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.
What does the Chenoa Fund Rate Advantage Program offer?
With Chenoa Fund’s rate Advantage program, the borrower may receive either 3.5% or 5% down payment assistance on an FHA loan. This assistance may be applied to the down payment, closing costs, prepaid items, or any combination of the three.
How does the borrower qualify for the Chenoa Fund Rate Advantage program?
In order to qualify for the Chenoa Fund Repayable Second DPA (down payment assistance) program, you must meet program criteria, including the following:
- Minimum credit score of 640
- Qualifying income is equal or less than 135% of the area median income for the county in which you will live
- Debt to income ratio cannot exceed 50%
With this program, you will be able to lock their first mortgage at market comparable rate.
Is FHA Chenoa Rate Advantage right for you?
Find out if you qualify by contacting one of our loan officers: