Three programs available from Grant/Gift, Forgivable Second or Repayable Second.The repayable second has no income restrictions. There is an alternative calculation method allowed within the UW comments on the 1008. Borrowers must meet a minimum FICO score of 620, have a debt-to-income ratio of 50% or less, and have a qualifying income equal to or less than 115% of the median income for the county in which they will live. All borrowers must have a minimum FICO score of 640. If income exceeds 115% of the Area Median Income you will have repayment terms. •100% of area median income (AMI) for all other properties. Note: This is a third-party site. CHENOA DPA Orion Lending – Chenoa DPA – 11.12.2020-CV 7 0B Section 2 – Chenoa Fund Agency Product Matrix – Continued Program Notes CONVENTIONAL – SUSPENDED** FHA HomeReady® Conventional 97% Rate Advantage Chenoa Fund DPA Soft Second Repayable Second 2.20 Concurrent Homeownership Allowed per AUS Chenoa Fund Edge Program. Yes the Chenoa Fund DPA is available in NC. 30-year Fixed Rate Mortgage. The Repayable 2nd Loan offers the same 3.5% assistance towards your down payment if your household income is ABOVE the 115% of the median income for the county. You will need to meet the minimum credit score of 620. 7. 100% of area median income (AMI) in all other census tracts. There are two versions of this program, the Edge and Advantage. 5. Also for a lot of clients who are above the income limits, but still have a tough time coming up with the down payment, now they have an option at 0% or 5% interest rate. *Neither the Chenoa Fund, CBCMA nor any of their products are approved by or affliated with Fannie Mae®. This program can be used in all Florida, Georgia and Alabama Counties. 7. It is the correspondent’s responsibility in these instances, if desired, to track income limits and request a switch between programs. So this is kind of like borrowing from a family member.”. Chenoa Fund is an affordable housing program provided through CBC Mortgage Agency (CBCMA), a uniquely created and organized government institution. Borrowers will need to meet the minimum FICO score of 620 and have a qualifying income less than or equal to 115% of the median income for … Select the most recent fiscal year. 30-year Fixed Rate Mortgage. Navigation. Chenoa Fund is provided through CBC Mortgage Agency (CBCMA), a federally chartered government agency. They offer a GIFT  that does not have to be repayed for up-to 3.5% towards your down payment if your household income is below 115% of the median income for the county. Chenoa Fund Income Limit. Chenoa Fund Rate Advantage Program: This alternative allows borrowers to lock in their first mortgage at a market comparable rate. Save $8,225 for Kids Future or Buy a Home? 100% of area median income (AMI) in all other census tracts. Purchase Only. Income limitations are based on Area Median Income and type of down payment assistance. Thankfully, there are no income limits to qualify for Chenoa Fund assistance on a conventional loan. CBCMA’s mission is to increase affordable and sustainable homeownership, specifically for creditworthy, low and moderate-income individuals. an offer to lend money nor a solicitation of a mortgage Chenoa Fund by CBC Mortgage Agency: General Overview • The Chenoa Fund offers three different programs with 1-2 products each. No minimum borrower funds required Chenoa Fund Rate Advantage program. Mortgage for the purchase of an Owner occupied, Maximum Purchase Limit $453,100 or County Limits. The following provides methods accepted by CBC Mortgage Agency for calculating Area Median Income. Choose from FirstHome, HomeAgain, Score & NoMI.. 6. Founder of the Down Payment Options System CBCMA specializes in providing down payment assistance solutions in conjunction with FHA loans, with a focus on providing funding for affordable housing opportunities in … 4. He said…, “​The Chenoa program is better for 2 other reasons. The Chenoa Fund program also offers down payment assistance for FNMA conventional loans at 3.5% of the purchase price. Co-Creator of the Down Payment SMART Automated Assistants. Chenoa Fund by CBC Mortgage Agency: ... No income limits in low-income census tracts. The 3.5% down payment assistance is a silent or fully amortized second mortgage that is combined with … The site and the information contained therein is not a solicitation to lend money to consumers. In order to qualify for this program, the borrower guidelines are as follows: Go to the Chenoa Fund Program Guidelines for details. The CBC Chenoa Fund Down Payment Assistance Program is an affordable housing loan program that provides a 30-year fixed-rate FHA mortgage in conjunction with a 3.5% second mortgage. program is a … What makes this option also GREAT is that if you make 36 consistent payment On-Time, then the lender forgives your loan altogether. The Forgivable 2nd Loan  also offers the 3.5% assistance towards your down payment if your household income is below OR equal to the 115% of the median income for the county. in. Chenoa Fund Rate Advantage Program:This alternative allows borrowers to lock in their first mortgage at a market comparable rate. CBCMA State Restrictions still apply, even if you see the option here. You do not have to be a first-time home buyer. You do not need to be a first-time homebuyer but must meet minimum FICO scores of 620. Also, the debt to income is much higher, so it makes borrowers with debt easier to qualify.”, Jason Perrot, the other Chenoa Expert of Envoy Mortgage, went to add an a couple important points, ” Remember, if you are over the income limit and use the repayable option, you can choose to pay it back in 10 years instead of 30, and if you do, then the program has 0% Interest. NMLS: 1186381 All borrowers must have a minimum FICO score of 640. In addition, this program has the following: If you would like more information about this (Note there is no income limit for down payment assistance with Chenoa but will have a repayment if over median income.) This provides for quick and easy approval, with a minimum credit score of 620, (other programs are available to 580 credit). document.getElementById("HomeSearchBtnWidget").onclick = function (event) {var searchText = document.getElementById("SearchTextWidget").value;if (searchText === "" || typeof (searchText) == "undefined") {document.querySelector("#home-search-form #SearchValidationError").style.display = 'block';window.event.preventDefault();} else {document.querySelector("#home-search-form #SearchValidationError").style.display = 'none';}}; Copyright text 2018 by Down Payment Options for Home Buyers. Three programs available from Grant/Gift, Forgivable Second or Repayable Second.The repayable second has no income restrictions. Chenoa Fund Edge Program: Requirements: minimum FICO score of 620 or higher; qualifying income less than or equal to 115% of the median income for … 2DU® is a registered trademark of Fannie Mae. If you couple this with an FHA loan that ONLY requires a 3.5% down payment, then you could be getting into a home with  No Money Down. As a down payment advisor, this is an exciting program because it provides potential buyers more options and opportunities. With this program, there are no income limitations. Go to the Chenoa Fund Program Guidelines for details. Chenoa Fund works only with approved, full eagle correspondent lenders. You can check your eligibility for the Chenoa program and other Top Down Payment Assistance instantly using our automated SMART system. Real estate attorney and Realtor Bruce Ailion is a fan of this program. To qualify for the Chenoa Fund Conventional Loan Program, borrowers must meet program criteria, including: A minimum FICO of 640; No income limits in low-income census tracts, 100% of area median income (AMI) for all other properties; There are no income limits … Only offered for single-family and two-unit properties. We ask they you use the HUD Area Median Income site when working with borrowers who will be using CBCMA down-payment assistance programs and who are receiving a FHA insured first mortgage as we consider this site to be our standard. Chenoa Fund offers three second lien programs that are issued in conjunction with first mortgages that are FHA-insured or conventional loans. While this won’t affect most Chenoa Fund second mortgages, in edge cases the AMI may raise enough for a DPA Edge Repayable Second mortgage to qualify as a DPA Edge Soft Second. Oops! The Rural Housing. 5. Through the Chenoa Fund, borrowers that meet our income, credit score and DTI requirements and who can otherwise qualify for an FHA loan, can receive a first mortgage and a second mortgage to cover their 3.5% minimum investment requirement. Fax: 435.237.0022. The Chenoa Fund program is special kind of down payment assistance programs and differs from the others in three major points: The program guidelines were designed to give the opportunity to buy a home to as many credit worthy borrowers who are having a hard time coming up with the down payment. Chenoa Fund Edge Repayable Second product. ... * Search California FHA county loan limits here. The Chenoa Fund program is special kind of down payment assistance programs and differs from the others in three major points: There are No Income Limits You DO NOT Have to be a First Time Home Buyer Your Debt To Income can be Higher The program offers offers 3 different options depending on your income level. application by CBCMA. This is not There is NO origination fee for Chenoa while the CalHFA charges 1.5%. For example, using a family of 6: $40,100 x 2 = $80,200 X 115% = $92,230, Non-occupant co-borrowers are not allowed. 4. See “Programs” for details. Borrowers must meet the minimum FICO score of 620 and have a qualifying income equal to or below 115% of the median income of the county in which the borrower lives. Bond programs usually have stricter limits on debt-to-income ratios, location of the home, income requirements, and credit. I mean who doesn’t like free money right? So this is a second loan, and often times a better alternative than having to ask a family member for the money. However it may also be suitable for those under the income limits once factored in that there is no origination fee AND that the 2, The Chenoa program is better for 2 other reasons. CBCMA Does Not Originate Mortgage Loans. Income Limits Calculating Area Median Income: Primary Method Go to the HUD Area Median Income Site. For families with a size of 1-4, you’ll want to pull the number from the “Median Family Income” column. Qualifying homebuyers nationwide may be eligible for the Chenoa Fund program. 1DU® is a registered trademark of Fannie Mae. Find the appropriate income limit, and then multiply that number by two. Lenders are advised to be sure they notify their borrowers that they need to complete this pre-purchase counseling 14 to 21 days before closing. Minimum FICO Score of 620. Choose from FirstHome, HomeAgain, Score & NoMI.. • The Rate Advantage and DPA Edge Programs are issued in conjunction with FHA insured loan. There is NO origination fee for Chenoa while the CalHFA charges 1.5%. This second loan is repayable over 30 years and at ONLY 5% interest rate. CBCMA partners with quality mortgage lenders on a Correspondent basis. 2019 State of Down Payment Assistance Report, Become Approved as a Correspondent Lender, Providing Down Payment Assistance On FHA And Conventional Loans, Chenoa Fund DPA Edge Forgivable Soft Second, Forgiven after 36 consecutive on-time payments on first mortgage, Only offered for single-family and two-unit properties, Three to four-unit properties not allowed, Borrowers whose credit scores are between 620 to 639 must complete pre-purchase homebuyer counseling prior to closing. There are two options for a repayable second. Chenoa Fund Lender Login Programs; Program Guidelines 5.4.2; Program FAQs; Income Limits; Documentation Requirements CBCMA Documents and Tools; Training Material; Marketing Resources; What People Are Saying; Updates and Announcements; Blog Chenoa Fund has created this program for individuals or families that need down payment assistance but may lack the higher credit scores that other programs require. Site created by Thrive Now Media, he Chenoa Fund program is the only one for those who exceed the traditional income limits. I asked a local Chenoa program expert,  Steve at Vintage Mortgage, about who this program is IDEAL for and he says: “The Chenoa Fund program is the only one for those who exceed the traditional income limits. Then, multiply that number by 115%. Affordable Housing For Credit Worthy Families Chenoa Fund. If a borrower qualifies under a different website but does not qualify with the HUD Area Median Income site, the CBCMA Locks and Registrations team will reject the borrower underneath those program guidelines. * 3.5% down payment assistance options in the form of a 2nd loan Can be forgivable if borrower meets income requirements** To qualify for the Chenoa Fund conventional loan program, borrowers must meet program criteria, including: A minimum FICO of 640. ... Chenoa Fund … program, please contact our program development team. CBC Mortgage Agency understands that there are many Area Median Income websites that allow you to calculate the area median income for your borrowers. 6. | The Chenoa Loan Program follows FHA guidelines for qualifications. Please enter a valid location (city, zip code or school district) or community name. My advise to all my home buyer clients is to use the smart system below to check your eligibility and see if you can take advantage of this program. MinimumMin Price$100,000$125,000$150,000$175,000$200,000$225,000$250,000$275,000$300,000$325,000$350,000$375,000$400,000$425,000$450,000$475,000$500,000$550,000$600,000$650,000$700,000$750,000$800,000$850,000$900,000$950,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,700,000$1,800,000$1,900,000$2,000,000toMaximumMax Price$100,000$125,000$150,000$175,000$200,000$225,000$250,000$275,000$300,000$325,000$350,000$375,000$400,000$425,000$450,000$475,000$500,000$550,000$600,000$650,000$700,000$750,000$800,000$850,000$900,000$950,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,700,000$1,800,000$1,900,000$2,000,000, Square FeetSquare Feet500+1000+1500+2000+2500+3000+3500+4000+4500+5000+5500+6000+6500+7000+7500+8000+8500+9000+9500+10000+, Powered by  www.showingnew.com/nikkiaguirre. Utah Housing Corporation Loan allows between 4%-6% of the purchase price as down payment assistance. All borrowers must have a minimum FICO score of 640, Second lien is a 10-year fixed rate mortgage with an interest rate 2% higher than the first mortgage’s interest rate, Concurrent homeownership not allowed, and at least one borrower must be first-time homebuyer, No income limits in low-income census tracts, 100% of area median income (AMI) in all other census tracts, Requires borrower to take homebuyer education class, Calculating Area Median Income: Primary Method. First, locate the appropriate family size underneath the “Persons in Family” column, in the “Very Low (50%) Income Limits” row. You determine the AMI by multiplying the Median Family Income by 115%. The Department of Housing and Urban Development (HUD) sets income limits that determine eligibility for assisted housing programs including the Public Housing, Section 8 project-based, Section 8 Housing Choice Voucher, Section 202 housing for the elderly, and Section 811 housing for persons with disabilities programs. Select the county. Founder of the Down Payment Referral Network This site is for information purposes and is used by licensed industry professionals. No debt-to-income restrictions Chenoa may be combined with FHA financing and must all FHA requirements PROGRAM HIGHLIGHTS Chenoa Fund is a program of CBC Mortgage Agency, an FHA Approved Government Lender - NMLS# 1175025. You can choose a 10-year repayable second at 0% interest rate or a 30-year repayable second at 5% interest rate. This is for families sized greater than 4 (5 and up), use this method. One of the best things about the Chenoa Loan Program is there is no income limits. Three to four-unit properties not allowed. Purchase Only. It is the originating lender’s ... Income Limits qualifying income •No income limits in low-income census tracts. With this program, the borrower receives a 30-year term, 0% rate, no payment, second mortgage. The Edge Program has income limits and has a soft 2nd, but the Advantage Program doesn't have income limits, but the 2nd needs to be paid back. The program considers a 620 Credit score as being “Credit Worthy”. In the past, I had to deliver the bad news to clients because they were not eligible for the traditional down payment programs. program is a … Select the state. However it may also be suitable for those under the income limits once factored in that there is no origination fee AND that the 2nd is forgivable after 3 years of on time payments”, We asked Steve on how this is different than the CalHFA program? Borrowers must meet a minimum FICO score of 620, have a debt-to-income ratio of 50% or less, and have a qualifying income equal to or less than 115% of the median income for the county in which they will live. No income limits in low-income census tracts, 100% of area median income (AMI) for all other properties. ... No income limits in low-income census tracts. It's a great program and I use it often. To receive a grant or second mortgage, you must qualify for an FHA First mortgage loan through Citywide Home Loans. Income limits provide an overview of the qualifying income for each program offered by the Chenoa Fund. If the buyer can get the gift or forgivable loan, then offers them the opportunity to buy a lower payment that if they had to borrow the money from a traditional lender.