Chenoa Fund Down Payment Assistance Program

Dated: 11/02/2018

Views: 73


Related image


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.

CONVENTIONAL LOANS

* 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

Blog author image

Bevia Patrick

Since its inception in 1995, Patrick Team Properties has exemplified a profound commitment to its clients by providing the highest standard of service, integrity and work ethic in the field. Patri....

Latest Blog Posts

THE SURPRISING PROFILE OF THE REAL ESTATE INVESTOR

The Surprising Profile Of The Real Estate Investor Over 10% of all residential homes are purchased by investors, and that number continues to rise. Who are these investors?Many have speculated

Read More

SHOULD I REFINANCE MY HOME

Should I Refinance My Home? With the recent lower interest rates, many homeowners are wondering if they should refinance.To decide if refinancing is the best option for your family, start by

Read More

HOME PRICE APPRECIATION FORECAST

Home Price Appreciation Forecast Questions continue to come up about where home prices will head throughout the rest of this year, as well as where they may be going

Read More

ToDos Your July Home Checklist

1. Clean porch lights.If you have glass light fixtures that are easily removed, bring them inside and wash in a dishpan of warm water with gentle soap. If the fixtures must stay in place, turn the

Read More