Tag: Utah first time buyer

The Chenoa Fund is an affordable housing program that provides a down payment solution in conjunction with FHA loans. It fulfills a need for qualified homebuyers that do not have or do not want to use their own funds for a down payment. There are three different programs available to fit most homebuyer’s unique needs. The three programs are Grant/Gift, Forgivable Soft Second & the Repayable Second.

Utah Home Grant Qualify

Find out more about each program:
Forgivable Second
Repayable Second

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.

Utah Home Grant Qualify

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