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Chenoa Fund Down Payment Assistance Program
Dated: November 2 2018
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
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....
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