Program and Products

Through Chenoa Fund™, CBC Mortgage Agency offers down payment assistance products that are issued in conjunction with FHA-insured first mortgages and FNMA conventional first mortgages. These products include the following:

  • Rate Advantage (FHA)
  • DPA Edge Repayable Second (FHA)
  • DPA Edge Soft (Forgivable) Second (FHA)
  • Standard Conventional (DPA for FNMA Standard Conventional [90º95% LTV] and Conventional 97 first mortgages)
  • HomeReady® (DPA for FNMA HomeReady® first mortgages)

Chenoa Fund™ Program Guidelines

Unless otherwise specified by published overlays in accordance with CBC Mortgage Agency, all loans delivered are underwritten and closed according to FHA or Fannie Mae guidelines.

Here are some other key points to remember:

  • Chenoa Fund™ program second mortgages are allowed in all states except New York.
  • Assistance for the second mortgage is provided through the Chenoa Fund™ program; this assistance may be 3%, 3.5%, or 5% depending on the DPA product.
  • Origination charges and lender fees must conform to the 3% QM points and fees rule according to TRID.
  • The first mortgage must be sold to CBC Mortgage Agency.
  • Your DE underwriter is responsible for underwriting the file—credit and appraisal—and issues final approval to close. Your DE-approved lender closes the loan.
  • Approved property types include attached and detached SFRs, PUDs, townhomes, condos, and modular Homes.
  • Only the DPA EDGE products allow two-unit properties. No three- to four-unit properties are allowed on any product.
  • Manufactured homes are allowed under some circumstances for FHA loans only.
  • HPML (Rebuttable Presumption) is allowed with some products, but no High-Cost Mortgages.

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.