CBC Mortgage Agency offers down payment assistance in Pennsylvania to help individuals and families achieve homeownership.
Pennsylvania Down Payment Assistance
Prospective homebuyers in Pennsylvania looking for down payment assistance may apply for the Chenoa Fund down payment assistance program through an approved lender. CBC Mortgage Agency offers the Chenoa Fund down payment assistance programs in the form of secondary financing for the down payment needed for an FHA loan. That amount may be either forgivable or repayable and may require a monthly payment depending on which option is selected.
Do Not Have to Be a First-Time Homebuyer
While many borrowers who use the Chenoa Fund down payment assistance program are first-time homebuyers, it is not part of the eligibility criteria to use the program. Down payment assistance can significantly reduce the upfront costs of buying a home, making purchasing a home a reality for those who otherwise wouldn’t have the funds necessary for a traditional 20% down payment.
Closing Cost Assistance
In addition to down payment assistance, CBC Mortgage Agency allows its assistance to be used as closing cost assistance. Closing costs can add up quickly and can be a barrier for many first-time buyers in Pennsylvania. With the Chenoa Fund down payment assistance program, you can use a portion of the financial assistance towards items such as appraisal fees, title insurance, and lender fees. This can help make the home-buying process more affordable and manageable for low-to-moderate income individuals and families.
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