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Down payment assistance for qualifying borrowers with a minimum credit score requirement of 600.
CBC Mortgage Agency follows industry standards (middle of three, lower of two) for determining which credit score to use for all Chenoa Fund™ credit score requirements. The minimum accepted credit score is 600. Use the lowest middle credit score on the loan.
No income limits.
The Chenoa Fund down payment assistance program does not have income limits.
Multiple second mortgage options to attract a range of borrowers.
A forgivable option and a repayable option is available for the down payment assistance.
Do not have to be a first-time homebuyer.
Being designated as a first-time homebuyer is not part of the eligibility criteria for the Chenoa Fund Down Payment Assistance Program.
Straightforward program guidelines no matter what state your clients are in.
Chenoa Fund down payment assistance is available in all states (except New York) and its guidelines do not change based on which state the borrower resides.
The down payment assistance program remains funded all year long.
Chenoa Fund down payment assistance is not a bond program. CBC Mortgage Agency does not run out of funds for its program.
Now offering FHA Buydowns!
A buydown is a type of financing that offers lower interest rates on a mortgage loan for a length of time before rising to the regular rate provided by the lender. Buydowns vary by type, and CBC Mortgage Agency currently offers a 2-1 and 1-0 buydowns that can be combined with its Chenoa Fund down payment assistance program.
Marketing Materials
CBC Mortgage Agency offers a number of marketing materials for lenders to use to educate homebuyers about the Chenoa Fund down payment assistance program. Visit our lender toolkit for assets and marketing collateral.
