Chenoa Fund

The Chenoa Fund consists of various down payment offerings. Buyers who meet the eligibility criteria may receive a second mortgage to cover their 3.5% minimum down-payment requirement when purchasing a home using an FHA-insured loan or the 3% minimum down payment required on a conventional loan. Services are as follows:

CHENOA FUND EDGE PROGRAM. With this program, the borrower receives a 30-year term, 0% rate, no payment, second mortgage. Borrowers will need to meet the minimum FICO score of 620 and have a qualifying income less than or equal to 115% of the median income for the county in which the borrower will live. The loan is forgiven as soon as the borrower makes 36 consecutive on-time payments on the FHA first mortgage.

CHENOA FUND REPAYABLE SECOND PROGRAM. With this program, the borrower does not have any income restrictions. There are two options for the repayable second. The borrower can choose a 10-year repayable second at 0% interest rate or a 30-year repayable second at 5% interest rate. Borrowers will need to meet the minimum FICO score of 620. This assistance must be repaid in full. 

CHENOA FUND RATE ADVANTAGE PROGRAM. With this program, the borrower is able to lock their first mortgage at a market comparable rate. Borrowers will need to meet the minimum FICO score requirement of 640, have a debt to income ratio of 50% or less, and have qualifying income less than or equal to 115% of the median income for the county in which the borrower will live.

Chenoa Fund is operated by the CBC Mortgage Agency, which is a subsidiary of Cedar Band Corp.
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