Home Buying Assistance Program – HomeChoice
The HomeChoice program offers single-family mortgage options designed to meet the mortgage underwriting needs of people with disabilities or those who have a family member with a disability. HomeChoice is a 2nd mortgage, not a down payment assistance program. The low interest rate helps lower the overall monthly payment to make it more affordable.
Program Features:
- 2nd mortgage to reduce overall housing payment
- Provides up to $70,000 per household
- 1% interest rate on the HomeChoice funds
- 30 year fixed-rate term
- No prepayment penalty
- Funds may be used for purchase of existing homes in the State of Utah
- Funding provided by the Olene Walker Housing Loan Fund through the State of Utah
Eligibility Requirements:
- Any individual with a disability (or who has a household member with a disability) as defined by the Americans with Disabilities Act of 1990 or by the Fair Housing Amendment Act of 1988
- The combined household income must meet the current HUD income guildelines
- The borrower(s) must qualify for a primary mortgage
- The borrower(s) must have a FICO credit score of 640 or above
- The borrower(s) must not have a debt-to-income ratio that exceeds 45%
- The borrower(s) must contribute a minimum of $500 towards the purchase of the home
To get started:
Check to see if your income meets HUD requirements
Download and complete the application
For more information contact Suzanne at 435-799-8116 or sjacob@nnhc.org
