods and communities, and encourages individual and family self-sufficiency through homeownership. The Community Development Corporation of Utah offers home buyer education and counseling, down payment assistance, low interest loans for home repair and information on home buying in Utah.

The following list is a guide to different kinds of loans available to purchase a home. For additional information, contact the Community Development Corporation of Utah or by calling (866) 994-7222.

The Down Payment Assistance (DPA) programs, administered by the Community Development Corporation of Utah (CDC), are federally funded and are used to help first time homebuyers, with low to moderate income, purchase single-family homes. Funds can only be used for closing or down payment costs. There are a limited number of loans available each year and qualified applicants will receive their financial award on a first come, first serve basis.

Other resources

• Centers for Independent Living (CILs): Another resource is your local Center for Independent Living. An Independent Living Advocate can help you develop an action plan based on your housing and support needs, and on the resources you have available (both financial resources and the support of people). They can help you locate housing that is available in the area where you want to live. You will learn about what is affordable and accessible in a particular region, and how to get on waiting lists for available programs. The advocate will help you strategize to make the most of your strengths with housing options and ways to make your current housing accessible.
• Federal Housing Administration (FHA) Loan: An FHA loan may be an excellent choice if you're a first-time homebuyer and you don't have a lot of money for a down payment. An FHA loan is a good choice if you want to keep your monthly payments as low as possible and if you're worried about your monthly payments going up. This type of loan is also good if you are worried about qualifying for a loan, or you don't have perfect credit.
• Federal Housing Administration (FHA) 203k Loan: Sometimes you might see a home you'd like to buy, but it needs a lot of work. FHA has a loan for rehabilitating and repairing single-family properties called the SF Rehabilitation Loan program (203k). You can get one loan which combines the mortgage and the cost of repairs. The mortgage amount is based on the projected value of the property, when the work is complete. The advantage of this loan is that you can buy a home that needs work, but have only one mortgage payment. Then you complete the repairs after you buy the home.
• Rural Development Guaranteed Loans: The Housing and Community Facilities Programs provides a number of homeownership opportunities to rural Americans, as well as programs for home renovation and repair. HCFP also makes financing available to elderly, disabled, or low-income rural residents of multi-unit housing buildings to ensure they are able to make rent payments.
• Utah Housing Corporation: Utah Housing Corporation offers six loan programs to assist low and moderate-income homebuyers with the purchase of a home. All loan programs offer reasonable interest rates and three of the programs make available down payment and closing cost funds.