funded by CBC Mortgage Agency

Rate Advantage 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 Rate Advantage product is a second mortgage used to provide down payment assistance. The Rate Advantage product is a repayable loan.

What does the Rate Advantage Product offer?

Using the Rate Advantage product, the borrower may receive either 3.5% or 5% down payment assistance on an FHA loan. This assistance may be applied to the down payment, closing costs, prepaid items, or any combination of the three.

How does the borrower qualify for the Rate Advantage product?

In order to qualify for the Rate Advantage product, the borrower must qualify for an FHA loan and meet product overlays, including the following:

With this product, the borrower may be able to lock the first mortgage at market comparable rate.

Why was the Rate Advantage 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.