Providing Down Payment Assistance on FHA and Conventional Loans
What is a Chenoa Fund?
The Chenoa Fund is an affordable housing program administered by CBC Mortgage Agency (CBCMA), a federally chartered governmental entity.
Facts About CBC Mortgage Agency (CBCMA)
• CBCMA specializes in providing down payment assistance financing under FHA and conventional guidelines.
• CBCMA has a mission to increase affordable and sustainable homeownership, specifically for creditworthy, low- and moderate-income individuals.
• CBCMA partners with reputable mortgage lenders on a correspondent basis to provide loans for qualified homebuyers.
• CBCMA has several program options to choose from that include down payment assistance in the form of second mortgages on: Conventional Loans & FHA Insured Loans.
Chenoa Fund Down Payment Assistance Loans
Chenoa Fund provides the down payment to assist you with a home purchase. There are no first-time borrower requirements. The following are the primary programs offered by CBCMA.
- Chenoa Fund DPA Edge: Soft Second product
- Chenoa Fund Edge Repayable Second product
- Chenoa Fund Rate Advantage program
CBCMA offers down payment assistance to those who qualify for a 97% LTV conventional first mortgage under Fannie Mae®’s HomeReady® program1 for low to moderate-income borrowers, with expanded eligibility for homes in low-income communities.
What are you waiting for?
To speak to a home loan pro, please call 956.616.4203 or prequalify online without affecting your credit score HERE