The Own in Ogden Down Payment Assistance Program, a fantastic opportunity for homebuyers looking to make Ogden, Utah, their home! This program provides financial support to help cover down payments and closing costs, making homeownership more accessible for eligible applicants. Whether you're a first-time buyer or a repeat homeowner, Own in Ogden could be your key to settling down in the community.

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What is the Own in Ogden Program?

The Own in Ogden program offers zero-interest, deferred-payment loans to assist with the purchase of a primary residence within Ogden city limits. These loans can be used for:

  • Down payment
  • Closing costs
  • Principal reduction on your first mortgage

Funds are available on a first-come, first-served basis, and the program is open to all eligible buyers, not just first-time homebuyers.

Who Qualifies?

To participate in the Own in Ogden program, applicants must meet the following criteria:

  • Primary Residence: The purchased home must be your primary residence within Ogden city limits.
  • Tenant-occupied properties are not eligible for Own in Ogden, except in the instance of a tenant-purchase application. Properties will not be eligible for Own in Ogden assistance if a tenant has been evicted, asked to leave, or has vacated the property, and that action would not have occurred if not for the Own in Ogden assisted purchase.
  • Minimum Contribution: Borrowers must contribute at least $500 of their own funds toward the purchase.
  • Manufactured home are allowed. Housing must have parcel identification, be located on a permanent foundation, and have utility hookups in compliance with Ogden City Code requirements.
  • Debt to Income (DTI) maximum is 50% with a FICO of 620-659. DTI is up to 55% for FICO scores of 660 and above. Household income includes all documented income earned by all adults (18 years of age or older) that will be living in the home to be purchased.
  • Buyer’s liquid assets in excess of $20,000 must be applied towards the home purchase, and the Own In Ogden assistance amount will be reduced by that amount. Any deduction will not include the amount paid in excess of the $500 minimum required buyer contribution.
  • No Cash Back: Borrowers cannot receive funds at closing.
  • Non-Occupant Borrowers: Not supported by the program (per HUD guidelines).
  • Income Limits: Household income must be at or below 80% of the Area Median Income (AMI). Income guidelines are updated annually in June. See chart below. NOTE: Income restrictions may be waived for sworn Ogden City Police Officers and Ogden City Fire Fighters.

Household Size

 Maximum Gross Income

1

$61,850

2

$70,650

3

$79,500

4

$88,300

5

$95,400

6

$102,450

7

$109,500

8

$116,600

Income limits effective 6/01/2024

Special Incentives

Certain professions receive higher loan amounts to encourage community involvement:

  • Ogden City Police Officers and Firefighters: Up to $20,000
  • State-Certified K-12 Teachers or Administrators (serving Ogden City students): Up to $15,000
  • All Other Eligible Buyers: Up to $10,000

Loan Details

  • Interest Rate: 0% interest
  • Repayment: Deferred until the home is sold, refinanced, or no longer used as your primary residence. The loan must be repaid in full at that time.
  • No Forgiveness: Loans are not forgiven based on time spent in the home.
  • Lien Position: Typically, a second mortgage, but third-position liens may be considered on a case-by-case basis.
  • Combining Funds: Own in Ogden funds can often be combined with other down payment assistance programs for added support.

Home Price Limits (as of September 1, 2024)

  • Existing Homes: Up to $430,000
  • Newly Constructed Homes: Up to $467,000

Note: Prices are subject to change. Contact the program administrator for the latest guidelines.

How to Apply

Ready to take the next step toward homeownership? Follow these steps to apply for the Own in Ogden program:

  1. Apply with a mortgage lender or broker for loan pre-approval. Your loan officer will calculate total household income to see if you meet the requirements of the program.
  2. Review Guidelines: Download the Own in Ogden Guidelines and Application (PDF) or the Spanish Application.
  3. Gather Documents: Prepare required documents, including proof of income and identification. Some forms may require signatures from the buyer, seller, and lender. Non-US citizens must also provide documentation of legal residency.
  4. Submit Application: Use the secure document upload link provided by Ogden City or contact the program administrator for submission details.
  5. Contact for Assistance: Have questions? Reach out to the Own in Ogden team at Ogden City for personalized guidance.

Funds are limited, so apply early to secure your spot!

Why Choose Ogden?

Ogden is a thriving city with a rich history, stunning mountain views, and a welcoming community. From outdoor adventures to local dining and cultural events, Ogden offers something for everyone. The Own in Ogden program is designed to encourage homeownership and strengthen our neighborhoods, making it the perfect time to call Ogden home.

Frequently Asked Questions

Q: Is this program only for first-time homebuyers?
A: No, the Own in Ogden program is open to all eligible buyers, including repeat homeowners, as long as they meet the income and residency requirements.

Q: Are the loans forgivable?
A: No, the loans are not forgiven over time. They must be repaid in full when the home is sold, refinanced, or no longer used as your primary residence. For sworn Ogden City Police Officers and Ogden City Fire Fighters, the above repayment requirements expire after ten (10) years of continued owner-occupancy, and continued employment by Ogden City, of the qualifying Officer or Fire Fighter, with no repayment amount required.

Q: Can I use this with other assistance programs?
A: Yes, Own in Ogden funds can often be combined with other down payment assistance programs. Contact the program administrator for details.

Q: How do I know if I meet the income requirements?
A: Income limits are based on 80% of the Area Median Income (AMI) and vary by household size. Check the latest guidelines or contact Ogden City for assistance.

Get Started Today and apply online with Steve Jones with First Class Home Mortgage by clicking on the “Apply Now” link at the top of the page or call 801-913-6502 to setup a consultation.

Don’t miss your chance to own a home in Ogden with the help of this incredible program. Funds are available now, but they won’t last forever! For more information, visit Ogden City’s Own in Ogden page or contact Steve Jones at 801-913-6502.

Let us help you turn your dream of homeownership into reality in Ogden, Utah!