Down Payment & Closing Cost Help (Second Mortgage)

Up to 6% of the Loan amount can be borrowed for the required down payment and closing costs. The borrowed amount is a second mortgage.

Borrower me be:

• A First Time Homebuyer
• A Single Parent (has at least one dependent child with 50% or more custody, no other adult residing in home) or
• A Veteran

First Mortgage must be either an approved FHA or VA loan:

• Required FHA down payment is a minimum of 3½% of the sales price.
• VA does not require a down payment.

 

Second Mortgage

is a 30-year fixed rate mortgage with an interest rate 2% above the first mortgage rate.

Income Limits - All Types of Loans
	Non-Targeted		Targeted
Household Size	1 & 2	3 +	1 & 2	3 +
Davis Morgan Weber	$ 68,500	$ 78,500	$ 82,000	$ 95,500
Wasatch	$ 65,500	$ 75,000	N/A	N/A
Salt Lake Summit	$ 67,500	$ 77,500	$ 81,000	$ 94,500
Tooele	$ 64,500	$ 74,000	N/A	N/A
All Other Counties	$ 64,000	$ 73,500	$ 77,000	$ 89,500

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