CBC Mortgage Agency offers down payment assistance in Louisiana to help low-to-moderate income individuals and families make homeownership a reality. Down payment assistance programs offered by CBC Mortgage Agency are designed for but are not limited to first-time homebuyers in Louisiana and are geared to help meet the down payment requirements needed to complete a home purchase for an FHA loan.
Louisiana Down Payment Assistance
Homebuyers in Louisiana looking for down payment assistance may apply for Chenoa Fund down payment assistance through an approved lender. CBC Mortgage Agency offers down payment assistance in the form of secondary financing of up to 5% of the home sale price or appraised value, whichever is lower. That amount may be either forgivable or repayable.
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Do Not Have to Be a First-Time Homebuyer
While many borrowers who use the Chenoa Fund down payment assistance program are first-time homebuyers, it is not apart of the eligibility criteria in order to apply to use the program. Down payment assistance can significantly reduce the upfront costs of buying a home, making purchasing a home a reality for those who otherwise wouldn’t have the funds necessary for a traditional 20% down payment.
The Down Payment Assistance Program Remains Funded All Year Long.
The Chenoa Fund down payment assistance program is not a bond program. This means that CBC Mortgage Agency isn’t at risk of running out of funds for its down payment assistance.
