November 27, 2018
Now available, Chenoa Fund is an affordable housing program provided through an FHA approved, federally chartered government agency. This program specializes in providing down payments for borrowers receiving an FHA 1st mortgage. 100% financing is made possible by 3.5% in down payment assistance from the Chenoa Fund.
This program is available to both first-time and non-first-time homebuyers. Two products that are available through Chenoa Fund are the Edge Program and Advantage Program. Both are FHA, 30-year fixed-rate first mortgages with DPA assistance.
The second mortgage down payment assistance provided will be 3.5% of the sales price or appraised value, whichever is less, rounded up to the nearest whole dollar. The Chenoa Fund program is available on purchases only, and may be layered with Community Seconds and MCC products through other agencies.
To find out more, contact one of our loan officers.