On September 15th, 2020, CBC Mortgage Agency announced an expansion to Chenoa Fund’s Rate Advantage program: 5% down payment assistance! In a similar vein, we’re excited to announce Chenoa Fund’s next major expansion—5% down payment assistance for the DPA Edge Soft Second Program (our forgivable DPA product). This product will be available beginning March 1st, 2021.
5% down payment assistance for a forgivable loan? Offered identically nationwide, in every state and county except for New York? Yes, and the minimum requirements to qualify are exactly the same as the base Soft Second program: 620 or higher credit score, income limit of 115% AMI, and DTI of 45% or lower (with higher DTI ratios allowed for higher FICO scores). For a complete list of product requirements, please visit our Product Matrix.
The DPA Edge Soft Second 5% (Soft 5%) is the perfect product for borrowers looking for forgivable down payment assistance who also need some assistance with closing costs or prepaid items. If you would like some more information about this product, whether you are a borrower, lender, or realtor, please reach out to email@example.com or call (866) 563-3507.
DPA Edge 5% In Detail:
The Soft 5% has a different rate than the 3.5% DPA Edge Soft Second, which can be found on our Daily Rate Sheet (YSP can be found there as well) starting March 1st.
Again, if you would like to learn more, please reach out to firstname.lastname@example.org or call (866) 563-3507.« 21-02-12 Announcement—February 12 2021 Program Guidelines Update