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RDA Residential Loan Program Homepage

RDA Purchase Assistance Loan Application

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Printable version

RDA Logo
RDA Residential Loan Program

PURCHASE ASSISTANCE
LOAN PROGRAM

INFORMATION PACKET

RDA Housing Lending Parameters and Criteria

In accordance with section 1-2-6 of RDA Ordinance 1 of 1999 of the Redevelopment Agency of Riverdale City, Utah, the following lending parameters and criteria are hereby adopted as loan policy:


Purchase Assistance Program

Purchase Assistance for Owner Occupied Residential Real Properties that include any one or more of the following criteria:

  1. Located on 4400 South Street, west of Weber River and east of Parker Drive excluding condo’s and mobile or manufactured homes.
  2. Located on 700 West Street / River Valley Drive north of 4400 South Street to its junction with Parker Drive excluding condo’s and mobile or manufactured homes.
  3. Located elsewhere within the Riverdale City limits excluding condo’s and mobile or manufactured homes, provided such real properties have become nuisance or troubled including but not limited to being vacant, abandoned, foreclosed, short-sale, etc.
  4. Owner occupant is employed full-time as a sworn POST certified police officer who will be parking a marked police car on the premises while off duty for a minimum of three years of the vesting period.
  5. Owner occupant is employed full-time as a certified Firefighter/EMT.
  6. Property is an owner occupied duplex, tri-plex, four-plex, or twin home.


 
Very Low Income
Borrower
Low Income
Borrower
Median Income
Borrower
Household
Income
50% of Median
(per Income
Schedule)
80% of Median
(per Income
Schedule)
Not to exceed 110% of Median (per Income Schedule)
Loan Amount
$10,000
$7,500
$5,000
Interest Rate
No Interest
0.00% APR
Loan to Value Ratio
100% of Appraised value plus closing costs.
Repayment
Requirements
Less than 5 years ownership

 

100%

Due in full upon the sale, transfer of ownership, or change of use of the property with daily interest to accrue at the prime rate on the outstanding principal until full payment of principal and interest is received.

5 years but less than 10 years of ownership

 

50%

Over 10 years of ownership

 

0%

Secured by
1st, 2nd, or 3rd mortgage
(Combined total of which must not exceed loan to Value Ratio)
Loan Fees
and Closing Costs
All actual 3rd party costs incurred by the RDA related to loan processing, document preparation, loan closing and recording will be charged to the borrower(s) and will be financed as part of loan amount.

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RDA Housing Program
Household Income Guidelines*

Family Size
(# of Persons in Household)
1
2
3
4
5
6
7
8
                 
Median
(100% of Median)
$50,000
$57,100
$64,200
$71,300
$77,100
$82,800
$88,500
$94,200
                 
Low
(80% of Median)
$39,950
$45,650
$51,350
$57,050
$61,650
$66,200
$70,750
$75,350
                 
Very Low
(50% of Median)
$25,000
$28,550
$32,100
$35,650
$38,550
$41,400
$44,250
$47,100
(70% of Base)
(80% of Base)
(90% of Base)
BASE
(108% of Base)
(116% of Base)
(124% of Base)
(132% of Base)

*Source: HUD FY 2014 guidelines Ogden-Clearfield, UT MSA.
Note: For each household member in excess of eight, 8% of the four-person base should be added to the eight-person income limit, e.g nine-person-family is 140% of base (132% + 8%)

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To view and print the application click here.

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For additional information, or to confirm your eligibility to apply for a purchase assistance loan, visit or telephone (Monday - Friday 8:00 a.m. - 5:00 p.m.)

In Person:
RDA Housing
Riverdale City
4600 S. Weber River Drive
Riverdale, UT 84405
 
By Phone:
RDA Housing
801-394-5541

 

Printable version

 

Riverdale City - 4600 South Weber River Drive, Riverdale, Utah 84405 - 801-394-5541 - email: info@riverdalecity.com