The Chenoa fund is administered by the CBC mortgage agency.
It is designed to facilitate home-ownership by providing down payment assistance to qualified buyers. The assistance can be used for FHA and conventional loans as well.
FHA Loans
Chenoa Fund DPA Edge: Soft Second product: The borrowers need to have a score of 620 at least. The assistance is provided as a 0% interest rate second mortgage and forgiven once 36 consecutive on-time payments have been made on the first mortgage.
Chenoa Fund Edge Repayable Second product: Minimum score is 620. Borrower can chose from a 10 years repayable loan at a rate of 0%, or a 30 years repayable loan at a rate of 5%.
Chenoa Fund Rate Advantage program: a minimum score of 640 is required and a debt to income ratio of 50% or less. Borrowers are able to lock their rate at competitive market rates.
CONVENTIONAL LOANS
The chenoa fund provides down payment assistance to qualified buyer under the fannie mae home ready program.
The fund provide 3% down payment assistance to qualified buyer. The minimum score to qualify is 640.
