The Utah based Chenoa fund homebuyer program offers a forgivable soft second grant option. The Chenoa Fund forgivable soft second grant program also allows for 3.5% or 5% of the purchase price to be used towards your down payment on an FHA first mortgage loan. The forgivable soft second will be treated and recorded as a second mortgage with no interest or monthly payments. If you keep your home and make on time payments for a minimum of three years the Soft Second will be forgiven.
Qualification & Highlights:*
- Purchase loans only
- Must qualify for an FHA loan
- 3.5% of purchase price available for down payment
- May be used anywhere in Utah
- Must follow maximum income limits
- Owner occupied only
- 1-2 Unit property (additional restrictions apply)
- Min Fico Score 600
County | Max Income |
---|---|
Beaver County | $74,500 |
Box Elder County | $77,100 |
Cache County | $76,900 |
Carbon County | $70,600 |
Daggett | $108,300 |
Davis | $100,500 |
Duchesne | $78,300 |
Emery | $77,900 |
Garfield | $77,300 |
Grand | $70,600 |
Iron | $71,000 |
Juab | $96,000 |
Kane | $78,100 |
Millard | $75,700 |
Morgan | $100,500 |
Piute | $64,500 |
Rich | $69,000 |
SLC | $102,400 |
San Juan | $58,600 |
Sanpete | $68,800 |
Sevier | $68,000 |
Summit | $134,700 |
Tooele | $96,900 |
Uintah | $81,800 |
Utah | $96,000 |
Wasatch | $108,200 |
Washington | $83,900 |
Wayne | $65,000 |
Weber | $100,500 |