deferred payment loans
ASSIST offers zero percent, deferred payment loans to low income homeowners and buyers who have multiple critical problems in their homes in unincorporated Salt Lake County, West Jordan and Midvale City. Up to $7,500 is available to low income households whose income is below 50% of the area's median income.
There is no monthly payment due and no interest is charged on the money borrowed to make the repairs. Loans are due and payable when the property is sold or transferred. Payments can be made on the amount borrowed to reduce or pay off the deferred payment amount. Eligibility for these loans is based on adequate home equity to secure the lien placed on the home for the loan amount.
Eligible work includes: electrical, heating, plumbing and roofing problems; structural door or window repair; and accessibility and safety modifications.
The maximum annual household income to qualify is as follows:
Income, homeownership and homeowners insurance verification is required along with a property title and credit report. Credit problems do not necessarily mean a loan will denied. A loan committee will review eligibility. The actual costs of the title and credit report and recording fees will be added to the loan amount.
For more information or to apply for a Deferred Payment Loan call
ASSIST Inc at (801) 355-7085
Sample Loan Documents
Deferred Payment Loan Application
Rights and Responsibilities of Owner, Contractor and ASSIST Inc
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