All policy changes and updates are referenced below to the appropriate section of the CLG. These policy changes are effective 07/07/2022 unless otherwise noted.
To review the program guidelines changes made May 25, 2022, or earlier, please follow this link to the archived Correspondent Lending Guides.
This announcement, and previous announcements, are also available on the Announcements page of our website.
These updates apply to everyone using the Chenoa Fund™ program—correspondents and TPO.
As of July 1st, the Chenoa Fund™ program stopped offering the DPA Edge and Rate Advantage products. Chenoa Fund™ down payment assistance is still offered through the Chenoa Fund™ DPA for FHA Loans product, which has both repayable and forgivable product offerings and was released in May. DPA Edge and Rate Advantage products locked prior to July 1st will still be able to take advantage of those products.
Please reach out to your account executive if you want training on the Chenoa Fund™ DPA for FHA Loans product.
Reference to Chenoa Fund™ DPA for FNMA conventional loans has been removed from the Correspondent Lender Guide and Product Matrix.
Section 6.2.5 (Ineligible Properties and Features), a section referring to manufactured homes, had “flood zones” added as an ineligible feature.
Section 7.8.1 (Seller Credits and the Buckley-Sandler Memo) had the paragraph beginning with “As an HFA…” removed.
Section 7.22.2 (Condominiums) had the “100% replacement cost” for H06 policies removed. (Note: the H06 policy requirement is not being removed, just the 100% replacement cost requirement.)