The Utah based Chenoa fund homebuyer program offers a forgivable soft second grant option.  The Chenoa Fund forgivable soft second grant program also allows for 3.5% or 5% of the purchase price to be used towards your down payment on an FHA first mortgage loan. The forgivable soft second will be treated and recorded as a second mortgage with no interest or monthly payments. If you keep your home and make on time payments for a minimum of three years the Soft Second will be forgiven.

Qualification & Highlights:*

• Purchase loans only
• Must qualify for an FHA loan
• 3.5% of purchase price available for down payment
• May be used anywhere in Utah
• Must follow maximum income limits
• Owner occupied only
• 1-2 Unit property (additional restrictions apply)
• Min Fico Score 600