Welcome Home - Own in Logan Brochure

A program that helps make buying a home in Logan more affordable.

About Welcome Home Own In Logan!
First time homebuyer program sponsored by Logan City.

$5,000 subsidy for qualified buyers (can be used for downpayment
and/or closing cost assistance)

Eligiblity
Must be a first time homebuyer (defined as those who have not owned
a home in the past three years, those who currently own a trailer that is
not on a permanent foundation, those who lease or own a condominium,
and/or are a displaced spouse.

Income must be below 80% of the HUD median income guidelines for
Cache County. This includes income for all persons in the household
over the age of 18. Please refer to HUD's income guidelines.

Must meet the housing debt ratio of 36% and the total debt-to-income ratio of 38%. The borrower's house payment cannot exceed 36% of their gross monthly income. Total monthly debt payment (including house payment) cannot exceed 38% of their gross monthly income. (see Notice to Mortgage Lenders, Realtors, and Title Companies paragraph #3 for more information).

Certificate for attending a Home Ownership workshop at a HUD approved agency. For the Cache County area please contact the Family Life Center, (435) 797-7224, for the workshop schedule and registration.

Applicant must provide $500 in personal funds toward the down payment or closing costs, verified per the settlement statement. Gifts are eligible to meet this requirement.

Allowable Homes
Home must be within the Logan City limits.

Existing single family detached homes are eligible. Condos, town homes, twin homes and new construction are excluded.

Homes built before 1978 must pass a Lead-Based Paint inspection. The cost of this inspection is not charged to the buyer. Please refer to the pamphlet "Protect Your Family From Lead In Your Home" from the Environmental Protection Agency for more information on lead.

Subsidy Repayment
The $5,000 subsidy turns into a grant (is fully forgiven) if the home remains owner-occupied after ten years.

If the home is sold during the first ten years, the subsidy can be transferred to the new buyer if the Welcome Home-Own in Logan conditions are met.

The subsidy must be repaid within the first ten years if the owner sells, refinances or rents out the home. (see Notice to Mortgage Lenders, Realtors, and Title Companies paragraph #1 for more information).