Down Payment & Closing Costs
Forgiveable Second Mortgage
Chenoa fund
https://chenoafund.org/homebuyer/providing-down-payment-assistance-on-fha-and-conventional-loans/
866.563.3507
With this program, you receive a 30-year term, 0% interest rate, no monthly payment second mortgage. You will need to meet the minimum credit score of 620 and have a qualifying income equal or less than 115% of the median income for the county in which you will live. The loan is forgivable under conditions dependent on the down payment assistance amount:3.5%: Forgivable after 36 consecutive, on-time payments on the FHA first mortgage. This forgiveness period resets if you have a late payment.5%: Forgivable after the initial 120 consecutive, on-time payments on the FHA first mortgage. This forgiveness period is terminated if you have a payment that is 60+ days late, but the loan will remain with a 30-year term, 0% interest rate, and no monthly payment.
Meet the minimum credit score of 620 and have a qualifying income equal or less than 115% of the median income for the county in which the you will live.
CBC Mortgage Agency
NMLS: 1186381 912 W. Baxter Drive, Suite 150 South Jordan, Utah 84095
8665633507