Your Snapshot
Hi Jordan — You're targeting Sugar House with a $500K–$600K budget, and your credit score puts you in a strong position. Stacking an FHA loan with Chenoa Fund down payment assistance covers a big chunk of your cash-to-close, leaving a manageable gap to save toward.
$18,500
Max DPA available
3
Programs matched
~18 mo
Estimated timeline
Moderate
Neighborhood risk
Sugar House
Salt Lake County
Good fit
Based on your stated preferences
Risk of having an issue
Seismic RiskMed
Radon RiskHigh
Flood RiskLow
Landslide RiskLow
Sugar House blends walkability with established character, though older homes here are worth a closer look at radon levels and foundation condition.
These are estimates based on the information you provided, not guarantees — confirm eligibility with a lender.
These programs can be stacked. Used together, they could significantly reduce or eliminate your down payment.
Mortgage Programs
FHA Loan
Federal
Varies by lender
Low down payment option for your credit profile
Why you qualify: Your 700+ credit score exceeds the 620 minimum required by UHC for FHA loans, qualifying you for the 3.5% down option.
Stackable with: Chenoa Fund
Down Payment Assistance (DPA) & Grant Programs
Chenoa Fund
Federal
$18,500
Covers most of your down payment gap
Why you qualify: Your income and credit profile qualify you for Chenoa Fund down payment assistance when paired with an FHA loan.
Stackable with: FHA Loan
Education
HUD-Approved Homebuyer Education Certificate
Federal
Required to unlock most DPA programs
Why you qualify: Completing this course is required to access Chenoa Fund and most other down payment assistance programs.
Cost Summary
Purchase price
$
Down payment %5%
PMI applies below 20% down. Private Mortgage Insurance is required on conventional loans with less than 20% down — typically $100–$300/month added to your payment until you reach 20% equity. FHA loans carry their own mortgage insurance regardless of down payment.
Minimum varies by loan type — FHA requires 3.5%, conventional typically 5–20%, VA and USDA may require 0%.
| Target price (midpoint) | $550,000 |
| Down payment | $27,500 |
| Estimated closing costs % | $14,300 |
| Cash needed without DPA | $41,800 |
| Total down payment assistance (DPA) available | −$18,500 |
| Cash needed with DPA stacked | $23,300 |
Closing costs are estimated at 2.6% of your home's purchase price — a typical range for Utah buyers. This covers lender fees, title insurance, escrow, and recording costs. Your actual costs may vary depending on your lender and the specifics of your transaction. Adjust the percentage above if you have a quote from your lender.
Savings Calculator
Already saved
$52,500estimated midpoint of your range
Hidden & Unexpected Costs
| Cost Item | Est. Range | Notes |
|---|---|---|
| Home inspection | $350–$600 | Standard inspection covers structure, HVAC, plumbing, and electrical. Specialized inspections (radon, sewer) cost extra. |
| HOA setup fees | $100–$600 | Covers transfer fees and initial reserves. Ask the seller for HOA documents before closing. |
| Moving costs | $500–$2,500 | Varies by distance and volume. Get 3 quotes and book 4–6 weeks in advance. |
| Immediate repairs & updates | $1,000–$5,000 | Budget for cosmetic fixes, new locks, and any items flagged in the inspection report. |
| Utility deposits & setup | $200–$800 | New utility accounts often require deposits, especially if your credit history is thin. |
| Radon mitigation system | $800–$2,500 | Your target neighborhood has elevated radon risk. Testing ($150) and mitigation are strongly recommended before move-in. |
Estimated monthly payment
Total monthly
—
Home price
$550,000
Down payment
—
Loan amount
—
Purchase price
$
Down payment
= —
HOA fees
$/mo
Loan term
Interest rate
%
FRED rates: 6.88% (30-yr) · 6.13% (15-yr) · Updated weekly. Enter a custom rate above to override.
Annual gross income
$
Used only for DTI estimate — not shared
Monthly debt payments
$
Includes student loans, car payments, credit cards, etc. — used only for DTI estimate.
Principal & interest—
Property taxest.—
Home insurance (est.)—
FHA MIP—
HOA fees—
Total—
This payment estimate reflects current market conditions and the information you provided. Your actual payment will depend on your lender, final interest rate, and loan terms at the time of closing.
DPA (down payment assistance) reduces your cash to close — not necessarily your monthly payment. If your matched programs include a grant (not a loan), your actual loan amount and monthly payment may be lower than shown. Ask your lender to confirm which programs are forgivable grants vs. second liens.
Term comparison
30-year fixed
6.88% current rate
Monthly payment
—
Total interest
—
Total paid
—
15-year fixed
6.13% current rate
Monthly payment
—
Total interest
—
Total paid
—
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1Establish your credit baseline
2Learn the assistance landscape
3Build savings momentum
4Build your knowledge base
Phase 1 — Establish your credit baseline
Good to know: Pulling your credit report has zero impact on your score. It's a free look at where you stand and what to work on over the next 12–24 months.
✓
Interview 2–3 real estate agents and choose one
A good agent does more than show homes. They can also help you find the right lender and structure your offer well. Talk to 2–3 before committing, and ask how they'd approach your specific situation.
Phase 1
✓
Pull all three credit reports
Equifax, Experian, and TransUnion each report separately. Get all three free at AnnualCreditReport.com.
Phase 1
✓
Dispute any errors
Even small errors can cost you points. File disputes online directly with each bureau. Resolution typically takes 30 days.
Phase 1
✓
Calculate your debt-to-income ratio
Add up your monthly debt payments and divide by gross income. Lenders want this under 43% for most loan programs.
Phase 1
Phase 2 — Learn the assistance landscape
Good to know: FHA Loan is available for buyers in the $500K–$600K range, but program funding can shift year to year. Bookmark your Programs tab and check back periodically.
✓
Review your matched programs
Understanding the programs now helps you plan your finances to meet their income and credit requirements when the time comes.
Phase 2
✓
Take a homebuyer education course
Complete one at your own pace. The certificate is valid for 1–2 years and will be required for most DPA programs.
Phase 2
✓
Study neighborhood risk data
Spend time in your Neighborhoods tab. Understanding hazard risks now gives you a clearer picture of true long-term cost.
Phase 2
✓
Apply for FHA Loan
Low down payment option for your credit profile Contact the administering body to begin your application.
Phase 2
Phase 3 — Build savings momentum
Good to know: For a $500K–$600K home with DPA stacked, your actual cash-to-close may be significantly lower than the sticker price suggests. Check your Financial tab for the real number.
✓
Open a dedicated savings account
A high-yield savings account keeps your down payment separate and earns more interest. Look for 4–5% APY options.
Phase 3
✓
Calculate your monthly savings target
Use the Savings Calculator in your Financial tab. Input your timeline to see how much per month hits your goal.
Phase 3
✓
Pay down revolving debt
Getting credit card utilization below 30% can meaningfully improve your score over 6–12 months.
Phase 3
Phase 4 — Build your knowledge base
Good to know: Watching price trends in Sugar House over the next year gives you real data. Set up saved searches now so you're not guessing when you're ready to move.
✓
Research loan types
Understand the tradeoffs between FHA, conventional, USDA, and VA loans. Your credit and down payment will narrow the field when you're closer.
Phase 4
✓
Follow the Wasatch Front market
Set up alerts for your target neighborhoods. Watching price and inventory trends for 12+ months gives you an edge when you're ready to move.
Phase 4
✓
Revisit this dashboard quarterly
Program funding changes seasonally. Check back to see if new programs have opened or if your profile now qualifies for more.
Phase 4