Utah Down Payment Help is Here!
Funds available up to $14,000
Chenoa Fund provides assistance for Utah homebuyers in meeting their down payment requirement. When combined with a 30 year fixed FHA first mortgage, qualified borrowers can receive a forgivable Second Mortgage to purchase a home with little or no cash investment.
Chenoe Fund provides down payment assistance with 2 options. These options include Forgivable Financing and Repayable Financing. Each option has different qualifying factors. Below are additional details for these programs:
- No first time home buyer requirement (program available to everyone)
- Must qualify for 30 year FHA financing
- Borrower income must fall within program limits (your income will determine which program you may qualify for)
- Funds are available for purchase only (not for refinance)
- Borrower must occupy the property (no investors)
- Funds can’t be used for new construction condos
- Can be used anywhere in Utah
- Minimum credit score 620
- Non occupant co-borrowers are allowed (great option if you need help to qualify!)
- 1st mortgage financing provided by CBC Mortgage Agency