Affordable Housing For Credit Worthy Families Chenoa Fund. Fax: 435.237.0022. Mortgage for the purchase of an Owner occupied, Maximum Purchase Limit $453,100 or County Limits. First, locate the appropriate family size underneath the “Persons in Family” column, in the “Very Low (50%) Income Limits” row. 30-year Fixed Rate Mortgage. Chenoa Fund works only with approved, full eagle correspondent lenders. One of the best things about the Chenoa Loan Program is there is no income limits. Chenoa Fund PROGRAM DETAILS Chenoa Fund Rate Advantage Program:This alternative allows borrowers to lock in their first mortgage at a market comparable rate. We ask they you use the HUD Area Median Income site when working with borrowers who will be using CBCMA down-payment assistance programs and who are receiving a FHA insured first mortgage as we consider this site to be our standard. Marin was relieved that Jason was able to get his family into this beautiful 5 bedroom 2,463 Sqft home ready to move in using the Chenoa Program Home Down Payment Program - No Income … 5. Now do not let the “credit worthy” phrase scare you into thinking it is only for people with perfect credit. I asked a local Chenoa program expert,  Steve at Vintage Mortgage, about who this program is IDEAL for and he says: “The Chenoa Fund program is the only one for those who exceed the traditional income limits. • The Rate Advantage and DPA Edge Programs are issued in conjunction with FHA insured loan. ... No income limits in low-income census tracts. Navigation. Thankfully, there are no income limits to qualify for Chenoa Fund assistance on a conventional loan. So this is a second loan, and often times a better alternative than having to ask a family member for the money. •100% of area median income (AMI) for all other properties. The Chenoa Fund allows up to 3.5% of the purchase price on 1-2 units. To receive a grant or second mortgage, you must qualify for an FHA First mortgage loan through Citywide Home Loans. It's a great program and I use it often. Qualifying homebuyers nationwide may be eligible for the Chenoa Fund program. This second loan is repayable over 30 years and at ONLY 5% interest rate. Utah Housing Corporation Loan allows between 4%-6% of the purchase price as down payment assistance. Purchase Only. Borrowers must meet a minimum FICO score of 620, have a debt-to-income ratio of 50% or less, and have a qualifying income equal to or less than 115% of the median income for the county in which they will live. 1HomeReady® is a registered trademark of Fannie Mae. The Chenoa Fund down payment assistance program offers up to 3.5% of the purchase price towards your down payment throughout Arizona. Real estate attorney and Realtor Bruce Ailion is a fan of this program. Bond programs usually have stricter limits on debt-to-income ratios, location of the home, income requirements, and credit. Chenoa Fund Lender Login Programs; Program Guidelines 5.4.2; Program FAQs; Income Limits; Documentation Requirements CBCMA Documents and Tools; Training Material; Marketing Resources; What People Are Saying; Updates and Announcements; Blog 2019 State of Down Payment Assistance Report, Become Approved as a Correspondent Lender, Providing Down Payment Assistance On FHA And Conventional Loans, Chenoa Fund DPA Edge Forgivable Soft Second, Forgiven after 36 consecutive on-time payments on first mortgage, Only offered for single-family and two-unit properties, Three to four-unit properties not allowed, Borrowers whose credit scores are between 620 to 639 must complete pre-purchase homebuyer counseling prior to closing. 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