June 05, 2009

Free money anyone?

Posted to Brad & Liz Sears

Well, if you are purchasing a home in Clearfield, you may qualify for their Down Payment Assistance program. There are certain guidelines and such that need to be met, but if they are, you can get up to $5,000 to use towards your down payment or loan costs. There are other cities with similar programs with similar requirements, so before buying a home, contact the city to see if they have a program that may work for you.

Here are some of the details of this program in Clearfield:

  • The funds are given out on a 3 to 1 match. This means that if you contribute $1,000 of your own money, they will contribute $3,000. To get the full $5,000, you would need to contribute at least $1,666.67. The minimum contribution is $500.


  • Your household income must be at or below their “Maximum Yearly Income” table based on the number of people in your home.

    Household SizeMaximum Yearly Income
    1 Person$38,350
    2 People$43,850
    3 People$49,300
    4 People$54,800
    5 People$59,200
    6 People$63,550
    7 People$67,950
    8 People$72,350


  • The home must be inside the Clearfield City boundaries


  • It must be a home that is not attached to another home. So condos, townhomes, or other attached properties are not eligible.


  • The loan used to purchase the home must be a fixed rate loan that is either FHA, VA or Conventional.


  • You must complete a Home Buyer Education course that is approved by them. This can be taken online at http://extension.usu.edu/cooperative/hbe


  • This grant does not have to be paid back if you live in the home as your primary residence for 7 years. It is technically a lien against your home that decreases by 10% for each full year you live there and fully forgiven after 7.

For more details, you can visit their website

Please don’t hesitate to call or email me at 801-597-1406/brad@bradsearsteam.com.

Posted By: Brad & Liz Sears



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