Skip to main content

Down Payment Assistance For Homebuyers

Down payment assistance can help you attain homeownership.

Homebuyers across the country choose Chenoa Fund Down Payment Assistance to help them with their home purchase. To date, we’ve assisted 44,000 homebuying individuals and families with down payment assistance.

Down payment assistance for qualifying borrowers with a minimum credit score requirement of 600.

CBC Mortgage Agency follows industry standards (middle of three, lower of two) for determining which credit score to use for all Chenoa Fund™ credit score requirements. The minimum accepted credit score is 600. Use the lowest middle credit score on the loan.

Over a year and a half of post-purchase homeownership counseling.

Homeownership Counseling is based on the qualified borrowers credit score and may be required for some borrowers.

Program remains funded all year long!

Chenoa Fund down payment assistance is always funded. CBC Mortgage Agency does not run out of funds for its down payment assistance program.

May be combined with other gift funds or assistance programs.

CBC Mortgage Agency allows gift funds or other assistance programs to be combined with Chenoa Fund down payment assistance.

No income restrictions.

The Chenoa Fund down payment assistance program does not have income limits. However, in order to receive the best rates, borrowers must have a qualifying income less than or equal to 135% of the area median income based on the state and county of the property to be purchased.

Fixed interest rates for the life of the loan.

The down payment assistance may come as two different options, a repayable or a forgivable option. The repayable option carries a 10-year term and an interest rate at 2% higher than the first mortgage. The forgivable option carries a 30-year term and an interest rate at 0%. Interest rates are negotiated between the lender and the homebuyer.

Do not have to be a first-time homebuyer.

CBC Mortgage Agency does not require borrowers to be first-time homebuyers as part of its eligibility criteria for the Chenoa Fund Down Payment Assistance Program.

Homeownership Counseling

Locating A Lender Near You

Discover How We May Be Able to Help Lenders, Real Estate Agents and Homebuyers


Real Estate Agents