The Utah based Chenoa Fund home buyer program offers a Repayable Second mortgage for anyone who qualifies and is over the income limits for the area. Saving money can be hard even if you are making above the median income, however you can still get help with your down payment. The Chenoa fund program will help you with a repayable second mortgage of 3.5% of the purchase price to help with the down payment of your FHA loan. This home buyer program will require the homebuyer to make payments and payoff the amount borrowed for the down payment. Only when the assistance is paid in full will the lien be removed from title.
The Utah Housing Score Loan is Utah mortgage loan program for borrowers who do not meet the minimum Fico requirement of the FirstHome or HomeAgain loan. For the Score Loan Utah Housing Corporation has set a 620 mid score for the minimum fico score. You still must be able to qualify and meet all the requirements for an FHA backed mortgage. The DPA portion allows for up to 4% of the FHA first mortgage loan in the form of a fixed rate second lien and can go towards down payment and/or closing costs. The property must be owner occupied and throughout the term of the UHC loan no portion of the property may be rented.
Qualification and Requirements:*
Must qualify for an FHA loan
Minimum of 620 mid Fico score
Purchase loans only
4% of the first loan amount is available for DPA
May be used anywhere in Utah
Must follow maximum income limits
Debt ratio will be limited to a maximum of 45%
Homebuyer Education required within 90 days of closing
Maximum income limit is $95,800
No maximum purchase price
The Utah Housing Freddie Mac HFA Loan is not just a first time homebuyers program. This Utah down payment assistance (DPA) program allows for first time buyers and previous homeowners. It is also the only conventional Freddie Mac program they offer currently. To qualify you must have a minimum of a 700 fico score and be able to qualify for a conventional mortgage. The DPA is 6% (up to $25,000) of the first mortgage amount and can be used for down payment and/or closing costs. The property must be owner occupied and throughout the term of the UHC loan no portion of the property may be rented.
Qualification and Requirements:*
Purchase loans only
6% (up to $25,000) of the first loan amount is available for DPA
May be used anywhere in Utah
Maximum income limits $134,100
Debt ratio will be limited to a maximum of 50%
Homebuyer Education required
Single family units only
The Utah Housing First Time Buyer Program called FirstHome Loan is a great program for any first time buyer. The Utah housing First Time Buyer Program allows for up to 6% of the first mortgage loan as down payment assistance (DPA). This DPA is in the form of a 30 year fixed rate second loan. The DPA can be used for down payment and/or closing costs for the FHA first mortgage. You must be a first time buyer and be able to qualify for an FHA mortgage.
Qualification and Requirements:*
Must qualify for an FHA loan
No Portion of the property may be rented throughout the term of the UHC Loan
6% of the first loan amount is available for DPA
Minimum of 660 Fico score
No geographical restriction in Utah
See below for income and max purchase price
Income and Purchase Price Limits for Utah Housing Loans
Duchesne, Garfield, Iron, Kane, Piute, San Juan, Sanpete, Wayne
$130,200
$151,900
$513,200
FirstHome
Juab, Utah
$130,800
$152,600
$613,400
FirstHome
Salt Lake
$113,800
$130,850
$635,600
FirstHome
Tooele
$113,800
$130,850
$635,600
FirstHome
Washington
$109,900
$126,800
$608,500
The Tooele County Housing Authority (TCHA) helps qualified first time home buyers purchase a home by providing a federally funded loan of up to $10,000 to assist with down payment and/or closing costs. Loans are dispersed on a first come, first serve basis and can be applied to the purchase of a single-family home, condo, cooperative unit, or combination of manufactured housing and lot.
Qualifications & Requirements:
No homeownership in the last three (3) years
Applicant must contribute $1,000 of own money
Applicant must attend a Housing and Urban Development (HUD) approved homebuyer education class and provide a certificate of completion
A home inspection completed by a Utah licensed home inspector for health and safety concerns and lead-based paint for homes built prior to 1978
Home must be located in Tooele County
Clearfield City’s Down Payment Assistance (CCDP) is a federally funded first time home buyer grant program that will contribute up to $7,500 to qualified applicants looking to buy a home in Clearfield. The grant funds are distributed as a one (1) to one (1) match. For example: Applicant has a $5,000 to put towards the purchase of a home within Clearfield city limits, the CCDP will contribute $5,000 towards the home. Applicant must contribute a minimum of 50% of required funds and the grant funds can be used for down payment and/or closing costs.
Grant funds are treated as a payment free, interest free loan in the beginning and then begin to decline over the next seven (7) years. 10% of the loan is forgiven each year over the next six (6) years as long as you live in the home as your primary residence. After seven (7) years the balance in full is forgiven. In order for the entire amount to be forgiven, proof of residency must be provided for each year for the first seven (7) years in the form of utility billings and property tax notices.
Qualifications & Requirements:
No home ownership in the last three (3) years
Residential use property within Clearfield City limits
Single family detached homes, condos and townhomes eligible
First time homebuyer education course completed
Homebuyer contribution of a minimum of 50% of required down payment and/or closing costs
Visual inspection completed for safety and health concerns
Forgiven after proof of seven years of owner occupancy
