Chenoa Fund Down Payment Assistance Program

Dated: November 2 2018

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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

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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....

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