Home Grants

Veritas Home Possible Advantage Program

 

Home Possible

 

  • Combines Freddie Mac Home Possible Advantage 97% with a Gift from Lender equivalent to 2% of the home’s value towards down payment.
  • Down Payment Contribution as low as 1% of the home value, as determined by the lower of the sales price or appraiser value.
  • Down payment requirement will be more than 1% if purchase price exceeds appraised value.

 

 

Read More Information At: http://www.freddiemac.com/learn/pdfs/mp/hp_glance.pdf

Utah County Loan to Own

 This program is offered through the Utah County Consortium of Cities and admistered through Provo City. They currently offer $5,000 to $10,000 for first time homebuyers. The money can be used for a down payment and/or closing costs. Qualifications:

  • Home must be a single family home, one half of a twin home, condominium or town home
  • Maximum Household income qualification (See Chart Below)
  • The grant will be in the form of a zero interest, zero payment forgivable loan
  • $1,000 of homebuyers money must be put into the transaction
  • No renters can be displaced by the sale of the home
  • Applicants must not have had any real estate owned in the last three years
  • 650 Credit score required with no unsatisfied judgments or collections
  • Repayment Notes: As long as you occupy the property there is no payment, however if the property ceases to be owner occupied or the property is sold the entire grant/loan loan will become due and payable.

Read More Information At: http://housinguc.org/contact/loan-to-own/

Salt Lake Loan to Own

Salt Lake County Loan to Own

  • First Time Home Buyer restrictions, no property ownership within 3 years from date of application.
  • Must be Primary Occupancy, no portion of home to be rented, leased or sublet
  • Income Restrictions, based on total household income received with consideration for non-borrowing application over 18 years of age.
  • Property must be considered suitable in size and function for person(s) purchasing; 4 people or less for consideration of 2 bedroom homes.
  • No Bankruptcy within 2 years (24 months) from application date.
  • Required Home Buyer Educations Course, Credit Counseling and subject to Home Maintenance visits.
  • Minimum borrower contribution of $500 established to be used towards Closing Costs.
  • Home Buyers are pre-screened from a pool of eligible applications to determine priority of waiting list.
  • Applications will be recommended for available properties based on income and family size.
  • SLC Corporation’s Division of Housing and Neighborhood Development obtains all properties to be rehabilitated, some new homes may be available.
  • All properties located within Salt Lake City limits (including: Glendale, Rose Park and Downtown Area).
  • Conditional Title to property issued, to receive clear title the home buyer must occupy the home for 15 consecutive years following the original date of occupancy.
    Those home buyers who move within 15 years will receive one fifteenth of the home home’s equity for each year the home was consecutively occupied.
  • Application Fee $25, program and fees can change or close without notice.

Utah Housing Corporation

First Home

  • Minimum Credit Score requirement of 660.
  • Down Payment requirement of 3.5%; second mortgage covers down payment and up to 2.5% towards Closing Costs.
  • Must be First Time Home Buyer, exceptions for Veterans and Single Parents.
  • No required Borrower contribution towards down payment or closing costs.
  • Income Restrictions, based on total household income received with consideration for non-borrowing application over 18 years of age.
  • Must be Primary Occupancy, no portion of home to be rented, leased or sublet.

Score Loan

  • Lower minimum credit score requirements: between 620-659.
  • Down Payment requirement of 3.5%; second mortgage covers down payment and up to 0.5% towards Closing Costs.
  • Income Restrictions, based on total household income received with consideration for non-borrowing application over 18 years of age.
  • Must be Primary Occupancy, no portion of home to be rented, leased or sublet.

HomeAgain

  • Minimum Credit Score requirement of 660.
  • Down Payment requirement of 3.5%; second mortgage covers down payment and up to 2.5% towards Closing Costs.
  • No required Borrower contribution towards down payment or closing costs.
  • Income Restrictions, based on total household income received with consideration for non-borrowing application over 18 years of age.
  • Must be Primary Occupancy, no portion of home to be rented, leased or sublet

No Mortgage Insurance

  • Minimum Credit Score requirement of 700.
  • Down Payment requirement of 3.0%; second mortgage covers down payment and up to 2.0% towards Closing Costs.
  • No required Borrower contribution towards down payment or closing costs.
  • Income Restrictions, based on borrower(s) for application only.
  • Must be Primary Occupancy, no portion of home to be rented, leased or sublet

USDA

USDA

  • No down payment requirements
  • Minimum Credit Score requirement of 640.
  • Income and Geographical Eligibility Required.
  • Reduced mortgage insurance requirements.

Read More Information At: https://www.rd.usda.gov/programs-services/all-programs

FHA

FHA

  • Down Payment requirement of 3.5%
  • Minimum Credit Score requirement of 620.
  • Gift Down Payments permissible.
  • Subject to County Loan Amount Limits (as determined by FHA).

Read More Information At: http://www.benefits.va.gov/homeloans/

Chenoa

Chenoa Guidelines:

  • Administered by the CBC Mortgage Agency (CBCMA), Housing and Finance Authority of the Cedar Band of Paiutes; a HUD approved Title II Government Lender, NMLS #1186381.
  • Offers a Down Payment Assistance of 3.5% of the adjusted property value (as defined by FHA) in the forms of either:
    • Forgivable Soft Secondary Financing (for borrowers with qualifying income < 115% of median area income); or,
    • Fully-Amortizing Repayable Second Mortgage with terms of 10 or 20 years (for borrowers with qualifying income >115% of median area income).
    • Note: Grant Option Chenoa offers not available at this time.
  • First mortgage is an FHA Loan that is priced by and sold to CBC Mortgage Agency.
  • Loans are underwritten and funded by Veritas Funding, no manual underwriting permitted.
  • No First-Time Home Buyer Educational course requirements.
  • No Deed Restrictions or Age-Related Restrictions.
  • Minimum Credit Score requirement of 620, must qualify for FHA financing.
  • Non-Occupant CoBorrower’s permitted.
  • Maximum Down Payment assistance $10,000

 

Read More Information At: http://chenoafund.org/

VA

VA

  • Must be eligible Veteran of US Armed Forces, Reserves or Guard.
  • No down payment requirements, 100% financing, with Funding Fee waiver for disabled Veterans.
  • No mortgage insurance, subject to 2.15% Funding Fee for First Time use, subsequent use determined on application.
  • No minimum credit score or income requirements.
  • Subject to County Loan Amount Limits (as determined by VA).
  • Maximum Loan Amount $424,100.

 

Discover Home Grants for Your Orem, Utah Family!

Veritas understands the importance of a home. Not only is it used for shelter, but it is a place to build memories with you and your family. We are happy to help those who need help with financing their homes by offering grants. To apply for a grant, here are some qualifications you must meet:

Veritas Funding can help you get a home grant that works for youIncome Restrictions: Income levels are based on the local area’s median household income.  The more people that are living in the household (including children), then the higher the limit goes.

Credit score minimum: Receiving grants require a FICO scores to be over a specific number, sometimes 645.

Debt to Income Levels: Grants require your debt-to-income level should be less than 45%. This includes your monthly debt obligations divided by your gross monthly income.

Not only are we providing grants, but we are happy to guide clients through the entire process of the following types.

  • $0 Down Purchase Programs: This includes Utah Housing, USDA, and VA Grants. Please contact us for more information on these wonderful programs

table of income restirictions for down payment grants based on persons in household

For A Faster And More Accurate Quote Call Us at: (385) 985-3000

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