Chenoa Fund Down Payment Assistance Program
Chenoa Fund Edge Program
* Buyer receives a 30 year FHA mortgage with a 2nd mortgage of 3.50% to cover the down payment. Second mortgage terms are 0% rate, no repayment on the second mortgage loan.
* Minimum FICO score of 620.
* Buyer must have income less than 115% of the area median income for the County in which they want to purchase in.
* The loan for the second mortgage will be forgiven as soon as the buyer makes 36 consecutive on-time payments.
Chenoa Fund Repayable Second Program
* Buyer can choose a 10-year repayable second mortgage at 0% interest rate or 30 year repayable second at 5% for the 3.50% down payment.
* No income restrictions apply.
* Minimum credit score of 620.
Chenoa Fund Rate Advantage Program
* The buyer is able to lock their first mortgage at market comparable rate.
* Minimum credit score of 620 and debt to income ratio of 50% or less.
* Buyer must have qualifying income less than 115% of the median income for the county in which they want to purchase in.
* Many lenders offers a down payment in conjunction with 97% LTV conventional mortgage financing under Fannie Mae’s HomeReady program for low to moderate income borrowers with expanded eligibility for homes in low-income communities.
* There are no income limits under the Standard 97% LTV program.
* Borrowers will need to meet minimum FICO score of 640 and any other Fannie Mae guidelines for the Conventional 97 or Home Ready 97 programs
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