The Chenoa Fund is a down payment assistance program that helps eligible borrowers overcome the upfront cost barrier to homeownership. The program is offered by the CBC Mortgage Agency, which is a federally-chartered housing finance agency. The Chenoa Fund offers a variety of programs that can be used in conjunction with an FHA loan, including:
Chenoa Fund Edge Program: This program offers a second mortgage at 0% interest rate and no monthly payments. The second mortgage covers the borrower's down payment and closing costs.
Chenoa Fund Rate Advantage Program: This program offers a second mortgage at 1% interest rate and no monthly payments. The second mortgage covers the borrower's down payment and closing costs.
Chenoa Fund DPA Edge Soft Second Program: This program offers a forgivable second mortgage with no interest rate or monthly payments. The second mortgage covers the borrower's down payment and closing costs, and the loan is forgiven after three years of on-time payments.
The Chenoa Fund down payment assistance programs are available to borrowers who meet certain income and credit requirements, and who are purchasing a home that will be their primary residence. The program is designed to help borrowers who may not have enough savings for a down payment, but who have a steady income and are able to make monthly mortgage payments.
It's important to note that the Chenoa Fund is a separate entity from the Federal Housing Administration (FHA) and does not provide FHA loans. However, the Chenoa Fund's down payment assistance programs can be used in conjunction with an FHA loan.
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