Programs

Chenoa Fund offers two down payment assistance programs that are issued in conjunction with FHA-insured first mortgages and one program with conventional first mortgages. These programs include the following products:

  • Rate Advantage
  • DPA Edge Repayable Second
  • DPA Edge Forgivable Soft Second
  • Conventional Second

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:

  • The programs are allowed in all states except New York.
  • All programs offer 3.5% in down payment funds for the second mortgage (on a conventional loan, 3% for the down and 0.5% for closing costs).
  • Origination charges and lender fees must conform to the 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.
  • DPA EDGE allows two-unit properties. No three to four–unit properties are allowed on any program.
  • Manufactured homes are allowed under some circumstances.
  • HPML (Rebuttable Presumption) is allowed, 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.