Explore Resources and Information for our Down Payment Assistance Program for Real Estate Agents
Chenoa Fund programs are a great choice for your clients and include a down payment assistance program. Explore the down payment assistance program below.
Down payment assistance for borrowers with a minimum credit score 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. All FHA: 600 credit score. Use the lowest middle credit score on the loan.
Over a year and a half of post-purchase homeownership counseling.
Homeownership Counseling is based on the qualified borrowers credit score. For scores of 600-619: counseling is required through Money Management International at no extra cost to the borrower. For scores of 620-639 it is required and can be taken through any HUD-approved education course. For scores of 640 or high CBC Mortgage Agency has no additional overlay.
Do not have to be a first-time homebuyer.
CBC Mortgage Agency does not require borrowers to be first-time homebuyers as part of its eligibility criteria for the Chenoa Fund Down Payment Assistance Program.
Fixed interest rates for the life of the loan.
The down payment assistance may come as two different options, a repayable option and a forgivable option. The repayable option carries a 10-year term and an interest rate at 2% higher than the first mortgage. The forgivable option carries a 30-year term and an interest rate at 0%.
No income restrictions.
The Chenoa Fund down payment assistance program does not have income limits. However, in order to receive the best rates, borrowers must have a qualifying income less than or equal to 135% of the area median income based on the state and county of the property to be purchased.
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.
Locating a Lender Near You
CBC Mortgage Agency has over 200 approved lenders across the country trained to offer its Chenoa Fund down payment assistance program. To find an approved lender, simply fill out this form and a representative will get in touch with you with a list of lenders in your clients area.
Marketing Materials
CBC Mortgage Agency offers a number of marketing materials for real estate professionals to use to inform homebuyers about the Chenoa Fund down payment assistance program. Visit our real estate agent toolkit for assets and marketing collateral.
