The Chenoa Fund DPA Edge-Soft Second product is an FHA mortgage combined with a second that lends 3.5% to cover the borrower’s down-payment. PRODUCTS: DPA EDGE Soft Second Repayable Second. Chenoa Fund is an affordable housing program administered by CBC Mortgage Agency (CBCMA), a federally chartered government entity. application by CBCMA. Fax: 435.237.0022, Home » Homebuyer » DPA Edge: Soft Second Product. DPA Non-DPA HomeReady® Conventional Standard 97® Rate Advantage DPA Edge: Soft Second DPA Edge: Repayable Second FHA Classic (Retired) Program Notes Neither CBCMA nor Chenoa Fund and any of its products are approved by or affiliated with Fannie Mae®. A lien is placed on the property for the amount of the assistance. Once confirmed by CBCMA, the $10,000 loan is forgiven entirely. Advantages with the DPA Edge Program DPA Edge FHA Overlays • Only offered for single-family and two unit properties. If you received $10,000 for down payment and refinance the first mortgage before meeting the 36 consecutive payments, you would be required to pay the $10,000 back in full. This is not CBCMA Does Not Originate Mortgage Loans. If for some reason you are unable to make 36 consecutive on-time payments at any time during the term of the second mortgage (360 months), then you would be required to repay the entire amount of the down payment funds lent to you at the end of the 30 year period. Let’s continue the example outlined above. Chenoa Fund is an affordable housing program provided through CBC Mortgage Agency (CBCMA), a uniquely created and organized government institution. The DPA Edge Soft Second, for FHA loans, is a forgivable loan. It is the correspondent’s responsibility in these instances, if desired, to track income limits and request a switch between programs. DPA Edge: Soft Second Product; DPA Edge: Repayable Second Product; Rate Advantage Program; Conventional Program; Income Guidelines Lender FAQs. Chenoa Fund by CBC Mortgage Agency: General Overview • The Chenoa Fund, as a whole, is subdivided into three different programs with one to two products apiece. This is a 30-year term at a zero percent interest rate. Myth or Fact: All Chenoa Fund down payment assistance loans are repayable. 2019 State of Down Payment Assistance Report, Homebuyer: How to Find an Approved Lender, Providing Down Payment Assistance On FHA and Conventional Loans, Your qualifying income is equal to or less than 115% of the area median income for the county in which the you will live (Note: If you make more than 115% median income, ask about the Chenoa Fund DPA Edge: Repayable Second program. CBCMA specializes in providing down payment assistance (DPA) for borrowers receiving a FHA insured first mortgage. The Chenoa Fund offers three FHA Loan down payment assistance options, including: Chenoa Fund DPA Edge: Soft Second product. If for some reason you are unable to make 36 consecutive on-time payments at any time during the term of the second mortgage (360 months), then you would be required to repay the entire amount of the down payment funds lent to you at the end of the 30 year period. 7. • Only Qualifying Income used for AMI calculations. Because these loans are repayable, you will have a payment for the first mortgage and a payment for the second mortgage. For example, if you receive $10,000 for a down payment under the Chenoa Fund DPA Edge: Soft Second product, you make, after you make 36 consecutive on-time payments to the FHA 1st mortgage, provide evidence of these payments to CBCMA in the form of a payment history. Let’s continue the example outlined above. CBCMA specializes in providing down payment assistance (DPA) for borrowers receiving a FHA-insured first mortgage. This down payment assistance program will provide home buyers with 3.5% of the purchase price for the down payment; The 3.5% down payment assistance can come in the form of the following: the gift that does not need to be paid back; a soft/forgivable secondary financing This is not an offer to lend money nor a solicitation of a mortgage application by CBCMA. Borrowers must meet a minimum FICO score of 620 and have a qualifying income equal or less than 115% of the median income for the county in which the borrower will live. Myth! This fund is a fantastic option for home buyers, as it does not require you to be a first-time borrower. 620 Credit Score; Income Restrictions May Apply; Loan may be forgiven after 36 on-time consecutive payments on the 1st mortgage Chenoa Fund provides the down payment to assist you with a home purchase. Chenoa Fund DPA Edge: Soft Second product. This way, new homeowners can start now building equity for their future, rather than potentially waiting for years to save a down payment while home prices become even more unaffordable. NMLS: 1186381 Servicing: 866.563.7572 • FICO Scores minimum of 620. • Non-occupant co-borrowers are allowed. CBCMA specializes in providing down payment assistance (DPA) for borrowers receiving a FHA insured first mortgage. A lien is placed on the property for the amount of the assistance. DPA Edge: Soft Second Product Chenoa Fund is an affordable housing program administered by CBC Mortgage Agency (CBCMA), a federally chartered government entity. South Jordan, Utah 84095, Main: 866.563.3507 CBCMA Does Not Originate Mortgage Loans. This option is quite popular among borrowers with lower income, because the funds used for a down payment are forgivable — meaning you typically don’t have to pay the loan back. CBCMA has a mission to increase affordable and sustainable homeownership specifically for creditworthy, low- to moderate-income individuals. DPA Edge: Soft Second Product Chenoa Fund is an affordable housing program administered by CBC Mortgage Agency (CBCMA), a federally chartered government entity. Used For Second Mortgage; 30 Year Fixed 2nd; 0% Interest Rate 2nd; Min. There are no first-time borrower requirements. This way, new homeowners can start building equity for their future now, rather than potentially waiting for years to save a down payment while home prices become even more unaffordable. 3. Re: Chenoa Fund Down Payment Assistance Program Actually, my husband and I just closed on our home on 3/18 & we used the Chenoa Grant. 912 W. Baxter Drive, Suite 150 ). If you would like more information about this With this program, you receive a 30-year term, 0% interest rate, no monthly payment, second mortgage. With this program, you receive a 30-year term, 0% interest rate, no monthly payment, second mortgage. The lien is for the down payment assistance, which is referred to as the second mortgage. application by CBCMA. • FICO Scores minimum of 620. • Non-occupant co-borrowers are allowed. CBCMA Does Not Originate Mortgage Loans. CBCMA partners with reputable mortgage lenders on a correspondent basis to provide down payment funds for qualified home buyers in the form of second mortgages. Borrowers must meet a minimum FICO score of 620 and report a qualifying income that is equal to or below 115% of the median income for the county in which they will live. This option is quite popular among borrowers with lower income, because the funds … Chenoa Fund DPA Edge: Repayable Second product There are two options for the repayable second. Simply download the ready-to-use promotional materials from the list below which you can customize by … 912 W. Baxter Drive, Suite 150 Myth or Fact: All Chenoa Fund down payment assistance loans are repayable. If you are 30 days or more late in making a payment, the period of 36 consecutive on-time payments will start over. The DPA Edge Forgivable or Soft Second is a fully-disclosed, fully-recorded 2nd mortgage that lives on title, but requires no payment. The lien is for the down payment assistance, which is referred to as the second mortgage. Chenoa Fund has created a variety of high quality marketing materials you can use to promote mortgage products to borrowers, real estate agents and developers. You will need to meet the minimum credit score of 620 and have a qualifying income equal or less than 115% … In order to qualify for the Chenoa Fund DPA Edge: Soft Second product, you must meet program criteria, including the following: With this program, you receive a 30-year term, 0% rate, no payment second mortgage. program, please contact our program development team. This is not Myth or Fact: All Chenoa Fund down payment assistance loans are repayable. While this won’t affect most Chenoa Fund second mortgages, in edge cases the AMI may raise enough for a DPA Edge Repayable Second mortgage to qualify as a DPA Edge Soft Second. In order to qualify for this particular Chenoa Fund DPA Edge: Soft Second product, you must meet program criteria, including the following: With this program, you receive a 30-year term, 0% rate, no payment, second mortgage. DPA Edge: Soft Second Product Chenoa Fund is an affordable housing program administered by CBC Mortgage Agency (CBCMA), a federally chartered government entity. Borrowers must meet a minimum FICO score of 620 and have a qualifying income equal or less than 115% of the median income for the county in which the borrower will live. This site is for information purposes and is used by licensed industry professionals. Borrowers must meet a minimum FICO score of 620 and have a qualifying income equal or less than 115% of the median income for the county in which the borrower will live. 7. • Only Qualifying Income used for AMI calculations. The loan is forgiven when you make 36 consecutive on-time payments on the FHA first mortgage.Â. 2019 State of Down Payment Assistance Report, Become Approved as a Correspondent Lender, Providing Down Payment Assistance On FHA And Conventional Loans. With this product, the borrower receives a 30-year term, 0% rate, no payment second mortgage. CBCMA partners with reputable mortgage lenders on a correspondent basis to provide down payment funds for qualified homebuyers in the form of second mortgages. The program is provided by the Chenoa fund and is called DPA Edge. All assistance is provided in compliance with FHA guidelines. The loan is forgiven when you make 36 consecutive on-time payments on the FHA first mortgage. One example is the Chenoa Fund DPA Edge: Soft Second Product. The DPA Edge Soft Second, for FHA loans, is a forgivable loan. By helping responsible home buyers to overcome the challenge of the minimum investment required for a mortgage, CBCMA is helping to create healthy communities by improving the balance between home ownership and other types of housing. program, please contact our program development team. FHA Loans. You will need to meet the minimum credit score of 620 and have a qualifying income equal or less than 115% … Borrowers that make 36 consecutive, on-time payments on the first mortgage will see their second mortgage entirely forgiven if their second mortgage is the DPA Edge Soft Second. By helping responsible homebuyers overcome the challenge of the down payment, CBCMA is helping to create healthy communities and improve the balance between homeownership and other types of housing. Servicing: 866.563.7572 This second mortgage has a 30-year term at a 0% interest rate. Chenoa Fund DPA Edge: Soft Second product; Chenoa Fund Edge Repayable Second product; Chenoa Fund Rate Advantage program; Conventional Loans. It is the correspondent’s responsibility in these instances, if desired, to track income limits and request a switch between programs. Once confirmed by CBCMA, the $10,000 loan is forgiven. Training Series #1 - For Loan Officers. Chenoa Fund DPA Edge. All assistance is provided in compliance with FHA guidelines. With this product, the borrower receives a 30-year term, 0% rate, no payment second mortgage. an offer to lend money nor a solicitation of a mortgage One example is the Chenoa Fund DPA Edge: Soft Second Product. Myth! DPA Edge FHA Overlays • Only offered for single-family and two unit properties. If you received $10,000 for a down payment and then refinance the first mortgage before meeting the 36 consecutive payments, you would be required to pay the $10,000 back in full. CBC Mortgage Agency Product Matrix Chenoa Fund Conventional FHA DPA Edge HomeReady®* Conventional Standard 97®* Rate Advantage Soft Second Repayable Second Program Notes *Neither the Chenoa Fund, CBCMA nor any of their products are approved by or affliated with Fannie Mae®. Affordable Housing For Credit Worthy Families Chenoa Fund. This soft second will be forgiven if the borrower makes thirty-six consecutive on-time payments on the first mortgage. You can choose a 10-year repayable second at 0% interest rate or a 30-year repayable second at 5% interest rate. One product in particular, the DPA Edge Forgivable, puts the borrower in a better position financially because of its aggressive loan forgiveness feature. The site and the information contained therein is not a solicitation to lend money to consumers. In CBC Mortgage Agency’s Training Series #1, the presenter begins by reviewing all five Chenoa Fund Products, including our conventional offerings, our DPA Edge Program, and the Rate Advantage product. CBCMA specializes in providing down payment assistance solutions in conjunction with FHA loans, with a focus on providing funding for affordable housing opportunities in … In CBC Mortgage Agency’s Training Series #1, the presenter begins by reviewing all five Chenoa Fund Products, including our conventional offerings, our DPA Edge Program, and the Rate Advantage product.Other covered topics include how to calculate AMI, and how to follow the pre-registration process. 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. This way, new homeowners can start now building equity for their future, rather than potentially waiting for years to save a down payment while home prices become even more unaffordable. One example is the Chenoa Fund DPA Edge: Soft Second Product. This is a 30-year term at a zero percent interest rate.  You, as the borrower, will not be required to make any payments on the second. the grant will NOT have to be paid back. CBCMA Does Not Originate Mortgage Loans. With this product, the borrower receives a 30-year term, 0% rate, no payment second mortgage. CBCMA specializes in providing down payment assistance (DPA) for borrowers receiving an FHA 1st mortgage. For example, if you receive $10,000 for a down payment under the Chenoa Fund DPA Edge: Soft Second product, when you make 36 consecutive on-time payments to the FHA 1st mortgage, you may provide evidence of these payments in the form of a payment history to CBCMA. The DPA Edge Soft Second, for FHA loans, is a forgivable loan. Note: If for some reason you are unable to make 36 consecutive on-time payments at any time during the term of the second mortgage (360 months), then you would be required to repay the entire amount of the down payment funds lent to you at the end of the 30 year period. If you would like more information about this Borrowers that make 36 consecutive, on-time payments on the first mortgage will see their second mortgage entirely forgiven if their second mortgage is the DPA Edge Soft Second. By helping responsible home buyers to overcome the challenge of the minimum investment required for a mortgage, CBCMA is helping to create healthy communities by improving the balance between home ownership and other types of housing. The site and the information contained therein is not a solicitation to lend money to consumers. General FAQs; Program FAQs; Documentation. CBCMA specializes in providing down payment assistance (DPA) for borrowers receiving a FHA insured first mortgage. Other covered topics include how to calculate AMI, … The Chenoa Fund DPA Edge is a ‘Soft Second’ mortgage. CBCMA specializes in providing down payment assistance (DPA) for borrowers receiving a FHA insured first mortgage. Chenoa Fund Edge Program: With this program, borrowers receive a 30-year term, 0% rate, no payment second mortgage. No Payment • Qualifying Income: < or = 115% AMI. CBCMA specializes in providing down payment assistance (DPA) for borrowers receiving a FHA-insured first mortgage. Advantages with the DPA Edge Program DPA Edge FHA Overlays • Only offered for single-family and two unit properties. All assistance is provided in compliance with FHA guidelines. Myth! • The Rate Advantage and DPA Edge Programs are issued in conjunction with FHA insured loans. Chenoa Fund is an affordable housing program administered by CBC Mortgage Agency (CBCMA), a federally chartered government entity. The loan is forgiven when you make 36 consecutive on-time payments on the FHA first mortgage. DPA Edge: Repayable Second Product Chenoa Fund is an affordable housing program administered by CBC Mortgage Agency (CBCMA), a federally chartered government entity. Chenoa Fund DPA Edge: Soft Second product. The Chenoa Fund DPA Edge is a ‘Soft Second’ mortgage. Chenoa Fund DPA Edge: Soft Soft Second Second 1. • Three to four unit properties not allowed. The Chenoa Fund DPA Edge-Soft Second product is an FHA mortgage combined with a second that lends 3.5% to cover the borrower’s down-payment. NMLS: 1186381 CBCMA has a mission to increase affordable and sustainable homeownership, specifically for creditworthy, low- and moderate-income individuals. If you are 30-days or greater late in making a payment, the 36 consecutive on-time payment period will start over. Originating lenders are responsible for ensuring that their use of CBCMA second mortgages CBCMA partners with reputable mortgage lenders on a correspondent basis to provide down payment funds for qualified home buyers in the form of second mortgages. CBCMA has a mission to increase affordable and sustainable homeownership, specifically for creditworthy, low- and moderate-income individuals. With this program, you receive a 30-year term, 0% interest rate, no monthly payment, second mortgage. What happens if … CBCMA does not originate mortgage loans. 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. • DTI per AUS or FHA manual underwriting guides. If you received $10,000 for down payment and refinance the first mortgage before meeting the 36 consecutive payments, you would be required to pay the $10,000 back in full. Let’s continue the example outlined above. Borrowers that make 36 consecutive, on-time payments on the first mortgage will see their second mortgage entirely forgiven if their second mortgage is the DPA Edge Soft Second. Once confirmed by CBCMA, the $10,000 loan is forgiven. FHA Loans. You, as the borrower, will not be required to make any payments on the second. The second can be 100% forgiven after you make 36 consecutive on-time payments to the first FHA mortgage. For example, if you receive $10,000 for a down payment under the Chenoa Fund DPA Edge: Soft Second product, when you make 36 consecutive on-time payments to the FHA 1st mortgage, you may provide evidence of these payments in the form of a payment history to CBCMA. South Jordan, Utah 84095, Main: 866.563.3507 PRODUCTS: DPA EDGE Soft Second Repayable Second. • DTI per AUS or FHA manual underwriting guides. ). This is not an offer to lend money nor a solicitation of a mortgage application by CBCMA. ), Your qualifying income is equal to or less than 115% of the area median income for the county in which the you will live (Note: If you make more than 115% median income, ask about the Chenoa Fund DPA Edge: Repayable Second program. A lien is placed on the property for the amount of the assistance. You, as the borrower, will not be required to make any payments on the second. Fax: 435.237.0022, Home » Lender » DPA Edge: Soft Second Product. The following are the primary programs offered by CBCMA. Chenoa Fund DPA Edge: Soft Second product. The Chenoa Fund also offers assistance with FHA loans and Conventional loans. The second can be 100% forgiven after you make 36 consecutive on-time payments to the first FHA mortgage. 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