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.
- Purchase loans only
- Must qualify for an FHA loan
- 3.5% of purchase price available for down payment
- May be used anywhere in Utah
- No maximum income limits
- Owner occupied only
- 1-2 Unit property (additional restrictions apply)
- Min Fico Score 600
more…
Chenoa Fund Programs
Grant/Gift
Forgivable Soft Second
Repayable Second
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 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
