(NEW) No Down Payment Program for FHA Loans

Chenoa Fund loans allow home  buyers to borrow the required down payment for an FHA insured loan. Home buyers can purchase homes with FHA financing with little or no cash investment through CBC Mortgage Agency.

Down Payment Assistance Second Mortgage

An eligible homebuyer can obtain a second mortgage for the down payment required for the primary FHA loan. The second mortgage is a fixed-rate mortgage that can have a maturity of 5 or 30 years.

FHA Down Payment Requirement

FHA loans require a 3.5% down payment. As an example, on a home appraised and selling for $150,000, the required down payment would be $5,250.00. The entire amount of the down payment is available from Chenoa Fund.

NHF Platinum™  Program Highlights

Down payment assistance grant, up to 5% of Loan*

 No first-time homebuyer requirement

Conventional, FHA, VA and USDA Mortgages

For the purchase of primary residence

West Valley City - Down Payment Assistance Grant

Home ownership is one of the keys to healthy neighborhoods. In order to encourage home ownership within West Valley City, a down payment assistance grant in the amount of $5,000 is available to households wishing to locate within West Valley City boundaries. There are several requirements in conjunction with this grant. Program guidelines are listed in the links below.

Down Payment Assistance Policy

Down Payment Assistance Procedures

Down Payment Assistance Application

Salt Lake County Grants

The Community Development Corporation of Utah (CDC) offers up to $10,000 in down payment assistance grants to first-time home buyers, which must be used toward down payment or closing costs. The amount of the grant is dependent on the location of the home. Only certain geographical areas have down payment assistance available. The current areas are Magna, Murray, Kearns, Salt Lake City, Sandy, and Taylorsville.

Qualifications:

Debt to income ratio cannot exceed 45%.

80% or less of area AMI (see Area Median Income Levels).

Purchase price cannot exceed $230,000.

Requirements:

Complete homebuyer education classes.

Complete pre-purchase counseling with CDC.

www.cdcutah.org

NeighborWorks First-Time Homebuyer  - Salt Lake County

NeighborWorks Salt Lake offers low-interest rate loans to first-time home buyers purchasing homes in targeted neighborhoods within Salt Lake City and Murray (see map).

Qualifications:

80% or less AMI (see Area Median Income Levels).

Have not owned home within past year.

Requirements:

Complete HUD-approved homebuyer education class.

Contribute $1,000 to closing costs.

Complete pre-purchase counseling.

First Time Homebuyer Program

Salt Lake City

Salt Lake City Corporation offers low-interest rate loans to first time home buyers purchasing available homes in Salt Lake City. The majority of the homes are older and have been updated and remodeled.

Qualifications:

80% or less AMI (see Area Median Income Levels).

No bankruptcies in past 24 months.

Have not owned home within past 3 years.

Requirements:

Provide 2-year employment history.

Attend homeowner training classes, credit counseling, and home maintenance visits.

Contribute $500 toward closing costs.

Occupy home for 15 consecutive years from purchase date.

Down Payment Assistance Program

West Jordan

The City of West Jordan provides up to $5,000 in down payment assistance to home buyers purchasing a home within the West Jordan city limits. The down payment loan is forgiven at 20% per year and fully forgiven after 5 years.

Qualifications:

80% or less AMI (see Area Median Income Levels). Includes income of all persons in home over age of 16.

Debt to income ratio cannot exceed 45%.

Monthly mortgage payment cannot exceed 35% of gross monthly income.

Have not owned home within past year.

Requirements:

Complete homebuyer class.

Occupy home for at least 5 years.

Contribute minimum of $2,000 or 1/2 of the down payment, which the City matches.

Have home under contract prior to applying.