Who Are We – Homebuyers

Chenoa Fund™ is a down payment assistance program offered by CBC Mortgage Agency, which is a subsidiary of the Cedar Band Corporation. The Cedar Band Corporation is federally chartered and wholly owned by the Cedar Band of Paiutes, a constituent band of the Paiute Tribe of Utah. Loan products offered through the Chenoa Fund™ program are designed to increase access to homeownership for creditworthy families.

Disclaimer: Richard Ferguson is the former president of CBC Mortgage Agency. Miki Adams currently serves as the president of CBCMA.

It’s our core belief that everyone in America deserves access to affordable housing and it’s our mission to help make that happen. We provide tools that open doors to homeownership for individuals who have the income and credit history to afford and maintain a home but may lack the ability to accumulate a down payment. CBC Mortgage Agency partners with reputable mortgage lenders on a correspondent basis to provide down payment assistance for qualified homebuyers in the form of second mortgages.

Homeownership isn’t for everyone—but housing is. While we have minimal overlays that may put some borrowers out of the reach of our direct assistance, we believe that by helping creditworthy families to overcome barriers we can reduce the competition for rental housing. This in turn helps to reduce its cost and increase its availability for those we cannot assist directly.

The Chenoa Fund™ program consists of various down payment assistance offerings. Buyers who meet our eligibility criteria may receive a second mortgage to cover their 3.5% minimum down payment requirement when purchasing a home using an FHA-insured loan or the 3% minimum down payment requirement when purchasing a FNMA conventional loan. We believe that, by helping responsible homebuyers meet that minimum investment required for a mortgage, we create healthier communities by improving the balance between homeownership and other housing types.

The Chenoa Fund™ down payment assistance products are as follows:

 

Chenoa Fund™ DPA for FHA Insured Loans

Buyers will need a minimum credit score of 600 to qualify for Chenoa Fund™ assistance for an FHA loan. Down payment assistance is 3.5% or 5% of the lower of the purchase price of the home or its appraised value, which may be applied toward the down payment or closing costs, or both. Borrowers have the choice between repayable assistance and forgivable assistance:

Chenoa Fund™ DPA for FNMA Conventional Loans

CBC Mortgage Agency offers down payment assistance to those who qualify for a 90–97% LTV conventional first mortgage under Fannie Mae’s HomeReady® program1 for low- to moderate-income borrowers, as well as assistance for borrowers who qualify for either the FNMA Standard Conventional (90–95% LTV) or Conventional 97 first mortgages. Borrowers will need to have a minimum FICO score of 620 and meet other conventional underwriting guidelines and Chenoa Fund™ program overlays. The down payment assistance amount may be 3% or 5%.

 

1 HomeReady® is a registered trademark of Fannie Mae.

Requesting Information

If you would like more information about this program, please contact our program development team.

Phone: 866-563-3507

Email: info@chenoafund.org

CBCMA Does Not Originate Mortgage Loans. This is not an offer to lend money nor a solicitation of a mortgage application by CBCMA.