The Dream Of Home Ownership Meets
The Financial Tools To Get It Done...

Home ownership isn’t for everyone — but housing is. While we have minimum credit scores that may put some borrowers out of the reach of our direct assistance, we believe that through assisting credit-worthy families to overcome the down payment assistance barrier, we can reduce the competition for “shelter” housing, which in turn helps to reduce its cost and increase its availability for those we cannot assist directly.

Straightforward FHA Underwriting.

  • Minimum 620 credit score
  • No First Time Home buyer restrictions
  • No Income or Geographic restrictions
  • No Equity share or Recapture provisions

3.5% Down Payment provided by Chenoa Fund.

  • 115% or less of area median income = Down Payment assistance can be forgivable
  • 115%+ of area median income = Down Payment assistance paid back through a monthly payment

Helping Under-served Markets.

  • Millennial
  • Minorities
  • Lower Income

100% Home Financing
100% Responsible

Affordable Housing For Credit Worthy Families

Chenoa Fund

Chenoa Fund is an affordable housing program provided through CBC Mortgage Agency (CBCMA), a uniquely created and organized government institution. CBCMA specializes in providing down payment assistance solutions in conjunction with FHA loans, with a focus on providing funding for affordable housing opportunities in communities nationwide.

CBC Mortgage Agency (CBCMA)

CBCMA is a federally chartered, public-purpose government lender. CBCMA created Chenoa Fund to help lenders to assist their borrowers to obtain the 3.5% minimum required investment on an FHA loan. CBCMA partners with quality, delegated mortgage companies in providing a simple and profitable program, in an effort to increase affordable and sustainable home-ownership opportunities for credit worthy individuals. For more information, call 866-563-3507.

CBCMA partners with quality mortgage lenders on a correspondent basis to provide down payment assistance for qualified home buyers in the form of second mortgages and gifts. All assistance is provided in compliance with FHA guidelines.

Our affordable housing programs help meet the needs of an under-served population. Because of the restrictions put on lending in recent years, there is a significant need for home financing for those who have good credit and a responsible debt burden, but who have been unable to put aside sufficient funds to provide a down payment. There is also a significant number of borrowers who would rather save the nest-egg they have carefully put aside for a rainy day rather than use it for a down payment.

Financial Tools for Credit-Worthy Families

We believe that everyone in America should have access to affordable housing, and our mission is to make that happen by providing credit-worthy families the financial tools to purchase a home. We believe that by assisting responsible home buyers to overcome the challenge of the minimum investment required for a mortgage, we are helping to create healthy communities by improving the balance between home ownership and other types of housing.

Through the Chenoa Fund, borrowers that meet our income, credit score and DTI requirements (see our Program Guidelines), and who can otherwise qualify for an FHA loan, can receive a first mortgage and a second mortgage or grant to cover their 3.5% minimum investment requirement.

Get Started

Chenoa Fund Loan Process Details

Chenoa Fund works only with approved, full eagle correspondent lenders. It does not work directly with borrowers. If you are a borrower viewing this page, please contact your local mortgage lender for details.

    Register Your Loan

  • To register a loan with Chenoa Fund simply click HERE. Once you complete the application and upload your FNMA 3.2 file, you will be able to print of a registration/rate lock form.

  • CBCMA sends the Initial Disclosures (LE and Second Mortgage Disclosure) and originator has the Initial Disclosures signed by the borrower(s).

    Close Your Loan

  • When closing is ready, Correspondent logs on, requests CD 3 days before closing, and receives back from CBCMA the Initial/Final CD as well as the 2nd mortgage docs if applicable.

    Sell Your Loan

  • The mortgage loan is reviewed for credit and compliance. Any deficiencies will be view-able online to Correspondent, who can then clear the conditions allowing us to purchase the loan. Average turn times are 48 hours from the time of upload until conditions are issued.

Program Guidelines Summary

The objective of the Chenoa Fund is to assist as many home buyers as possible to achieve the dream of home ownership. Our guidelines are designed to allow as many credit-worthy borrowers as possible the ability to purchase a home. Below are some highlights of our guidelines, or you may also view our complete Program Guidelines.

Quick, Easy Closings...

We work hard to make sure that your closings happen on-time and with as little hassle as possible. Our staff of professionals will provide you with everything necessary to make sure your loan closes smoothly.

Originator Resources


What Is Chenoa Fund?

CBC Mortgage Agency was organized to address decreasing homeownership rates in the nation. Homeownership is the largest contributor to long term social, educational, and financial well being of households and the children raised therein. While various state and local government programs are available, the market is fragmented and only helps a portion of those deserving of assistance.

In addition, Lenders are reluctant to offer such programs to their clients given the restrictions and difficulties inherent in many of them. CBC Mortgage created the Chenoa Fund to increase homeownership opportunities to those which existing programs do not serve. We strive to innovate our product offerings to bring down the cost to consumers so they can afford their dream of homeownership.

For example, we recently released a new program by partnering with a bank in need of CRA credit, to bring overall costs lower for the consumer. In addition, we recently partnered with Hope Loan Port ( to help our new homeowners enjoy successful and sustainable homeownership through their expert counseling and assistance tools. We partner with the strongest, most reputable lenders in the nation to offer effective programs, with the intent of increasing homeownership in our nation.

Educational Resources

The Chenoa Loan Program for First Time Home Buyers



Recent Updates:

Expanding access to affordable homeownership

Innovative program offered by CBC Mortgage Agency helps qualified buyers overcome the down payment barrier and purchase a home

For immediate release
Nov. 15, 2017
Contact: Richard Ferguson

CEDAR CITY, UT – Seeking to provide more Americans with access to affordable homeownership, the CBC Mortgage Agency (CBCMA) has launched an innovative program for buyers who have the income and credit history to purchase a home but lack sufficient funds for a down payment.

Known as Rate Advantage, the program is the first of its kind in the lending industry. Complimenting other options available through CBCMA’s Chenoa Fund, it expands choices for qualified borrowers pursuing the substantial economic and social benefits of owning a home.

Rate Advantage addresses regulatory concerns raised by other down payment assistance models while enabling borrowers to enjoy significant cost savings.

“Buying a home is a cornerstone of the American Dream, and we have developed this new program to help more credit-worthy buyers make homeownership a reality for themselves and their families,” said Richard Ferguson, president of CBCMA. “Rate Advantage is an important tool to help borrowers clear the down payment barrier and achieve homeownership in a responsible, sustainable way.”

Under the program, borrowers who meet CBCMA’s credit score and debt-to-income requirements can obtain a market rate first mortgage FHA loan coupled with a repayable second mortgage for the down payment. Compared to other methods of providing down payment assistance, the Rate Advantage package results in significant monthly payment savings for borrowers.

CBCMA continues to offer an alternate avenue for qualified buyers, the DPA Edge Program. Under this approach, eligible borrowers can apply for a grant or forgivable second mortgage to cover their 3.5% minimum down payment requirement when purchasing an FHA-insured home.

“Our goal is to provide home buyers with multiple assistance options to increase the likelihood of homeownership success,” Ferguson said. “We believe that by helping responsible homebuyers meet the down payment investment required for a mortgage, we can create healthier communities by improving the balance between homeownership and other housing types. That benefits our entire economy.”

To help its borrowers sustain homeownership, CBCMA recently entered a partnership with HLP, a Baltimore-based nonprofit, to provide post-purchase outreach and financial education. Under the initiative, a HUD-approved housing counselor gives homeowners targeted financial advice to help them make mortgage payments on time.

Homeownership rates fell precipitously over the last ten years, and the decline was steepest among minority households, millennials and single-parent households. Because of recent lending restrictions, there is a need for programs like Rate Advantage – home financing tools to help buyers who have good credit and a responsible debt burden, but who have been unable to save enough for a down payment.

Along with Rate Advantage, CBCMA has launched a website ( that allows banks in need of credits under the Community Reinvestment Act to purchase second mortgage notes created under the new program. This site is intended as a portal for all holders of CRA-eligible Notes to create liquidity that will help government better serve communities most in need.

In a related action, CBCMA is inviting members of the National Council of State Housing Agencies to post Notes for sale on its website. The strategy is designed to enhance the new market of CRA-backed down payment assistance while fortifying state housing programs.

Founded in 2013, CBC Mortgage Agency is a nationally chartered Housing Finance Agency. It is a subsidiary of the Cedar Band Corp., a federally chartered tribal corporation founded by the Utah-based Cedar Band of Paiutes. More information can be found at