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FARMINGTON — Wannabe homebuyers in Davis County can now apply for a new loan from the county. The hope is that this will help lower home prices over time.
The county is using federal funds to offer $50,000 loans.
Economic Development Director Chanel Flores said the county is already getting buy-in from developers who want to keep their new homes at or below the cutoff price for the loan.
"Those types of things are really what's going to … help move the needle of getting more affordable housing into the state," Flores said.
Flores said you don't have to be a new homebuyer to qualify for the loan, but you do have to buy a home in Davis County. And, you'll only have to pay the loan back when you sell the house again, with 1% interest.
"(The loan) can be used for down payment, interest rate buy down, or principal reduction or a combination," she said. "So, we really think this is one of those programs that could really help move the needle when it comes to homeownership and create that generational wealth."
Applications open Oct. 16 on the Davis County website.
