funded by CBC Mortgage Agency

DPA Edge Repayable Second Product

 

Chenoa Fund is a national down payment assistance program administered by CBC Mortgage Agency, a federally chartered governmental entity. Through the Chenoa Fund program, CBC Mortgage Agency specializes in providing down payment assistance (DPA) for low- to moderate-income borrowers.

The DPA Edge Repayable Second product is a second mortgage used to provide down payment assistance. The DPA Edge Repayable Second product is a repayable loan.

How does a borrower qualify for the DPA Edge: Repayable Second product?

In order to qualify for the DPA Edge Repayable Second product, the borrower must qualify for an FHA loan and meet product overlays, including the following:

The DPA Edge Repayable Second product has no area median income restrictions—minimum or maximum.

The DPA Edge Repayable Second product has two options for the term: a 10-year repayable second at a 0% interest rate (0% APR), or a 30-year repayable second at a 5% interest rate (5.009% APR). Because these loans are repayable, the borrower will have a payment for the first mortgage and a payment for the second mortgage. The second mortgage can be paid off at any time during the loan period without penalty.

The DPA Edge Repayable Second product offers 3.5% DPA and 5% DPA options.

Why was the DPA Edge Repayable Second product created?

While many people do manage to purchase a home by saving for a down payment over a period of years, increasing home prices and stagnant or low wages can make this quite difficult. By helping responsible homebuyers to overcome the challenge of the minimum investment required for a mortgage, CBC Mortgage Agency is helping to create healthy communities by improving the balance between home ownership and other types of housing. This way, new homeowners can start now building equity for their future, rather than potentially waiting for years to save up for a down payment while home prices become even more unaffordable.

CBC Mortgage Agency does not originate mortgage loans. This is not an offer to lend money nor a solicitation of a mortgage application by CBC Mortgage Agency.

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.