Chenoa Fund is an affordable housing program administered by CBC Mortgage Agency (CBCMA), a federally chartered governmental entity. CBCMA specializes in providing down payment assistance financing for borrowers receiving a FHA 1st mortgage.
CBCMA has a mission to increase affordable and sustainable homeownership specifically for creditworthy, low- to moderate-income individuals. CBCMA partners with reputable mortgage lenders on a correspondent basis to provide down payment funds for qualified homebuyers in the form of second mortgages. All assistance is provided in compliance with FHA guidelines.
How do you qualify for the Chenoa Fund DPA Edge: Soft Second product?
In order to qualify for the Chenoa Fund DPA Edge: Soft Second product, you must meet program criteria, including the following:
- Minimum credit score of 620
- Qualifying income is equal to or less than 115% of the area median income (AMI) for the county in which you will live in (note: If you make more than 115% median income, ask about the Chenoa Fund DPA Edge: Repayable Second program.)
With this program, you receive a 30-year term, 0% rate, no payment second mortgage. A lien is placed on the property for the amount of the assistance. The loan is forgiven when you make 36 consecutive on-time payments on the FHA first mortgage.
Is FHA Chenoa Edge right for you?
Find out if you qualify by contacting one of our loan officers: