Program and Products

Through Chenoa Fund™, CBC Mortgage Agency offers down payment assistance products that are issued in conjunction with FHA-insured first mortgages.


Chenoa Fund DPA for FHA Loans

3.5% and 5% DPA
600+ FICO Score

Chenoa Fund™ Program Guidelines

  • 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.